I'm approaching the end of IVA where I need to get my house valued to see if any equity is there to release, I know it has to be 5k or more for this step to take effect, if it fell just under then 5k by 250.00 does that mean it doesn't qualify.
also when an estate agent values the house they normally say a price to out on the market but you normally get knocked down a bit if selling so how does that work as if the selling price was in the end say 2k less then what estate agent say to sell for that could mean I fall over the 5k mark which isn't maybe quiet right
Hello. I believe the bench mark is £5k, and just that, so even £4999 would mean no extension.
When you get your valuation, ask for a forced sale one, and also it may be worth getting and paying for a proper valuation too. You are right, an estate agent will bump up the price they give you if they think it will tempt you to sell with them! Get the proper valuation, its worth it as it could mean an extra years payments or not if your equity is a close call. I'm just about to cross this bridge myself too.
thanks for replies, I recently got two agents in to get an idea before the time comes one agent valued between 155 - 160k based on present condition and said if spruced it up would be worth 175k so put any spruce up jobs on hold. the other agent said in its present condition at 170k so really confused me why one would be so much higher. I tend to agree with the lower valuation not with the IVA in mind but what else sells around here and both said would give me in writing but neither have and of course when I need this done officially in the august I need in writing but they seem reluctant to give me that unless I appear interested to put on the market.
