www.iva.co.uk

Posted: **Mon Feb 12, 2007 7:55 pm**

HI there
I know that when you want to propose IVA you have to get a house valuation. However i cannot afford to pay someone to do this. Is an estate agents valuation acceptable?

thanks Zoe

Posted: **Mon Feb 12, 2007 8:07 pm**

when i was preparing for my iva that is all i used, an estate agents valuation.
kerri

Posted: **Mon Feb 12, 2007 8:15 pm**

Hi Zoe

I got in touch with a couple of estate agents and asked them to value my property. If they ask when you are looking to sell you can tell them anything you want. I told them I might be relocating with work and wanted to see what my house was worth so I could see what i could afford in the new location. They should put it in writing to you.

For a couple of weeks after you might get them following up but I just said I'd decided to stay put but would let them know if I changed my mind.

Dave

Posted: **Mon Feb 12, 2007 8:38 pm**

hi, i told the etate agent exactly what it was for an he gave us a which reflected we were desperate to sell so the equity would be so much lower. a bit sneaky but the ip would never know. good luck

Posted: **Mon Feb 12, 2007 9:39 pm**

Hi Zoe

An estate agent valuation is generally acceptable. Make sure that you use a nationally recognised estate agent.

Make sure that before entering into the IVA you have been properly advised about any equity release revisions.

Best of Luck

Lee
www.123debtsolutions.co.uk - 08000 114 123

Posted: **Mon Feb 12, 2007 10:46 pm**

And ensure that you get a copy in writing as the IP will need to refer to this in your proposal.

Rosie - there is nothing sneaky about getting a forced sale valuation. Most IP's also rely on this basis by way of prudence!

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Posted: **Fri Feb 16, 2007 1:46 pm**

Forced sale valuations are often actually more useful as this can then be used as a direct comparison to what the creditors would get in bankruptcy.

Also Estate Agent valuations can often show over exaggerated house values as the Estate Agents try to compete for your business.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

Posted: **Fri Feb 16, 2007 1:55 pm**

Hi Oliver
How do you get a forced sale valuation?
Z
X

Posted: **Fri Feb 16, 2007 5:28 pm**

Hi Zoe

Sorry I worded that very badly, to get a forced sale valuation the best thing to do is to ask the Estate Agent for a QUICK SALE VALUE on the property. This QUICK SALE Valuation will then be comparable to what the creditors might get if they forced sale in bankruptcy.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

Posted: **Fri Feb 16, 2007 5:39 pm**

Hello

If a house is valued and the price was dropped to ensure a quick sale in order to settle unsecured debts, would this count against you if a)you proposed a lump sum IVA or b) settled your debts directly?

LILY

Posted: **Fri Feb 16, 2007 9:28 pm**

Sorry Lily, I don't understand that one. Can you clarify please?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Posted: **Fri Feb 16, 2007 10:49 pm**

I meant to say, if I accept a lower offer than the house is worth in order to get a quick sale, would this be count against me because it would be less pence in the pound for the creditors? I suppose I am wondering if they would scrutinise my proposal to that extent and therefore more likely to reject the offer because I could have given more if I had stuck to the asking price.

LILY

Posted: **Fri Feb 16, 2007 10:52 pm**

Oh get it now! No, because your other family members will have the majority decision (I think there are three of you aren't there from memory).

There is unlikely to be any scrutiny of your proposal, as you are offering a cash settlement from your inheritance rather than a property equity release. Was it today that the valuation was being done?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Posted: **Fri Feb 16, 2007 11:33 pm**

Thank you for your quick reply, yes it was and there is. It was a little difficult to talk about my own circumstances at the dinner, I am staying next week and will know more then. I am feeling much more postive now, cannot wait to be debt free. I am really glad I found this forum, and am so grateful for the imput and advice I have had. One of the agents we had said that he could have it sold in 4 weeks, it was also a no sale no fee deal.

Kind regards

LILY

Posted: **Sat Feb 17, 2007 12:05 am**

Lily

I have only been writing on this forum for a month (feels much longer) and in that time you have changed into a strong, positive lady. Your sound, practical advice to all of our newer posters is commendable, and contrasts perhaps with the stuffy technical advice from us experts, and I am so glad that things are starting to work out for you.

As Skippy says - onwards and upwards!

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk