Today we have received an email adressing our equity cause.
We are with payplan and have been told we have received this in the email....
"A current valuation of your property: With your permission, we will instruct Pantera Property Limited to
provide this to us. They will not need to attend your property and there will be no cost to you as this will be
taken out of your IVA payments."
We know if they are not visiting the property they will be doing an online house valuation which we know it will be over valued giving the prices recent house sales have sold at.
We want to seek the option of a local valuation which the letter states if we do not give Pantera permission we need to provide our own valuation which we may have to pay for.
So my question is if we get a local one, what do we do be honest say we are in an IVA and need a honest true house value or say we need a quick sale do to relocation? Which could be viable as I am not local to the area we live in.
Any help / advise greatly appreciated
Thank you in advance
I fibbed and said I was moving and had a free valuation from a local agent.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Agents tend to overvalue too, to give room for negotiation, so ask for a quick sale. Otherwise pay for a valuation by a qualified RICS surveyor and be upfront.
First though .. do a quick search on Rightmove and the local agents windows / websites, which will give you a ball park value. Work out your equity and, if it is well over the trigger point (£5k) the end valuation could be academic, if the extension is going to be applied due to being unable to remortgage. If it is close and a lower valuation will get you under the trigger point, a hundred quid on a proper valuation could be worth it, to save 12 months payments.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk