Not specifically an IVA question but you are all so helpful on here....
I have recently sold my ground floor 2 bed flat in a seaside village on the south coast for £180k (this was asking price, estate agent valuation). I bought my property in 2015 for £155k and have done work to it.
I have sold to an investor and a valuation for mortgage is being done on Monday - I have been told they will need access to property.
I am a bit concerned as have read horror stories on downvaluations. The only thing "wrong" with my property is I had problems with moths which has now gone but the carpet has been eaten up a bit.
In terms of comparable the last flat in my block sold in Dec 2020 for 160k but they wanted a quick sale, and next door but one has just sold for 195k.
Do I have anything to worry about? and/or are there any experts on this forum I can ask?
Is the buyer a private investor or one of these national "we buy any property" chains ? The latter might try to downvalue, in which case you just tell him to get lost. An estate agents valuation is often a little generous, as they expect offers, but, as I understand it the market is quite good for sellers at the moment.
Most buyers, private and commercial would require a valuation before proceeding, but, at this moment in time, you are not bound to sell to them and can simply walk away if they try to re-negotiate.
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