Equity Question

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aragorn
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by aragorn » Thu Jan 21, 2010 6:26 pm
Hello,
I am required to prove how much my house is worth now that i am at the end of year 4.Can i prove how much it is worth by sending in for sale ads found of similar local properties from estates agent websites. I cannot afford to get it professionally valued and i am not convinced i will get a written valuation from an estate agent for free if pretending to sell. What am i supposed to do please as i cannot get an answer from IVA provider.Thanks in advance for any valued advice.

 

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Darkdog
Posts: 146
by Darkdog » Thu Jan 21, 2010 6:32 pm
Hi Aragorn,
you should get a free valuation from any local estate agent. I recently got one. I just told them I had a possible relocation package on offer as the sale reason and needed a realistic quick sale value. No problem

 

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kallis3
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by kallis3 » Thu Jan 21, 2010 6:33 pm
I agree that if you say are moving you should be able to get a free valuation.

 

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Sensible77
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by Sensible77 » Thu Jan 21, 2010 7:10 pm
Why should you have to be dishonest about the reason for the valuation? If it's a condition of the IVA shouldn't the cost be borne out of the fees paid into the IVA? How do the IVA companies expect this to be paid for if you're in an IVA as there is no contingency for this?

 

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kallis3
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by kallis3 » Thu Jan 21, 2010 7:12 pm
My IVA company do pay for mine, but a lot don't.

Can't see any problem in saying you are thinking of moving, it's what a lot of posters do.

 

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MelanieGiles
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by MelanieGiles » Thu Jan 21, 2010 7:55 pm
I have never had a client report that an estate agent refuses to provide a written valuation - but if you genuinely cannot get one then the IP should fund this from the IVA pot.

 

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aragorn
Posts: 65
by aragorn » Thu Jan 21, 2010 8:40 pm
Thank you for all your very helpful replies.I am going to book a valuation with an estate agents, hopefully then i will get a written valuation.I am not looking forward to pretending i want to sell though.Thanks again.

 

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aragorn
Posts: 65
by aragorn » Fri Jan 22, 2010 1:28 pm
I have just had the valuation done. I felt really terrible lying but it's done now.The agent said he will be sending me a letter next week so i assume that it will state how much it's worth.Thanks again.

 

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kallis3
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by kallis3 » Fri Jan 22, 2010 1:33 pm
They should tell you how much it's worth and this should be enough for your IP.

 

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Shining
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by Shining » Fri Jan 22, 2010 1:55 pm
Hope it goes well for you, I had mine valued pre-IVA and said we were thinking of moving but nothing definite and they were fine with this.

 

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orange
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by orange » Fri Jan 22, 2010 2:07 pm
we had our valued came out lower than expected.We rang several companys melaine and 3 of then refused to come saying the house value had dropped before they even looked.

 

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kallis3
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by kallis3 » Fri Jan 22, 2010 2:15 pm
Payplan arranged to have ours valued prior to the IVA, and our own mortgage company did a 'drive by' valuation shortly afterwards and charged us for doing so!

I know we have lost a fair amount of equity since then, but who knows what it will be in a couple of years time.

 

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orange
Posts: 1183
by orange » Fri Jan 22, 2010 2:19 pm
we purchased our house for £99.000 and the estate agent valued at £80.000 to ££85.000....so we are minus
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