My equity valuation was done by computer. I think it was completely wrong.

Get expert opinion. This is the place for new questions to be posted.
3 posts Page 1 of 1
User avatar
ben992
Posts: 1
by ben992 » Thu Apr 13, 2017 6:46 am
The facilitator says that I have to pay another 12 months as a computer has said I have �28,000 equity. This was not done by inspection. Several people, have said if there is more than �5000 equity I have to pay another 12 months. I think I have less equity, possibly zero,and should not have to pay after August when IVA finishes. I have no money for an evaluation. The house has damp and other problems and has not been decorated for years.
User avatar
Foggy
Forum Expert
Posts: 23890
Contact
by Foggy » Thu Apr 13, 2017 7:25 am
Some firms will actually pay for a valuation or you could get an estate agent to give you an idea with a few white lies.

Have a look on Rightmove and in your local papers to see what similar properties in the area are selling for. I am not a fan of online valuations at all, but you need to "lose" over £25,000 ! The problem might not lie with the actual valuation at all, but with the method used to calculate equity. Most use 85% LTV , but a few do not and the difference could easily account for £25k.
User avatar
Lisa Thomas
Industry Expert
Posts: 5996
Contact
by Lisa Thomas » Tue Apr 18, 2017 9:55 am
Get your own valuation to challenge the (presumed) 'online' valuation that could be being used.
3 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: No registered users and 17 guests