Equity clause

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darcus30
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by darcus30 » Thu May 11, 2017 8:57 am
Hi all. At the end of a 6 yr (nram) no i have to get house evaluation. Which company tends to valuate at a lower rate? Obviously i dont want there to be over 5%.
Thank you in advance
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kallis3
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by kallis3 » Thu May 11, 2017 9:12 am
Get a local agent in and say you need to move so want a forced sale - they are usually lower. Have you checked property prices in your area?
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Foggy
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by Foggy » Thu May 11, 2017 9:24 am
Estate agents do tend to over value ( to give wriggle room in a sale) -- so tell them to value for a quick sale. If you are close to the trigger amount it might pay to get a paid for valuation (some IP's will allow this to come out of the IVA). £100 or so could save you 12 months payments !

When the valuer comes around, don't fall into the trap of tarting the place up for sale --- it needs to be run down !!! Point out defects and the lack of maintenance over the last 5 years.

You can get an initial idea yourself by comparing similar properties nearby, that have actually sold, on sites like Rightmove --- Look at the "sold prices" not the "for sale" prices.
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Michael Peoples
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by Michael Peoples » Thu May 11, 2017 9:33 am
Some firms will allow the cost of a valuation so avoid a 'free' one. Pay the valuer for their work and explain why you need the valuation and as Foggy says it could be money well spent.
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