Selling my House

Alex2008Tobias

Firstly apologies if i have posted this wrong!

My problem is i own a house with my 2 sisters so we all own a third of the property. We are in disscusion about my eldest sister buying us both out. She already has a mortgage on the property to which she soley pays back. I thought the fairest way to work out what each of our share is, is to have the house evaluated 3 or 4 times and take an average of those evaluations. My eldest sister who has a mortgage on the proprty said the way in which we work out what the house is worth is to go by what her mortgage/building society values the property at. This is causing imense problems so i just wanted to know what is the correct procedure in working out what the house is worth?

Thanks

Alex

poppysarah

Sell it. That's the way to find out what it's actually worth. Everything else is just opinion.


How does she have a sole mortgage on it but 3 of you own it?

scope

I think even if you take the average of 3-4 agents you will end up far higher than what you would get was it sold today. The only way to work out the value in todays market is to sell it - which isnt really an option if your sister wants it.

Alex2008Tobias

When i say she has a sole mortgage, what i mean is, its her thats pays it off but effectivley its a joint mortgage.

I forgot a massive main point, she wants to stay in the property and buy us out, so on whats the best and fairest way to see what its worth.

Im confused in the difference of an estate agents valuation to that of a mortgage co/building society valuation, what one do we go by?

poppysarah

The estate agent might be touting for business to sell the property and the mortgage company will in theory be looking to lend what they feel the house is worth.

Without testing the market there's no exact way - and chances are as scope says the values will be higher than she'd like.


You've got to work out yourselfs which way you're going to go with ,.,,