House Value

MyCashTimeMMT

Who decides if your house has equity or not - surely they cannot tell unless they try and sell it?

Is it based on a valuation that is actually carried out or a general idea from the surrounding area?

debtinfo

The Trustee will do a drivepast valuation to give them a general idea. You will then be asked to provide a valuation. Usually either 1 proper valuation or 2 estate agent valuations will suffice

wayforward_2

I had an estate agent come and give a realistic valuation on my house - put it about £2k in equity - do you think i should bite the bullet and get a cheap surveyor valuation in the hope it's lower? Also can i do this before BR and it's accepted by the OR when talking about the BI or would he want another one?

debtinfo

Probably best to wait until they ask for one as you don't want it rejected for being out of date. on the other hand who knows where house prices are going to g in the next few months

wurzella

debtinfo wrote: »

The Trustee will do a drivepast valuation to give them a general idea. You will then be asked to provide a valuation. Usually either 1 proper valuation or 2 estate agent valuations will suffice

What would they do if you can't afford to get it valued? I mean, realistically, how can they expect you to pay for a surveyor when you've just gone bankrupt?

debtinfo

Thats why they accept estate agent valuations, yu can usually get these done for free. If you couldnt get one then they would probably just use their own valuation, but it would be hard to disagree with this if you havn't got your own

wurzella

That makes sense I suppose, don't want to be in a position where you can't argue your corner. Anyone know any easy to bribe surveyors out there :rotfl::rotfl::rotfl::rotfl:

nervousmother

any bankrupt surveyors on the board?

we a surveyors valuation done on our property it was done just a month before we spoke to the trustee, he still got us to get some estate agent valuations then did a completely useless drive by valuation using a firm that was not local ot the area. I also took details of 'cheap' houses that were for sale near me, these were mainly repos so were low in price. We then argued a little over the price and came to a very good agreement :-)

wurzella

Good for you, did it take a good bit of arguing? I'm not a good arguer, too bloody polite. :rotfl:

I'm just hoping for a fair compromise there, I reckon my house is worth around what I owe on it give or take 10K, if he takes it up any further than that I'll definitely lose it, couldn't come up with enough money to buy back my BI. Please god give me a nice OR who doesn't feel the need to make everybody homeless

nervousmother

to be honest I thought we were in line for a war with them.. they had a valuation that was £10k more than our highest valuation.. but he asked us to make a offer. we made a stupid offer and it was rejected but they hinted we should go up by 1k and it may be accepted.. so we did and it was

wurzella

Oh wow, that's great! If you don't mind saying, how much lower than the OR's valuation was that?