BI got shock today (need advice)

iquit

Signed letter from OR last week confirming that I want to buy the BI back. Had estate agent round and was told quick sale price - not what I was expecting as was sure it would be in negative equity. But oh no, as luck would have it approx £10k equity:eek::eek:. Now am really scared coz don't think I can raise that for the OR :(. I've read thread which said an OR sought 'forced' sale when the BR couldn't raise money for BI. The only thing that has kept me going is the thought that I could keep my home, property with ex already repossesed. If anyone can help with info or advice I'd be really grateful. Thanks

fiveyearplan

Didn't your letter say to have 3 valuations? Also, stress to the estate agent that it is for a very quick sale.

nervousmother

Get 3 valuations, also google house prices in your area to get prices of what they have sold at recently.
You can negotiate a reduction for selling fees and any early redemption to your mortgage.
good luck

iquit

Thank you guys, my letter just said to get a valuation and full amount outstanding on mortgage (including redemption). I will get another 2 evaluations done ASAP and then take it from there. Am only stressing coz hadn't prepared myself for this - really though it would be in negative equity. Valuation given is same as one I got 2 years ago, I thought we were in a recession and property prices had fallen. Moral of this story is prepare for the worst and you won't get any shocks!!

MicheH

You could have a look on zoopla on the web, I would take their estimate with a pince of salt though but at least it'll give you an idea what the ball park price is tonight. Hopefully it will ut your mind at ease enough to get some sleepies

iquit

Thanks MicheH, will do that now.

philnicandamy

Just remember....upturn the rubbish bins & break a few windows on valuation day...:D

iquit

does having a gaping chasm in the flooring count phil? Didn't seem to phase the estate agent.

philnicandamy

as a famous advert once said....."every little helps"

I would of thought the estate agent would have said something about the hole....hmm wallpaper off as well due to bad damp?

iquit

Thanks phil, you've lightened my mood no end. Hope you are keeping well and OH is over her maximus puckus stage.

Tinytim

When we had our valuations done recently, we were completely up front with the estate agents and told them we needed the valuation for BR purposes, and asked how much they charged as it wouldn't be marketed.

To my utter amazement we had two estate agents (one a very well know firm) who said there would be no charge. They came and valued the property very realisticaly I suspect that when all possibility of being able to sell the property is removed, the valuations turn out far more reasonable.