Just had house valued

jedi82

and she has put it at 185-195k. Does anyone know whether the OR takes the higher or lower figure or do they go in the middle?

Thank you
Jedi x

Saadat

is it from a surveyor? as they will need to do comparables( see houses sold within the last 3 months to work out a comparable price), if it is an estate agent, they will probably try to sell it higher value as they make a certain percentage on sale price

jedi82

It was an estate agent. I am getting another one in on thurs and hopefully they will be about the same.

Saadat

Remember whatever they tell you...you house is only worth what someone is willing to pay...if someone is prepared to pay more it is worth more...

jedi82

Well, just had it valued by another estate agent and they have it for £155k. Don't know whether to feel pleased or mortified that they have valued it so low. Very pleased that should be enough for OR in relation to it being in negative equity but there is also a little part of me that thinks 'is my house really that bad?' lol!

Hopefully OR will accept these valuations. Just have to wait and see I suppose.

Jedi x

Sunnylooloo

Hi Jedi

as i live with someone in the biz (and work some weekends there myself) some estate agents (depending on the company) will give you a high figure to get your business not that it is a realistic figure (then 2 months after not selling they get you to reduce the price!)

I am not sure how the OR takes the values or if they get their own surveyor in and get comparables.

For you situation obv the lower the better.............. and no you house is not that bad!!

Good luck and hope it works out ok.

LL

kepar

Hi Jedi, I don't know your financial position, but think long and hard. If your house is really valued that low to put you in a lot of negative equity do you really want to stay there. You can obviously afford your mortgage, but if you are on a fixed rate at the moment or the bank know of your bankruptcy they can give you an unfavourable rate. You could end up in a house after the three years of OR's interest not being able to afford to stay there and also not being able to sell.
We were in the same situation but we decided to return the house, it was upsetting at the time but now 18 months later we realise it was the best thing to do. We are in a private let and enjoying life. We felt that if we had kept the house it would have become a prison, we probably would have had to see the mortgage out (20 years) and loving the house as much as I did , the thought I could never improve it or move made the decision.
As i said in the first sentence , I do not know of your situation, but can you afford any rate rises in the next 5 years. We were advised that giving it up when we did , rather than battling would make life easier. It has.
Good luck to you what ever you decide, but giving it up is not the end of the world.