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| T O P I C R E V I E W |
| Golf88 |
Posted - 15 August 2010 : 14:20:11
Help, my BR went through on 24th June 10 and was going well then my husband left, i lost my job and now the lady from the OR office rang me on Friday to say that there is 4k equity in my house. My half will be 2k + costs. My understanding was it is in neg equity. My mortgage is 171k and she says value is 175k after doing a drive by with a firm who are not even from my town. I don't have any money (obviously) I really hope to save my home for me and my young teenage son.
Can i lose my house for the sake of 2k? Can i ask the OR to take a reduced offer? My ex is going BR next month and is very decent and is paying all the big bills and mortgage for us. Please help someone, I really cant take much more of this. It's killing me.....
My mother in law is willing to buy my BI for me and I know she does not have this amount of money either. What will happen?????? Help i am very desperate.........
Regards,
Golf88 |
| 7 L A T E S T R E P L I E S (Newest First) |
| Bigal4787 |
Posted - 14 September 2010 : 00:42:06
As far as I'm aware, I left the insolvency service in July, and some OR's stopped using their drive by valuing agents due to their unreliable valuations, and instead use online valuations e.g Up my Street, Zoopla etc. I don't know which OR office you came under, but it is definitely worth obtaining your own valuation to challenge the OR's valuation.
Big Al |
| integritydebthelp |
Posted - 16 August 2010 : 15:16:41
Most local estate agents will come out and give you a valuation for free and on paper. If you get them to come and value your home, tell them it's for a quick sale and they will base the valuation on that. It's good to get 2 or 3 valuations and then the lowest one you would give to the official receiver as proof that your home is in negative equity.
Official Receivers will normally use upmystreet.co.uk to make a valauation of a property or like you mentioned, get someone to drive by which is not accurate.
I would look at getting this done sooner rather than later. Hope this helps.
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| BrassicLintus |
Posted - 16 August 2010 : 00:35:15
Hi Golf. I was in a similar situation myself. I went BR in August 2007 and nearly 3 years later a letter dropped on my doorstep from the OR asking for a cheque for the equity in my house to the tune of nearly £19k!!! When I went BR the house was valued at around £100k, the OR did a drive by valuation and valued it at £120k!! How the heck a house can increase by 20k in 3 years during a recession??
I phoned them and said that I didn't agree with their valuation, so they said to submit one of my own. So I got an estate agent round and asked for a quick sale valuation and it came in at between £100 and £105K. I submitted this valuation to the OR and got a reply a few weeks later saying that they were no longer interested!!
So get a valuation of your own done, although it can be quite difficult getting a valuation done if they know that you don't really intend to sell it, so you may have to tell a few porky pies (I told them I needed a quick sale so I wanted a realistic asking price!), and submit this to the OR.
I can't honestly see them repossesing your home for the sake of just £2k. If you were to sell your home it would cost more than £2k in fees so in theory there is no equity in your property and I would point this out in a covering letter to accompany your valuation.
Hope this helps. |
| Golf88 |
Posted - 15 August 2010 : 22:26:03
quote:
Originally posted by Richard P
I also use up my street and ourproperty web sites (dont know if it is available in Ireland
it shows what properties have sold in your postcode in the past 6 years good for comparisons to support any argument you have for an overpriced property valuation.
if you are challenging their valuation you must be able to provide evidence that they have over valued the property
plus didn't you type in a previous thread about your antiquated kitchen with shelves falling off !
Richard
Yes that's correct Richard, I remember telling you that and the fact that the bathroom needs re-tiling and the mice have taken over the attic too......
Regards,
Golf88 |
| Richard P |
Posted - 15 August 2010 : 18:59:22
I also use up my street and ourproperty web sites (dont know if it is available in Ireland
it shows what properties have sold in your postcode in the past 6 years good for comparisons to support any argument you have for an overpriced property valuation.
if you are challenging their valuation you must be able to provide evidence that they have over valued the property
plus didn't you type in a previous thread about your antiquated kitchen with shelves falling off !
Richard |
| debtinfo |
Posted - 15 August 2010 : 14:28:16
Nothing is going to happen straight away so dont worry.
Have you got your own valuation, If this has been done ny an estate agent then look to get one by a chartered surveyor as this is more accurate (might not still give you the answer you want). You can make any offer you want to the OR so dont be afraid to communicate with them, they wont take it personally they will either accept or reject the offer and you can make another later |
| Skippy |
Posted - 15 August 2010 : 14:25:14
I don't know a great deal about BI, so hopefully someone else will be along soon. However, if you don't agree with the OR's figures I would imagine that you can dispute them, and that you would be entitled to have a valuation done yourself - make sure that this is for a forced sale.
To be quite honest, I'm surprised that the OR is even interested in such a small amount of equity.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
Last IPA payment made on 28th June 2010 - it's over at last! |
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