| T O P I C R E V I E W |
| MrandMrs |
Posted - 14 December 2008 : 19:34:47
Does the OR use Zoopla? I've just looked on there and they have our house valued at £44500 more than my neighbours. The only difference in the houses is that ours has a double garage and we have a single.
I'm rather worried, as the price on there means we have a small amount of equity, they have my house valued at £154950. In reality, a detached, larger house in my street is on the marlet for £144950 and has been for a year. 2 local estate agents have valued ours at £129950 (£124500 for a quick sale), but neither would put it in writing unless we agreed to market with them and we aren't selling!
Is this likely to be a problem?
working towards the first day of the rest of our lives |
| 15 L A T E S T R E P L I E S (Newest First) |
| RHB |
Posted - 28 December 2008 : 13:40:08
Apparently they are expecting house prices to rise in the coming year, but no doubt that will depend on area. |
| Needafriend |
Posted - 18 December 2008 : 16:49:35
Thanks Mark
So i need to make sure that my value goes below the redemption one so another 3k needs to come off making my mortgage bal 150k.
Hopefully that will start to drop now and by the time we go to purchase it should be low enough.
My closing figure was £153 just over. So i dont know these OR's.
Thanks for the tip though ;-)
Jo
x
19 Weeks down
33 to go
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
|
| Needafriend |
Posted - 18 December 2008 : 16:22:28
Hi i have just been up to my local estate agent, he has told me that we are worth about £155-£157k.
He is going to put it in writing for me for my records. I also rang the mortgage co and they have told me that to pay it back now i would need to settle £153,500 so heres hoping it can go down, we are on int only so the balance is not reducing at present but i need to get it sorted by end of April as we will then be minus the redemption figure.
I will advise how things go.
Jo
x
19 Weeks down
33 to go
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
|
| MrandMrs |
Posted - 18 December 2008 : 13:51:21
okay, we were advised not to cut the lawn, not to decorate, not to keep the house tidy.....etc etc. In other words, we were to make it look as shabby as we could. Apparently this can cut up to £20k off the value of the house. And, once you have the valuation you require, you put it all back to neat and tidy again.
working towards the first day of the rest of our lives |
| Needafriend |
Posted - 18 December 2008 : 13:49:02
Hi i need another 3-5k pref.
Not much more. The mortgage is about 151k, with fees about 154k but i need to get a good drop before we make the offer.
Jo
x
19 Weeks down
33 to go
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
|
| MrandMrs |
Posted - 18 December 2008 : 13:44:34
How far have you got to go Jo?
working towards the first day of the rest of our lives |
| Needafriend |
Posted - 18 December 2008 : 13:43:38
Just looked on Zoopla, we have dropped now by 19k.
Still not in neg yet, but its getting there.
Jo
x
19 Weeks down
33 to go
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
|
| Needafriend |
Posted - 18 December 2008 : 13:23:20
I know, i so much want mine to show a drop so that we can buy it back.
I am waiting now and then get the offer in.
Fingers crossed and all that:-)
Jo
x
19 Weeks down
33 to go
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
|
| MrandMrs |
Posted - 18 December 2008 : 13:20:49
They've still got mine at £8k more than the estate agent estimated, but the important thing is we are clearly showing negative equity now (isn't it daft - at any other time negative equity would be heartbreaking, but here we are praying for it!!)
working towards the first day of the rest of our lives |
| Needafriend |
Posted - 18 December 2008 : 13:16:40
Hi all
I have just emailed Zoopla and informed them of the value for ours, seeing as most of ours are now worth about £155k and not £171k as they have their info to be.
I will let you know if i hear anything back.
Jo
x
19 Weeks down
33 to go
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
|
| movin on |
Posted - 18 December 2008 : 13:07:52
Hi M&M
That is such a good idea....i never thought of emailing them, will try it later (as im on my way out). Fingers crossed they will become consistent now 
Onwards and Upwards is the way im going :-0)
From "Moneyworries" to "Movin On" in 3 months is fantastic :-))
xx |
| MrandMrs |
Posted - 18 December 2008 : 13:06:19
I emailed Zoopla and expressed my concerns about how way out their estimates were for my area. They have reassessed the area, my house has come down £35k and my neighbours have gone up slightly. So, if the OR does look on there he will see that we are in negative equity by £40k instead of just £5k and we hope that means he will quickly allow me to buy my hubbies BI, rather than wait to see what the market does.
working towards the first day of the rest of our lives |
| MrandMrs |
Posted - 17 December 2008 : 12:43:39
That wouldn't work here, we are a small private development of 72 houses on the edge of a pit village, where the average house is a 2 up 2 down terraced pit cottage. We are the only non local authority (or ex local authority) properties in the area, so there is only my street and the 2 that branch off it to go on.
So good for us if the go on average for the village - it's about £35k for a 2 bed terraced and £45k if you are lucky enough to find one of the 3 bed ones :)
working towards the first day of the rest of our lives |
| pix1 |
Posted - 17 December 2008 : 12:18:04
MrandMrs,
I said search your postcode. Try widening the search by typing in just the beginning of your postcode, i.e., the postcode area. This sohuld bring up pages of results. Hopefully, many of the sales you then find will be more recent. Then you could enter adjacent postcode areas to get more results. Certainly, its true that a lot of the sales recorded go back a long time.
I don't know how the OR decides what is a legitimate valuation but I
bet one criteria is that they look at recent sales prices in the local area. Perhaps the Insolvency Service website will give some pointers as to the criteria they use. Try a search of it. |
| MrandMrs |
Posted - 17 December 2008 : 08:38:09
So in our case, no sales in the area since July 2007, 3 repo's in the past month, all up for sale for the past 12 months at way less than Zoopla have ours valued at - how do we get a valuation. That site shows the value of our house in March 2003 as £99k, which is what we paid, but there have only been 5 sales since then in the area, most in 2005.
working towards the first day of the rest of our lives |
