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rollercoaster
Junior Member
United Kingdom
327 Posts |
 Posted - 12 October 2010 : 19:18:26
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My husband and I have been discharged from BR since 2009. We are just going through the procedures regarding the house. We have got our valuations (from a surveyor) and have found approx 13K equity in the house. We would like to keep the house, but at present only have 2K saved.
My questions are:
1) what would be a resonable offer for the equity?
2) We only have 2K saved at present, but a recent promotion at work means that we can afford to save the rest over a reasonable time period. Would the OR accept some sort of payment plan?
3) do we have any other options?
PS. really cannot ask a third party for equity.
Thanks for any help
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rollercoaster
Junior Member
United Kingdom
327 Posts |
Posted - 13 October 2010 : 07:12:38
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| we dont have an IPA |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 13 October 2010 : 11:27:38
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I can't answer the questions but was the £13k equity for a quick sale?
Normally a 'quick sale' valuation will reduce the value of the house by several thousand. This is the price the OR will use if they sell the property as they will want to release any equity as quickly as possible rather than having the house sitting on the market for several months. |
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rollercoaster
Junior Member
United Kingdom
327 Posts |
Posted - 13 October 2010 : 19:17:22
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| Thank you for your reply getting out of dept, we told the chartered surveyor what the valuation was for, but we will ring them tomoro and see if a 'quick sale' valuation makes any difference. We are happy to pay whatever we should but dont know if OR has any payment pathways if we cannot come up the cash instantly? |
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debtinfo
forum expert
2826 Posts |
Posted - 13 October 2010 : 22:49:38
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| normally a carted surveyor would not give a quick sale price as there role is to determine the condition and value of the house rather than the maketability |
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rollercoaster
Junior Member
United Kingdom
327 Posts |
Posted - 14 October 2010 : 07:21:23
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is there any other way to get the house valued for quick sale other than estate agent?
and shall i just send off all paperwork although we cannot pay immediatly? |
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rollercoaster
Junior Member
United Kingdom
327 Posts |
Posted - 14 October 2010 : 21:09:12
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| Now got all paperwork. Do I send it even though I dont have amount at the mo? |
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Bigal4787
forum expert
United Kingdom
641 Posts |
Posted - 15 October 2010 : 00:29:43
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Hi,
As you're discharged from bankruptcy,I'm presuming that your case is now with one of the RTLU's. When you were declared bankrupt, what was the equity position with the property?
Big Al |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 15 October 2010 : 10:22:43
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quote:
Originally posted by rollercoaster
Is there any other way to get the house valued for quick sale other than estate agent?
and shall I just send off all paperwork although we cannot pay immediately?
Normally an Estate Agent is the only option but don't tell them you want the valuation for the OR. Tell them that you have been offered employment in another part of the UK so would want to sell the property within a matter or weeks rather than months. |
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rollercoaster
Junior Member
United Kingdom
327 Posts |
Posted - 16 October 2010 : 12:59:18
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Declared in Aug 2008. Asked the OR about BI in late 2009, but didnt do anything about it. They have contacted us now about our interest in purchasing the BI (3 years will be up next AUG)
Valuations have found 12K equity (although I will be contacting estate agents on Monday to see if there is any difference)
I am happy to pay, but finding the amount is the prob, will have 3K saved by end of month. If it could hold for 6 months I could prob have enough to make a good offer. do you think they would give me that time as 3 years not up till next Aug, or would they force a sale? or do they have any structures in place for us to pay amounts until satisfied? Thanks for any advice/help. |
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house equity?
