Hi there 3 months after bankruptcy we have been appointed trustees to realise assets through our properties. They have asked us to get two valuations on each property. What do they expect - we obviously have no money to pay for a valuation, are we expected to lie to estate agents and get them round to give a free valuation? Things seem to take so long in bankruptcy - are we better taking the initiative and tyrying to sell the properties ourselves? Will the trustees be acting in our best interests, we suspect they are acting in their own interest! Many thanks for any replies.
Alas you cannot sell the properties yourself, trustees role
find local estate who are prepared to give 90 day quick sale valuation. no need to deceive you may have to have an enforced sale (still long way off)
The trustees are tasked with obtaining best price for creditors.
once they have a price they will take off mortgage (sometimes also the cost of redemption penalty) the difference between valuation and mortgage is the amount they will ask you or third party to purchase.
The properties are in joint names, both on buy to let mortgages (therefore low outgoings). They should both realise positive equity; one in particular should get 20 to 30 thousand pounds after expenses even in a quick sale.
Realizing assets through our properties
Posted - 21 March 2011 : 12:27:10
