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a.s
Starting Member
26 Posts |
 Posted - 16 July 2009 : 15:28:25
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| we have recently had our house valued and its more than wed have liked, if theres at least 25k equity what would be a reasonable offer? and would the drive by valuation they do maybe come up cheaper please help I cant loose my house! |
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 16 July 2009 : 15:54:47
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Did you get a 'quick sale figure'? ie a figure that the property is likely to achieve in a sale? as opposed to a 'market figure'?
I would get another agent out and ask them to value the property on a quick sale basis (you can always tell a white lie along the lines that you have to move with your job etc)
This may reduce the valuation figure
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
email me at melanienicholas@jonesgiles.co.uk
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 16 July 2009 : 16:10:20
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As Melanie suggests there is usually a huge difference between an estate agent suggesting a figure to market the property at and a "quick sale figure".
In reality the official receiver is not prepared to hold onto a property for 12 - 18 months to obtain the maximum sale price. They are interested in what they can achieve by realising the asset quickly.
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
Real People ..... Real Debt Solutions |
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a.s
Starting Member
26 Posts |
Posted - 17 July 2009 : 09:09:37
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Thank you for your help, I have had an agent value it and didnt tell him what it was for! there will be at least £25k in it but what will be a reasonable offer? I could probably get a family member to buy it for us but not for that amount! and then once you have bought the BI can that be the end of it or after 3 years if theres more BI will we haveto go through it all over again? and will the or make the decision or can the primary creditor force sale? the main creditor in our case is a brewery who put us in this situation in the first place, they will make us loose the house if they can!
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a.s
Starting Member
26 Posts |
Posted - 17 July 2009 : 09:19:53
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sorry more questions! we had our own valuation done in november which came in 25k less which we gave to or but they want to do another, can we dispute valuation if it comes in even higher than our second valuation (which we didnt give or)or is theirs final? Im worried sick have 3 kids and my husband is 50 so we wont get to buy another house in our life time.
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Daniel Griffiths
Junior Member
United Kingdom
268 Posts |
Posted - 17 July 2009 : 09:59:54
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Am I right in assuming that In November 2008 your property was 25k in negaitive equity now its gone up 50K from that valuation or have I missed something.
If the property has reasonable positive equity the OR cannot deal with it an OR normaly only deals with perishable goods which may diminish in value prior to the appointment of a trustee.
The trustee normally appointed by the creditors or the secretary of state, has a job to do, and that is to get in and realise as much cash from your assetts as possible for the benefit of your creditors.
If the brewery is a main creditor then they can appoint a trustee.
With regard to your home the position is as you have family they will take priorty for the first 12 months from the date of the bankruptcy over your creditors, at the start of the second 12 months your creditors take priority over your family. Any trustee who has to hold the qualification of an Insolvency Practisioner will I am sure obtain correct valuations on your property, or they risk being sued by the creditors. They will enter into negotiations with you on the sale of the interest, in the meantime I suggest you get a realistic valuation on your property to see if you are in a position to take it out of bankruptcy. |
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a.s
Starting Member
26 Posts |
Posted - 17 July 2009 : 11:51:21
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with the first valuation it was valued at £150 and we owe £150 but the second valuation was £175 for quick sale upto £189 on the market! a huge diffarence so we just need to see what the or valuation comes in at.
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Daniel Griffiths
Junior Member
United Kingdom
268 Posts |
Posted - 17 July 2009 : 18:03:19
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| The valuation of 150k for your property and redemptiom of £150k back in November 2008 is this the ammount you put in the statement of affairs. |
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a.s
Starting Member
26 Posts |
Posted - 20 July 2009 : 11:24:13
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yes which at the time was correct, but now Im so worried about the house! I leave my blinds closed all day so they cant see in the house. I personally dont think its worth £175 but will I be able to dispute the valuation?
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Daniel Griffiths
Junior Member
United Kingdom
268 Posts |
Posted - 20 July 2009 : 12:03:11
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| There is someting wrong with one of the valuations, why not get a new local agent in to value the property. Tell them your partner has a job offer abroad and may need to sell the property quickly, you need the valuation in writing for the new employer. This will give you a basis, of what you may have to find. Any trustee appointed will want to do a quick get in and out deal with you on this they will not want the hassle of repossesing your home insuring it, appointing agents and solicitors which will eat up the profits. You are in a good position in occupation but the trustee has a job to do, and as your statement of affairs back in November may not have shown a financial interest in your home the three years in which to deal with your assett may not have started yet. |
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debtinfo
forum expert
2826 Posts |
Posted - 20 July 2009 : 18:12:34
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| The three years for a family home start from when the OR is notified of the property regardless of equity |
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a.s
Starting Member
26 Posts |
Posted - 21 July 2009 : 14:16:43
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Thank you all, if we do buy the equity can it be taken out of bankruptsy? or is the 3 years they hold it for still applied?
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debtinfo
forum expert
2826 Posts |
Posted - 21 July 2009 : 18:20:07
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| As soon as you buy the equity it is taken out of the bankruptcy. The three year rule is actually an improvement for bankrupts as the OR used to be able to hold on to equity indefinitally until it was bought back or the house was sold |
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a.s
Starting Member
26 Posts |
Posted - 21 September 2009 : 11:43:20
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It seems to be over! the house was valued at £150 so no equity and can buy BI! will that be the end of it? or in 3 years can they still claim it? the OR has said to expect early release from BR, than you all on this forum youve helped me stay sane x
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 21 September 2009 : 11:58:43
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Hi,
As a former estate agent, I see that it is strange for the property to increase so much in 10 months. I do not have the benefit of seeing the property or knowing the market in your town/city. However, as has been suggested, I should go into a local "independent" not one that is part of a chain and say you want a valuation for a quick sale, as your husband/partner has been offered a position in another part of the country.
I am sure that will show something more in keeping with the real world!
Good luck and come back with the response so we can see where you are. Richard
"There are no problems - only solutions..." |
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we have recently had our house valued
