my wife and i were made bankrupt in may and june of this year and our estate has been handed to a trustee. on our house the mortgage outstanding is 495000 we have a valuation in march of this year of 485000, the trustee has said that they had a valuation of between 475000-525000, after saying that the property was in negative equity they are asking for offers of 575000 based on the fact that that we tried to sell the property for 675000 in January 2007 is this possible.
their desk top valuation is what they believe to be correct.
you can present contrary evidence to them by obtaining 3 estate agents valuations of your property
I use a free web site ourproperty.com it list all of the proeprties that have sold in your post code, you can then print similar listings to your own prop.
once you have challenged / negotiated their pricing they may adjust the figure, hopefully to a more realistic
A valuation done in January 2007, may as well have been a hundred years ago - it is meaningless in the market today. The OR and the Trustee must realise that.
As Richard P has said, look at ourproperty.com or on Rightmove for price comparisons - this will show any sales achieved in your Postcode area.
I am not sure where you live - loking at the valuation, you may be in the home counties and prices have held up much better within the M25 corridor.
I was in practice as an estate agent in Devon until April this year - it was the recession and a lack of instructions that brought us (and many other EA`s down)
You could challenge them with the RICS or get a couple of small firms (not the corporates) to do a valuation - it will be free - tell them you are looking at re-locating - that will show you what the real market is doing.
I wish you well - difficult to say whether they are being realistic without the local knowledge of where you are.
my wife and i were made bankrupt in may and june
Posted - 27 November 2009 : 14:44:40
