Voluntary Repossession

[jen_br]

Re: Voluntary Repossession

How many estate agents did you have to look at the property? I would go and get 3 of them to have a look.

[PlanB]

Re: Voluntary Repossession

Go to the bigger agencies in Lincoln and get it valued for both letting and selling so then you can put it on the market both ways and see which comes back first

Other houses in your street have sold for over £100k (please don't post up your full address for your own security reasons). Look here and scroll down:

http://www.nethouseprices.com/index....LN4&incode=3TB

Even if you do have to sell for a small shortfall a lender will often consider a F & F (maybe 50%) settlement at a discount to pay it off. They'd rather have some money then no money and have to chase you over 12 years.

I always wondered why there were so many bungalows for sale in Lincolnshire and now I realize it must be because of all those RAF low flying Tornadoes based there

[Tornadotechie]

Re: Voluntary Repossession

That could be a first good step, I only had a valuation from the sales dept. of my letting agent. I just need to get a key from them and ask for a family member to be there to let estate agents in to value and re-evaluate from there. I think my Mum should be able to do that in the next week or so so hopefully should have some more accurate information then.

[diddlydee]

Re: Voluntary Repossession

Any good news for us Tonado?

[Tornadotechie]

Re: Voluntary Repossession

Hi,

Nothing yet, I have some estate agents booked to come and revalue the house on Wednesday. My letting agent has re valued it and come back with 89,950 which is better, but as they valued it for 15-20k less 3 months ago(ish) I'm a bit dubious to how accurate that is. I'll know more next week and I'll post an update.

[PlanB]

Re: Voluntary Repossession

Hi,

Nothing yet, I have some estate agents booked to come and revalue the house on Wednesday. My letting agent has re valued it and come back with 89,950 which is better, but as they valued it for 15-20k less 3 months ago(ish) I'm a bit dubious to how accurate that is. I'll know more next week and I'll post an update.

Ah ha. So you may not be in negative equity after all, or by only a tiny amount I wouldn't be dubious about that valuation because it's in the same ball park as the Zoopla one You can always ask an agent to justify the basis of their valuation which is usually based on a similar property having been sold in the same area recently. That's all surveyors base their valuations on for lenders. Get the *comparables* and also wait and see what the other two agents say

Ideally you plan to sell the house, so if there's no (or insignificant) negative equity then you may be able to port your existing mortgage onto a property purchase in Aberdeen.