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Home valuation

  • sotiredofthisnow
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16 May 12 #331015 by sotiredofthisnow
Topic started by sotiredofthisnow
Hi folks, I stayed in family home (mine pre 4 yr marriage, deposit put up by me, mortgage by me etc etc)

she wants half the equity.

I arranged valuations in feb2011 a year after she left me, as requested by her solicitor. All three said £160,000

This year , 18 months on, two houses in my tiny hamlet sold for 160k & 150k both nicer and larger than mine. I arranged new valuation only a month ago, she said ask £130,000 expect offers of 124.999 (no stamp duty)

My wife said she didn''t accept ''my'' valuation (it was entirely genuine and unprompted) and paid a guy (who made one of the 160k valuations last feb 2011) to come round tonight with her. Now she says he said ''tidy it up a bit and it''ll sell for 170-190k !!! w t f !!!!???

help !!!!!! from -ve equity to +ve bigstyle in one hour of my life , that''s quite a rollercoaster yump after I''ve been on it for years already !!

  • missguided
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17 May 12 #331082 by missguided
Reply from missguided

My STBX went through similar arguement with his ex wife.

In the end it was agreed that they take the average of the 3 quotes they each had.

Good luck!

  • maisymoos
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17 May 12 #331084 by maisymoos
Reply from maisymoos
It may ne necessary to get a surveyor to conduct a formal valuation, this will have a cost though and you could try and agree to split it. You could propose 3 surveyors and let her choose which one to use.

You need to balance up if the cost of doing so is worth it, prob between £250 -£500.

  • sotiredofthisnow
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17 May 12 #331284 by sotiredofthisnow
Reply from sotiredofthisnow
It''s quite a difference , 60,000 quid, so I think I will take your advice and suggest a formal valuation paid for by us both. I''m really freaked out just how far the estate agent acting for her was prepared to lie for £120 valuation fee. Same guy who said ''ask £160'' 18months ago to me in writing ! ***** ! It''s not like house prices have been rocketing since then ! jeeeez

  • hawaythelads
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18 May 12 #331316 by hawaythelads
Reply from hawaythelads
In fairness house prices certainly haven''t dropped by £40000 either from £160000 down to £120000 in the last year.
Now you know that''s not true don''t you ;)
You''re undervaluing so you don''t have to give her any money to buy her out.Because as your post says my house prior to marriage,my deposit I made all the motgage payments.I''ve done all the work on it in the last 4 years.
you resent paying her anything.I can''t say I blame you but under valuing or over valuing is the oldest trick in the book.
You reckon £130 she reckons £190 Oh look you are back to the true value of £160 as quoted by 3 estate agents 18 months ago.
all the best

  • Wiser
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18 May 12 #331367 by Wiser
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At the end of the day, a property is worth what someone is willing to pay for it.

If, as my situation, the offer is 100k below the lowest of 3 valuations, the offer is refused.

You can''t make people buy a property they don''t want at a price they don''t want.

And you can''t magic people or offers out of thin air when there is a serious european economic crisis. Anyone remember/affected by the property crash in USA, well, it''s in europe now.

Spain and Ireland have too many empty properties worth a fraction of their previous value.

The Greek, Italians, Spanish and Portugese governments borrowed too much money and the banking system is in a sorry state, with not many of them lending to each other.

It''s no wonder couples in divorce are unable to financially split from their exes. An alternative solution must be offered.

How about you offer to buy the house?

How about you let your ex buy the house?

I am assuming that both of you actually need a house to live in and neither are running away to a taxhaven-island.

Think outside of the box and don''t get caught up in arguements of value when the real value is what someone will buy the d*mn house for.

Someone put their money (equity or share) where their mouth is.

  • sotiredofthisnow
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18 May 12 #331410 by sotiredofthisnow
Reply from sotiredofthisnow
Thanks Pete, fair enough, of course you are right. I do think values have fallen in the last 18 months, I do think I''d struggle to attract offers as high as £160 though, given two larger & nicer houses sold recently for 150 & 160

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