Just wondering if anyone knows why the value of land appraisal might come lower than the buying price? We just received the loan approval from the bank but the value of the land is actually significantly lower than our buying price..we are definitely devastated
land appraisal
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Just wondering if anyone knows why the value of land appraisal might come lower than the buying price? We just received the loan approval from the bank but the value of the land is actually significantly lower than our buying price..we are definitely devastated
They base the prices on recent sales in the area... Do a bit of your own research, what has land based on your size sold for?
The other thing is to resubmit the loan with the house contract with it... Ours land was valued for less but when we submitted the building contract it came out as exact so it worked out for us in the end but I didn't splurge in some areas I would have otherwise so kinda a blessing... We may have been over capitalising if we didn't need to stick with our budget.
Valuations is just someones opinion. Form your own well researched opinion. You have the time to see all sorts of things that a valuer who pops around for 2 mins (if he even does visit) will never be privy to.
Hi rachi, so did u negotiat3 with the real estate agent? I didnt know we could do that. We signed the contract to the agreed price tag, i dont know if we can negotiate that..but my partner will contact our solicitor today to look at options..i suppose..
Our conveyancer dealt with the agent, as our contract was subject to finance and with out finding additional funds or them lowering the price the sale would not have gone thought. The block had been on the market for a while tho and there is a lot of new subdivisions in my area so the seller was keen to get rid of it.
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