valuation of property

we have got our loan approved from the bank but we are not really happy with the valuation done by the bank as we have already settled for the land so nothing can be done with the land valuation but we have asked the bank to put the valuation for construction on hold coz there are some of the things for which we dont want to go with our builder as he is providing them at exorbitant prices. We were informed by the bank that they will only consider the contracts with registered builders. now we are really confused about who is a registered builder for bank???? the services which we want done outside our main builder are

landscaping

carpet

timber flooring

downlights

you should be able to do these with who ever you want, just get the builder to write owner to supply

I dont know about everyone else but we are building an eden brae and we found that they under valued our price tender by $20,000 which was a shock to us as we found that eden brae had the best deal going, we have had to remove the airconditioning and changed a few variations to take $20,000 off our price tender then we will put the air con in when we have moved in and are able to come up with more funds...Apparently alot of banks are under valuating building projects at the moment

we found the possible the bank over valued ours but that was about 14 months ago now but even when we refiance our house about 9 months ago we found the banks valution very good , even though they do undervalue compare if you were going to sell but having worked in the real estate industry I know they do that they value for a fast sale if they need too

anyone have experience with bank undervaluing a masterton house?

this is getting scarier and scarier everyday

We had the same problem.... land valution was ok but it was the house, they compare with sales of simliar house's in the area after allot of buggerising around we ended up going with a different lender who financed the full tender amount.

Also any works over 5k by law must be done by a registered builder.

To find out if your tradie is registered or for a list of ones that are visit the building commission website:

http://www.buildingcommission.com.au/www/html/256-find-an-rbp.asp

We haven't had our evaluation yet, but I know the council under evaluates for rates.

We got undervalued (by quite a margin) as well. Along with a very helpful suggestion on how to get mortgage endurance because the amount we're trying to borrow is more than 80% of the valuation of the property.

anyone been undervalued when using masterton or any of the big builders?

By the looks of this thread and taking into account the current economic client you should probably assume that you will be undervalued.