Sorry guys, I would like to know at which stage we get valuation from Bank?
My land title released today and settlement will be before 28th May.
thanks in advance.
Browse Forums Building A New House Re: Bank Valuations 23Jun 03, 2010 9:36 pm The valuer should be valuing the land/property at the current market conditions anyway. Deemaree Kyndylan Capers: viewtopic.php?f=36&t=46852 My blog: http://www.sufficientlysufficient.blogspot.com/ Re: Bank Valuations 24Jun 03, 2010 9:46 pm Typically banks will "undervalue" a house - ie. put a safe amount on it, to protect themselves. And RE agents will give you a "market" figure. Re: Bank Valuations 25Jun 03, 2010 9:50 pm The valuers are supposed to list other comparable sales in the area in a relatively recent time frame on their report, so that they compare "äpples with apples" so to speak. This report and it's property valuation is what the bank then proceeds with. In our case, our house and land are valued at $60k more than our totsal costs upon completion. Deemaree Kyndylan Capers: viewtopic.php?f=36&t=46852 My blog: http://www.sufficientlysufficient.blogspot.com/ Re: Bank Valuations 28Jun 04, 2010 10:41 am tempura so would it be silly if we say to the sales office that the land valuation come short of $x amount and ask whether we can negotiate the market price? I can tell you 100% that Georges Fair will not budge on the land values, they will not negotiate. We tried when our block was undervalued by 42k, and they wouldn't even consider changing it, basically, land sales said "That's the price, if you don't want the block anymore, then we will just put it back up for sale" Pretty much, they have people knocking on their doors to buy land, so can sell it for whatever they want to set the rate at... Re: Bank Valuations 29Jun 04, 2010 11:00 am joannapaulp I can tell you 100% that Georges Fair will not budge on the land values, they will not negotiate. We tried when our block was undervalued by 42k, and they wouldn't even consider changing it, basically, land sales said "That's the price, if you don't want the block anymore, then we will just put it back up for sale" Pretty much, they have people knocking on their doors to buy land, so can sell it for whatever they want to set the rate at... Well its good to hear we werent the only ones they wouldnt budge with!! How much are you ahead in payments compared to where the build is at? Have you fully drawn down the loan? 5 11934 |