Bank Valuations

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.

guys, from your experience, do you know whether we can negotiate the market price if land valuation comes down below the market price?

The valuer should be valuing the land/property at the current market conditions anyway.

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.

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.

we had the same - nervous about the valuation. It came in 40k more than what we are paying

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...

Well its good to hear we werent the only ones they wouldnt budge with!!

Thanks guys for your input. I'll see how we go and let you know .. but i think we'll be getting the same answer hehehe

Are you looking to buy land at Georges fair?

not at GF.

I wonder how the bank will value out houses if this stupid proposed recycling plant goes ahead at Georges Fair