Browse Forums Building A New House 1 Aug 13, 2010 2:14 pm We have just gotten the finish tender from our builder recently and went to our bank (with whom we already have our land mortgage with!) to get finances for building on our block. Everything was going fine up until the valuation, they have called back letting us we wont have enough deposit because of the value of the land (were about 14k short) then the bank went on to tell us its because we haven't included quotes for landscaping or flooring (we plan on doing this after handover with our own cash we have saved up) So they want us to go get quotes from Joe blow (the banks words) just to boost the value of the home? Is this correct? Should we be having to go get quotes just for this reason? We are going to another bank this afternoon to get another valuation. It seems strange as we have paid 30k off our land mortgage and they haven't mentioned equity or anything like that? www.tinas-cakery.com Building a Monte Carlo with Fowler Homes. Our Build Thread --> https://forum.homeone.com.au/viewtopic.php?f=31&t=49218 Re: Bank Valuation problems!! 2Aug 13, 2010 2:21 pm We have the same problem, the broker said give me any quotes you have so that they can include it in the final valuation. As it turned out they decided to value the block itself at cost price, notwithstanding the fact the block 3 doors down, is an extra 20k for the same size block as of two weeks ago. Stupid Banks....... ---- Building in Banksia Grove We have keys - 31st March 2011 Re: Bank Valuation problems!! 3Aug 13, 2010 2:26 pm Okay so I guess it's normal to include quotes you might not even go ahead with! haha so ridiculous! Ah! and just when I thought we could finally get this all started! Another setback. www.tinas-cakery.com Building a Monte Carlo with Fowler Homes. Our Build Thread --> https://forum.homeone.com.au/viewtopic.php?f=31&t=49218 Re: Bank Valuation problems!! 4Aug 13, 2010 3:01 pm We included quotes for everything we could! Worked! But DH is in lending so he knew to do it from the get go.... Deemaree Kyndylan Capers: viewtopic.php?f=36&t=46852 My blog: http://www.sufficientlysufficient.blogspot.com/ Re: Bank Valuation problems!! 5Aug 13, 2010 3:07 pm we actually asked the builder to quote us on the driveway and flooring as well, then I went to the bank. I have since pulled out the flooring costs from my tender but my bank does not know any better. One interesting thing is, they valued my land at exactly the price my land settled at, and they valued my total build as exactly my land+my build contract.. must be a tough job being a valuer don't be discouraged, when the build starts, the excitement of construction will outweigh all the pains in doing the paperwork! good luck jim Re: Bank Valuation problems!! 6Aug 24, 2010 10:04 am Hmm we have a driveway quote now, but we are having trouble getting a tiling quote as the tiler we went to said they need the final plans. Well we dont have the damn final plans until we pay $5000, and we want to get bank approval before we pay $5000 lol omg this is never ending. Any suggestions? www.tinas-cakery.com Building a Monte Carlo with Fowler Homes. Our Build Thread --> https://forum.homeone.com.au/viewtopic.php?f=31&t=49218 How much are you ahead in payments compared to where the build is at? Have you fully drawn down the loan? 5 11934 I am not a brick expert, but rendering would be 1 option, it would be costly to do the entire house though.... 2 6683 Hi all, has anyone been ask to do the weeds in their property while in the middle of build? We are under the impression that they are in control of the site while they… 0 2783 |