Browse Forums Building A New House 1 Jun 30, 2015 10:43 am Hi, Long time browser, first time poster. We signed up for the Emstead estate stage 2 williams landing last november. the price was 360k and we paid the 10% deposite direct the the developer. Same estate, same size block is now being sold for 400k now, by the developer. About to be settled now, the roads are open so the bank sent their valuation guys in. It's come at a 26K lower value. What are the options? moreover, is this normal ? at most we were expective maybe a 10k gap. We had heard about lower valuations when the shopping centre and the train station wasn't built but now that's not the case and they've already been built. I've lost all confidence in this lender because come construction loan time, it might be the same story ? Any advice would be much appreciated. sTan Re: Williams Landing Elmstead .. bank valuation low!! 2Jun 30, 2015 1:40 pm I had the same issue with Westpac valuing our construction $34k lower. We were in a bit of a bother because we already had a mortgage on the land which made it difficult to find another lender who'd value the construction appropriately, but we were able to find another lender who'd not only re-finance our land for us, but valued the house/land perfectly. So my advice.......just shop around. The differences between 4 different lenders we spoke to was amazing. One was $34k under; another $10k under and two were spot on. Good luck! Re: Williams Landing Elmstead .. bank valuation low!! 4Jul 01, 2015 10:50 am With Carlisle. But the valuation came 26K lower for the land !!! Who knows what figure they gonna come up come construction loan time. I would have been happy with 14k lower given my circumstances. LOL.. or perhaps not. Land there now is selling at over 400K so these valuations are kinda ridiculous. Looks like they compare against the lowest valued past sales in the Kingwell neighbourhood. Could you PM me the bank you went with ? are we allowed to post names in here ? i've got no idea. Cheers Re: Williams Landing Elmstead .. bank valuation low!! 5Jul 01, 2015 11:07 am Hey Stan, we went with Westpac ironically!! But like what JP79 said, shop around, some banks are able to do a valuation without a formal application/credit check. Are you looking to build soon? It is so empty at the moment. We are trying to get our builder (Metricon) to start asap. Re: Williams Landing Elmstead .. bank valuation low!! 7Jul 01, 2015 11:20 am Hi, my partner and I brought in Elmstead Release in May 2015 renewed our valuation for finance in March 2015 and it came back exactly the amount we brought for it. We did our finance through Commonwealth Bank of Australia. Our Land and Building came back as if complete right for the amount it was to build - no issues. Starting to build soon. Re: Williams Landing Elmstead .. bank valuation low!! 8Jul 01, 2015 1:42 pm That's fantastic Brett. I'm getting "The valuers need to value against an area outside the development.." reason from ANZ. They've chosen a few land sales from the north east corner of the Kingwell neighbourhood and hence valued it low. Re: Williams Landing Elmstead .. bank valuation low!! 10Jul 01, 2015 3:09 pm Given the way things are going, 14k low on building and land seems alright. I dread to see the valuation come back for construction with ANZ. Not sure about the conservation areas but I'm guessing there would be developments? Re: Williams Landing Elmstead .. bank valuation low!! 19Jul 09, 2015 4:55 pm Any retaining walls required? Our site costs (in a different area and with a different builder), went from $20 - $40k after they realised they needed to build a couple of retaining walls. 2 2937 I am looking to design an entry door to a lower ground basement that has 2200mm between the external entry height to FFL of the ground floor. This door will provide an… 0 11369 How much are you ahead in payments compared to where the build is at? Have you fully drawn down the loan? 5 11917 |