Land and house valuation
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Hi everyone, we just signed our final contract with our builder. We just had valuation done and have been told it is $40000 under, has anyone experienced this before? We have ordered another one and hopeful it will come back at price.
Where are you building?
Kind Regards,
Bruce
"Building an Eden Brae Waldorf 50 in North Kellyville"
Blog: http://waldorf50.blogspot.com.au
Hi everyone, we just signed our final contract with our builder. We just had valuation done and have been told it is $40000 under, has anyone experienced this before? We have ordered another one and hopeful it will come back at price.
Yep
Hi everyone, we just signed our final contract with our builder. We just had valuation done and have been told it is $40000 under, has anyone experienced this before? We have ordered another one and hopeful it will come back at price.
Yep
Thanks TheGirlie, can I just ask how you managed to settle your situation , did you go ahead and just pay the extra out of your pocket or did you just decide to build somewhere else?
Hi Mafu and girlie, thanks for sharing your experience. Would you like to breakdown your cost (land price+ house base price+ cost of total upgrades) etc sharing here so we get an idea? I think the house we are building will be 100-150k over median house value in the area. But our land size and house size is big. I am pretty sure bank will value ot lower. Worried ..
Hi Faykis, we are building a Preety standard home, our land size is 400 sq m. our home is almost 300 sq m in size. we were pretty confident the house was going to value at price because the house prices in the are are high. There is not so many sales in the area as it's a new estate so the information on house prices is limited for us to be able to compare.
Hi everyone, we just signed our final contract with our builder. We just had valuation done and have been told it is $40000 under, has anyone experienced this before? We have ordered another one and hopeful it will come back at price.
Where are you building?
Kind Regards,
Bruce
"Building an Eden Brae Waldorf 50 in North Kellyville"
Blog: http://waldorf50.blogspot.com.au
We are in Brisbane
We are in Brisbane
Yes there has been a lot of valuations in QLD that have recently where people had to discontinue their purchase due to the Finance clause as the valuations were not even close to the purchase price.
I have two clients who bought in Omearu where their valuations were under by $35,000 and their bank was Suncorp.
Perhaps maybe you might need to seek another lender?
Kind Regards,
Bruce
"Building an Eden Brae Waldorf 50 in North Kellyville"
Blog: http://waldorf50.blogspot.com.au
We are in Brisbane
Yes there has been a lot of valuations in QLD that have recently where people had to discontinue their purchase due to the Finance clause as the valuations were not even close to the purchase price.
I have two clients who bought in Omearu where their valuations were under by $35,000 and their bank was Suncorp.
Perhaps maybe you might need to seek another lender?
Kind Regards,
Bruce
"Building an Eden Brae Waldorf 50 in North Kellyville"
Blog: http://waldorf50.blogspot.com.au
Thanks Bruce, we have already submitted to another lender. Will see how that goes.
Hi Mafu and girlie, thanks for sharing your experience. Would you like to breakdown your cost (land price+ house base price+ cost of total upgrades) etc sharing here so we get an idea? I think the house we are building will be 100-150k over median house value in the area. But our land size and house size is big. I am pretty sure bank will value ot lower. Worried ..
Hi faykis, we're building in a suburb with a big variety of houses, there's a lot of older properties (30-50yrs) recently established estate (15-20yrs) and a brand new fancy pants estate (where we're building
Hi everyone, we just signed our final contract with our builder. We just had valuation done and have been told it is $40000 under, has anyone experienced this before? We have ordered another one and hopeful it will come back at price.
Yep
Thanks TheGirlie, can I just ask how you managed to settle your situation , did you go ahead and just pay the extra out of your pocket or did you just decide to build somewhere else?
Hey mafu, it sounds silly but we took out a personal loan to make up the difference
Hey mafu, it sounds silly but we took out a personal loan to make up the difference the broker actually suggested to do it and the bank had no problems.
Really? But then you will be paying a much higher interest rate for the personal loan
Kind Regards,
Bruce
"Building an Eden Brae Waldorf 50 in North Kellyville"
Blog: http://waldorf50.blogspot.com.au
Hey mafu, it sounds silly but we took out a personal loan to make up the difference the broker actually suggested to do it and the bank had no problems.
Really? But then you will be paying a much higher interest rate for the personal loan
Kind Regards,
Bruce
"Building an Eden Brae Waldorf 50 in North Kellyville"
Blog: http://waldorf50.blogspot.com.au
Yeah it's completely ridiculous!!
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