Hi everyone,
I have been Googling my fingers off trying to find more information about the final valuation before handover but can find very few posts about it (other than it being mentioned in passing, i.e. it is happening or already has, the end).
Either that means it usually isn't a problem or it just means people aren't posting about it...
So what really is the "final valuation" - is it a check to see if the bank got what they paid for, or is it the bank actually fully re-evaluating the value of the land and house once done? What happens if the value ends up lower than initially agreed upon and signed for?
Also if it is an entirely new evaluation of the value of the land & house, does it matter if the bank "only" paid 80% (meaning... even if the value ends up being only 95% of what we paid for it, the bank would still get their money back if we sell)?
I am freaking out... so much has already gone wrong during our build, I feel like the final valuation going wrong would be just up the alley of crap we've had to wade through this year...
Thank you in advance,
Amy
Final Valuation - what happens if it isn't good enough?
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Hi everyone,
I have been Googling my fingers off trying to find more information about the final valuation before handover but can find very few posts about it (other than it being mentioned in passing, i.e. it is happening or already has, the end).
Either that means it usually isn't a problem or it just means people aren't posting about it...
So what really is the "final valuation" - is it a check to see if the bank got what they paid for, or is it the bank actually fully re-evaluating the value of the land and house once done? What happens if the value ends up lower than initially agreed upon and signed for?
Also if it is an entirely new evaluation of the value of the land & house, does it matter if the bank "only" paid 80% (meaning... even if the value ends up being only 95% of what we paid for it, the bank would still get their money back if we sell)?
I am freaking out... so much has already gone wrong during our build, I feel like the final valuation going wrong would be just up the alley of crap we've had to wade through this year...
Thank you in advance,
Amy
I have been Googling my fingers off trying to find more information about the final valuation before handover but can find very few posts about it (other than it being mentioned in passing, i.e. it is happening or already has, the end).
Either that means it usually isn't a problem or it just means people aren't posting about it...
So what really is the "final valuation" - is it a check to see if the bank got what they paid for, or is it the bank actually fully re-evaluating the value of the land and house once done? What happens if the value ends up lower than initially agreed upon and signed for?
Also if it is an entirely new evaluation of the value of the land & house, does it matter if the bank "only" paid 80% (meaning... even if the value ends up being only 95% of what we paid for it, the bank would still get their money back if we sell)?
I am freaking out... so much has already gone wrong during our build, I feel like the final valuation going wrong would be just up the alley of crap we've had to wade through this year...
Thank you in advance,
Amy
Hey Amy, I can’t comment directly as our house is still being built. But about 10 yrs ago we refinanced a unit in order to get another loan and we had been given some advice around valuations. We were told to do the valuers ground work for them. We went around and found comparable properties that sold recently in our suburb that sold at the price we were looking to get. We took pictures, collected profiles and sales figures. We provided this to the valuer when they walked through our property saved him a bunch of leg work and we got a great valuation. We might have got it anyway but I think it was well worth it. Good luck I’m sure it will all work our fine
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