Browse Forums Home Finance Re: Conservative valuation due to financial crisis? 3Feb 04, 2009 8:38 am Hi inquirer
I have a mate who is a valuer in Melbourne - apparently company policy is now to be more conservative in the current market. If you deafult and the bank can't sell the property for at least the valuer's amount - they are legally liable. Real bugger for anyone buying now - 12 months ago things were very different I believe. After 4 years - we're in! Re: Conservative valuation due to financial crisis? 4Feb 04, 2009 10:16 am Our was the same. PPOR came in at 70k under and future PPOR came in around 30k under.
Just covering their backsides like post above stated. Re: Conservative valuation due to financial crisis? 5Feb 04, 2009 10:39 am thats very true valuers are being very conversation with valuing things and yes they can be sued thats true finished building 40 square home on 5 acres with perry homes.working on the landscaping just finished pool deck with ://forum.homeone.com.au/viewtopic.php?f=31&t=2217 Western Sydney home loans 6Feb 04, 2009 1:16 pm stonecutter1309 Real bugger for anyone buying now - 12 months ago things were very different I believe. I see it the other way, fantastic if you are buying now! Real prices and valuations can't be too far off each other and the buyers will not pay much more than the valuation (unless they have large funds to cover the shortfall). Re: Western Sydney home loans 7Feb 04, 2009 1:52 pm thlo stonecutter1309 Real bugger for anyone buying now - 12 months ago things were very different I believe. I see it the other way, fantastic if you are buying now! Real prices and valuations can't be too far off each other and the buyers will not pay much more than the valuation (unless they have large funds to cover the shortfall). Just hope my building costs and land purchase price come close to the value... Re: Conservative valuation due to financial crisis? 8Feb 04, 2009 5:01 pm Our land settled 2 weeks ago (woohoo!!), now when it comes to get our building loan approved, we are 16K short!!
The bank guys says he will get the valuation reviewed if I could get 3 recent settlement from the builder with similar value. Is there anything else I can do ? Apparently our builder(Simonds) has got a lot of undervalued cases lately.... Re: Conservative valuation due to financial crisis? 9Feb 04, 2009 9:45 pm sireza Our land settled 2 weeks ago (woohoo!!), now when it comes to get our building loan approved, we are 16K short!! The bank guys says he will get the valuation reviewed if I could get 3 recent settlement from the builder with similar value. Is there anything else I can do ? Apparently our builder(Simonds) has got a lot of undervalued cases lately.... - get a reputable mortgage broker - move to another lender - borrow 16k from a family member - have a family member as guarantor - wait a year or so before building, the land might appreciate and you can use the equity Re: Conservative valuation due to financial crisis? 10Feb 04, 2009 10:21 pm sireza Apparently our builder(Simonds) has got a lot of undervalued cases lately.... If that's the case, you'll have difficulty finding 3 comparables to support the higher valuation you need. Unfortunately, you either cover the shortfall with cash/equity or try other lenders and their valuers. Re: Conservative valuation due to financial crisis? 11Feb 05, 2009 8:27 am sireza Our land settled 2 weeks ago (woohoo!!), now when it comes to get our building loan approved, we are 16K short!! Yup, we were 50k short, also with Simonds. We managed to get the valuation up by $25k, and we self-funded the other $25k. In our case, we are one of the first houses being built in a new development, so the valuers had no existing builds/sales to compare with. Re: Conservative valuation due to financial crisis? 12Feb 05, 2009 12:44 pm If you're using existing to leverage for another property then your borrowing capacity would be reduced but then the property you have your eye on will be valued lower.
Are real estate agent valuations creditable at all? Re: Conservative valuation due to financial crisis? 13Feb 05, 2009 12:54 pm ed. Are real estate agent valuations creditable at all? I knew this statement would be useful one day thlo The purpose of the valuation will influence the result, like Dale said if the bank values it requires the valuer to do the job with its own criteria (eg.sale within a certain period). If you get a real estate appraisal, they will use their own criteria (eg, show it as high as their conscience will allow to win your listing). Re: Conservative valuation due to financial crisis? 14Feb 05, 2009 12:58 pm thlo ed. Are real estate agent valuations creditable at all? I knew this statement would be useful one day thlo The purpose of the valuation will influence the result, like Dale said if the bank values it requires the valuer to do the job with its own criteria (eg.sale within a certain period). If you get a real estate appraisal, they will use their own criteria (eg, show it as high as their conscience will allow to win your listing). Thanks thlo! So any serious places I should get an 'approved' valuation before making an offer Re: Conservative valuation due to financial crisis? 15Feb 06, 2009 6:29 pm sireza Our land settled 2 weeks ago (woohoo!!), now when it comes to get our building loan approved, we are 16K short!! The bank guys says he will get the valuation reviewed if I could get 3 recent settlement from the builder with similar value. Is there anything else I can do ? Apparently our builder(Simonds) has got a lot of undervalued cases lately.... Just to let you know the price of steel and concrete has dropped recently however many builders are still quoting using the old prices. It may be possible that the valuer is on the money. Hope that helps! Re: Conservative valuation due to financial crisis? 16Feb 06, 2009 6:34 pm ed. Thanks thlo! So any serious places I should get an 'approved' valuation before making an offer ed. sorry just saw this now. You'd normally check latest sales prices for similar homes in the area that you want to buy. At the end of the day, every house price is dependent on demand at that given time. If you are unlucky to be buying while 10 others are interested in the same property, well... |