Browse Forums Home Finance 1 Feb 17, 2009 9:13 am Hi Guys .. Just reading all the threads (and waiting on my land's valuation), am wondering what the valuation came out for people who have bought land at The Ponds ?
I've read stonecutter came in under $245, thats obnoxious! .. I had CBA send an assessor Monday (16th Feb), so still waiting on the outcome .. should be in in another 2-3 days .. and i'd hate it if they undervalue it and we have to change lenders, wasted so much time already ARGH!! .. So when it does come in less, what do we do .. poke my broker to go ballistic?? --- I don't have a signature - just this sentence saying that I don't have one - that'll do! Re: Land valuation @ The Ponds and Surrounds .. 2Feb 17, 2009 9:19 am Ponds valuations seem to be ok.
Stonecutters Ridge valuations have been problematic. Our valuation came under because we've bought a piece of prestige land that in 2010 will have a long boundary on the golf course. At the moment - it's just dirt next door and has been valued as such. PITA but we're living with it. After 4 years - we're in! Re: Land valuation @ The Ponds and Surrounds .. 3Feb 17, 2009 11:28 am bluemetal77 Hi Guys .. Just reading all the threads (and waiting on my land's valuation), am wondering what the valuation came out for people who have bought land at The Ponds ? I've read stonecutter came in under $245, thats obnoxious! .. I had CBA send an assessor Monday (16th Feb), so still waiting on the outcome .. should be in in another 2-3 days .. and i'd hate it if they undervalue it and we have to change lenders, wasted so much time already ARGH!! .. So when it does come in less, what do we do .. poke my broker to go ballistic?? Ponds seems to be fine. We've paid a premium on top of the normal price for our park corridor frontage and it still came back perfect from both ANZ and St George. Not too sure how the Anura releases are being valued but I'd imagine they would be fine too. Stevep79 & Principessa Finished building Wisdom Homes Impression 33mkII in The Ponds, Sydney http://lilypadintheponds.blogspot.com Re: Land valuation @ The Ponds and Surrounds .. 4Feb 17, 2009 12:26 pm Hope so! .. They value the land at how it stands TODAY, so i guess every block would have pros n cons .. the Anura release is closer to the stanhope village, so i hope that weighs up! ... Fingers crossed --- I don't have a signature - just this sentence saying that I don't have one - that'll do! Re: Land valuation @ The Ponds and Surrounds .. 5Feb 17, 2009 4:04 pm We bought land in the Iris release, Bather Street in November and valuation came back at the cost price through CBA. Good luck with it all. ~~~~~~~~~~~~~~~~~ Building the Aspiration 35MKII with Wisdom ~~~~~~~~~~~~~~~~~ http://pondsaspiration.blogspot.com/ Re: Land valuation @ The Ponds and Surrounds .. 6Feb 20, 2009 10:27 am No luck for me. They valued it at $10K lower .. reasons: no comparable sales in the locality and i'm pretty sure they are considering the $5K wish gift card and $5K design rebate!
My options are to either 1: contest with a revaluation by asking a real estate agent to assess the value 2: borrow $10K more (adds $2K to the loan mort. insurance) 3: go with another provider How often do you think revaluations work in your favour? --- I don't have a signature - just this sentence saying that I don't have one - that'll do! Re: Land valuation @ The Ponds and Surrounds .. 7Feb 20, 2009 11:23 am Nope, they're not considering the rebates, it has nothing to do with land value.
Don't get a real estate agent to value it or the bank will just laugh at you. Real Estate agents guess the market. Get a proper independent valuer to do it for you. It's absolute rubbish that they have nothing to compare it against. There have been well over 300 blocks of land at a similar size sold in The Ponds so far. Definitely contest it, I haven't heard of anyone in The Ponds having valuation issues. Maybe even have a chat with Michelle in the sales centre to see if Landcom can do anything to help make up the valuers mind. There are some websites out there that you can use to get sales in the suburb, including the size of the block and the price paid. Get a print out from one of those and submit it as evidence. Stevep79 & Principessa Finished building Wisdom Homes Impression 33mkII in The Ponds, Sydney http://lilypadintheponds.blogspot.com The Ponds home loans 8Feb 20, 2009 5:43 pm bluemetal77 No luck for me. They valued it at $10K lower .. reasons: no comparable sales in the locality and i'm pretty sure they are considering the $5K wish gift card and $5K design rebate! My options are to either 1: contest with a revaluation by asking a real estate agent to assess the value 2: borrow $10K more (adds $2K to the loan mort. insurance) 3: go with another provider How often do you think revaluations work in your favour? I'd believe that. The lender probably asked for comparable resale, which (being a new suburb) you wouldn't have. Yes, the valuers can consider rebates in their estimates. After all what is a rebate? A discount in the price without it being reflected in the official sale figures. I have seen a few cases where the valuer discounts the price by the same amount as the rebate and sometimes more for good measure. I think I wrote something in another thread here about rebates and the position of the NSW Law Society on the issue. Your point 1 about real estates works indirectly, when they give you a report showing comparable sales which you can use to contest the bank valuation. Not much chance of success as the valuer has already judged your rebates. Re: Land valuation @ The Ponds and Surrounds .. 9Feb 21, 2009 9:14 am I believe so too THLO. Too new an area and the rebate is exactly how much it was undervalued, rings a lot of bells! ... Thanks Steve, have looked up onthehouse.com.au .. it does have some sales in the area and they're right up there at cost!
In any case, i'm using a broker so he's gonna rack up some material to contest the valuation including comparable sales in the area. He's also starting a new application with another provider .. St George .. lets see how that turns out .. already spoken to a loan manager at STG and he said valuation shouldn't be a problem and will come back at cost price if not more. Fingers crossed! .. Works for me at the moment, i'm in auto-delayed settlement --- I don't have a signature - just this sentence saying that I don't have one - that'll do! Re: Land valuation @ The Ponds and Surrounds .. 10Feb 21, 2009 1:28 pm bluemetal77 In any case, i'm using a broker so he's gonna rack up some material to contest the valuation including comparable sales in the area. He's also starting a new application with another provider .. St George .. lets see how that turns out .. already spoken to a loan manager at STG and he said valuation shouldn't be a problem and will come back at cost price if not more. Good luck with it. I don't want to discourage contesting the valuation but 99% of the time it is a time wasting exercise (not just from my own experience, but also the experience of "dual purpose" real estate agent/mortgage brokers I know as well). There are many reasons for this; but don't forget the most important reason, a bank valuation is conducted to manage the bank's risk! Anyway let us know how it goes (PM if you like). When fail the first time, changing* lenders / banks / brokers and having a clean slate is the shortest cut to success in lending. *Do this responsibly as overdoing will disadvantage your Credit Reference. Re: Land valuation @ The Ponds and Surrounds .. 11Mar 04, 2009 7:25 pm Yoo Hoo! The valuation with St G came back at $2500 more than the land value .. We're sooooo happy! Dunno what it really means tho? Do we get some benefit out of it or what ...
I'll keep this thread posted as we get more on it! --- I don't have a signature - just this sentence saying that I don't have one - that'll do! The Ponds valuation 12Mar 05, 2009 1:50 am Having a higher valuation will not change anything, the lender will accept the lower of the valuation or contract price. Re: Land valuation @ The Ponds and Surrounds .. 13Mar 05, 2009 8:54 am Thanks Thlo! Atleast this is better than being $10K undervalue .. --- I don't have a signature - just this sentence saying that I don't have one - that'll do! Re: Land valuation @ The Ponds and Surrounds .. 14Mar 05, 2009 10:56 am bluemetal77 Thanks Thlo! Atleast this is better than being $10K undervalue .. bluemetal77, it's always a pleasure to assist. Re: Land valuation @ The Ponds and Surrounds .. 15Mar 05, 2009 11:13 am If you do your land loan first and then do the construction loan a couple of months down the track, do they end up just taking the land portion at the same valuation as previous to get to the complete property valuation or do they completely revisit it? Stevep79 & Principessa Finished building Wisdom Homes Impression 33mkII in The Ponds, Sydney http://lilypadintheponds.blogspot.com Blacktown Home Loans 16Mar 05, 2009 11:22 am stevep79 If you do your land loan first and then do the construction loan a couple of months down the track, do they end up just taking the land portion at the same valuation as previous to get to the complete property valuation or do they completely revisit it? Depends on the lender and the opinion of the valuer. Valuations are usually current for 3 months meaning they won't do a new one in that timeframe but if there is a sharp change in values, I suppose they have a right to re-value. Re: Land valuation @ The Ponds and Surrounds .. 17Nov 27, 2014 9:23 am I just exchanged contract for land lot (Release 13A) in The Ponds and the land will get registered in January 2015. Has anyone recently done land valuations? Was it under or over valued? Any info much appreciated. .....Mansawant Re: Land valuation @ The Ponds and Surrounds .. 18Nov 27, 2014 1:26 pm Hi Manswawant, The Ponds valuations seem to be coming up just fine where there are no incentives and where each release is going up in price. I have provided current price lists to bolster valuations when necessary and haven't had an issue in a while. Good Luck! Who are you building with? Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building Re: Land valuation @ The Ponds and Surrounds .. 19Nov 27, 2014 2:51 pm becjarrettdalton Hi Manswawant, The Ponds valuations seem to be coming up just fine where there are no incentives and where each release is going up in price. I have provided current price lists to bolster valuations when necessary and haven't had an issue in a while. Good Luck! Who are you building with? Thanks Rebecca. I am building with White Design and Construction. My land price was 485k when I exchanged the contract in Sep 2014. The land area is 502 square meter and the lot (457 square meter) next to my one (only fence in between) was sold for 495k. Only the difference was the lot was already registered when it was sold and my lot is yet to be registered. Landcom is saying it will be registered in January 2015. As I don't have 20% deposit hoping the valuation should come higher. Will the lender accept the valuation price and LVR will be based on it. Regards, Mansawant Re: Land valuation @ The Ponds and Surrounds .. 20Nov 27, 2014 3:02 pm OK, so it can go one of two ways - the valuer could say at settlement it was worth the price you paid - and therefore give that value, or, hopefully it goes on comparative sales price of other properties in the area that have sold as second sales (i.e.: through an agent and not the first purchase from the developer). The land will definitely come back at purchase price, but you have a chance at getting a benefit from the increased value for your build loan. Different lenders do different things (different instructions) so it's handy as a broker Ito be able to order valuations from other lenders if things don't come up to scratch. Here's a tip - get together all of your quotes for all of your finishing items (carpet, blinds, driveway, etc) and give them over with the contract, it helps the valuer tick the "completed home" box and also helps the valuation come up. Depending on how much you want to borrow the lender may want to see these items finished before they release the value for them - but if you weren't borrowing for them initially this is no different! Enjoy your gorgeous new home! Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building 2 5502 Yeah I don't know why I came to a forum. Place is full of wierdos/pedos thought internet may help but I suppose I'll try my luck with someone in person. Cheers. I tried… 0 6440 Need advice on the backyard plan above. Should I excavate and cut all of the dirt to level with the house slab or semi-excavate as per photo above? Both left and right… 0 24861 |