Browse Forums Home Finance Re: CBA valuation on land came in 5k short 61Apr 07, 2009 10:08 pm thorney, I know what you mean about it being frustrating when they compare it to something that is worse than yours, when they could have compared it to the same (or better), but no, they go low... hmmmmm, very unfair. A thankful person is a happy person. [/color]My hobby design blog: http://aviewondesign.blogspot.com/ Re: CBA valuation on land came in 5k short 62Apr 08, 2009 12:31 am thorney it sold in Jan 08 for $65000 more than what mr valuer has put on ours...go freakin figure!!! Why didn't he put this is in the comparitive sale??? when it is the most comparitive house out of all the houses sold in Wodonga in the last 18months! thorney, when it comes to my posts on the valuation issue, I know a lot of members may think they sound defeatist. There is a reason; the comparables need to be in the last 3 months. I have fought many battles over low valuations and I wouldn't consider any of them won as the bank or the valuer will always pull a new excuse for disagreeing with you. Re: CBA valuation on land came in 5k short 63Apr 08, 2009 9:02 am Thorney - Thlo is right. They are hardly going to use a sale price from 18mths ago given the current state of the finances. You would have more luck if you found a comparitive figure from within the last 6mths. Unfortunately it is just a sign of the current climate. No-one likes it - but at the end of the day the worst that it could mean is that people have to save more deposits - which covers both the person and their Bank as the lending ratios are much lower. Some things are worth waiting for. Re: CBA valuation on land came in 5k short 64Apr 08, 2009 3:04 pm Hi Thorney, I am so sorry for you. It is so frustating to see the valuation come so much lower and when the valuer says there is no comparable figure. Good on you to find those sales figures.... good luck ... hope you can win the dispute! And congratulations on the unconditional approval. Land Settled 27/04/09. Site Started 30/4/09. Slab poured 21/5/09. Frame up 27/5/09. Building thread : viewtopic.php?f=31&t=15699 Re: CBA valuation on land came in 5k short 65Apr 08, 2009 3:11 pm aaww Thorney, that's terrible new! It is abit hard at the moment with everyone's valuation coming in very low to what the property will really be worth once built. I'm also stressing about our valuation when we do go for one in a few months time. All I can say is chin up, and hope you win!! At least there is a positive amongst all these negatives, you got unconditional approve!! Idiots are fun, that's why there is one in every village! - Dr. House - Re: CBA valuation on land came in 5k short 66Apr 08, 2009 5:19 pm thlo thorney it sold in Jan 08 for $65000 more than what mr valuer has put on ours...go freakin figure!!! Why didn't he put this is in the comparitive sale??? when it is the most comparitive house out of all the houses sold in Wodonga in the last 18months! thorney, when it comes to my posts on the valuation issue, I know a lot of members may think they sound defeatist. There is a reason; the comparables need to be in the last 3 months. I have fought many battles over low valuations and I wouldn't consider any of them won as the bank or the valuer will always pull a new excuse for disagreeing with you. lol, nah thlo, it's good to get all perspectives especially ones from like yourself who are deeply involved with this stuff on an everyday basis. About the 3 month comparables though, is this an absolute requirement? As in ours, 1 (the way way "inferior" to our property) was sold in Feb. The other two, were 7 months old and just on 6 months old. Whilst l can see your point about not using the 15month old one l researched, to me it defies logic that they would use totally incomparable homes and yet not even factor in somewhere the absolute comparable home albeit 8 months older, to balance things out and arrive to a more realistic valuation figure. But yeah, l would not be surprised at all if the valuer comes back with some half-a**ed excuses to dispute or dispute kyton Thorney - Thlo is right. They are hardly going to use a sale price from 18mths ago given the current state of the finances. You would have more luck if you found a comparitive figure from within the last 6mths. Unfortunately it is just a sign of the current climate. No-one likes it - but at the end of the day the worst that it could mean is that people have to save more deposits - which covers both the person and their Bank as the lending ratios are much lower. Thanks kyton, it's not the money....yes we have to chip in more and l'm ok with that, as you said, it results in a lower loan (hence more equity in the property) and lower mortgage payments. I'm happy with that. It is more the principle of it, this valuation is not based on all current nor comparable sales figures, thats my major gripe. So because they didn't look for or couldn't find more comparable info, plus them omitting major improvements (all external concreting) we get lumped with a low val. But what can we do, apart from dispute it and hope for the best. jessica Hi Thorney, I am so sorry for you. It is so frustating to see the valuation come so much lower and when the valuer says there is no comparable figure. Good on you to find those sales figures.... good luck ... hope you can win the dispute! And congratulations on the unconditional approval. Thanks jessica, l'm not that confident in winning the dispute totally...heck even a small win will be very surprising, but hey you never know your luck, lol. wonderland aaww Thorney, that's terrible new! It is abit hard at the moment with everyone's valuation coming in very low to what the property will really be worth once built. I'm also stressing about our valuation when we do go for one in a few months time. All I can say is chin up, and hope you win!! At least there is a positive amongst all these negatives, you got unconditional approve!! Thanks wonderland, try not to stress too much, though with alot of people here experiencing low vals it's bl**dy hard not to eh? I wish you all the best for when it comes your turn, who knows in a few months things might be different? Yup, my chin is up as much as it can be, the uncond approval helps alot in that regard. Just got to get over this hurdle and we'll be set Thanks everyone for your comments, opinions and support.....l do appreciate it Re: CBA valuation on land came in 5k short 67Apr 08, 2009 5:32 pm thorney, the rule is 6 months but if your figures are close to 6 months, they are just going to say "the market is very different now compared to then" so for success you need fresh sales and also it takes a long while to sales to get registered at the Land Titles Office anyway. You are best off calling local agents directly and asking them if they have any very new sales to support you. Re: CBA valuation on land came in 5k short 68Apr 08, 2009 5:46 pm Thlo, Yup l did that, l mentioned it in my original rant, lol. Same builder, same plan almost (but ours is 50% biggger), smaller block, standard display fittings, sold late Feb for a few thousand below our valuation figure, or so l thought, today l discovered that it sold a couple thousand more than our val figure. But it was too late to change the dispute form, as valuer got it today already (no doubt he would have to verify it wouldn't he? so he should see for himself that it sold for more than what we told him in the dispute form? It is this recent and most comparable sale (apart from the house size) (and the concreting exclusion) that we are banking on to win an increase in the valuation. We only need another $5k, it's not too much to ask is it??? ....please don't answer that if your going to say that it is! lol... Re: CBA valuation on land came in 5k short 69Apr 08, 2009 7:46 pm UPDATE We've got unconditional approval today, thank god, cos our final extension from the developer runs out tomorrow. Our broker said he had to get his aggregator in, who in turn got onto the head of credit at CBA and discovered our file had been misplaced somewhere along the way, but it was sorted all in one working day. Still though, theyre only giving us 143500, for a block thats selling at 148500, with a 5k rebate. I'm very angry because we were going to do something useful with the "extra" 5k, rather than paying back a loan with it. Re: CBA valuation on land came in 5k short 70Apr 08, 2009 8:31 pm My loan with Westpac came in about $3k under... thankfully I have the savings to cover it 'A bottle of wine contains more philosophy than all the books in the world.' Louis Pasteur Vegie garden: viewtopic.php?f=19&t=27637&start=0 My Backyard Adventure Re: CBA valuation on land came in 5k short 71Apr 09, 2009 2:44 am Guys, My Pain yesterday: Bank Manager Rings Land Valuation.........no problem, on the money. Construction loan - Sorry has come in a lazy $37k short. $253k on a contract price of $290k. As I was picking my jaw up from the floor he started commenting on the lack of structual upgrades. Turns out that some how the valuer had missed 4 pages of upgrades both structual and cosmetic on the standard specs. "No probs" he mentions I will send it back to valuer. My concern is that as busy as these valuers are and the pressure that they must be under to churn these through, surely thay have not missed so much documentation while reviewing the contract documents, and if they have how do they view the variations on standard specs Our major variations are: - Extended garage/Rear roller door - Colourbond roof - Evap cooling - Various electrical including downlights - 2740 ceiling heights - Ceaserstone to all bench tops excluding laundry. - Flooring to all areas. Our house is 34 Sqrs and are hopefully going to build in Eynesbury. Keep you all posted. Re: CBA valuation on land came in 5k short 72Apr 09, 2009 5:17 pm My valiation came in 25k short - I complained and they re-did it. It now has passed !!! YAY! Just waiting on the final applicaton (I hope the LMI comes through OK). Does anyone know how RAMS are at approving the LMI? Or who they use / how tough they are? I cant wait for this stress to be over and get the keys to my new house! Thanks Blog: http://house.jay.net.au/ Re: CBA valuation on land came in 5k short 73Apr 09, 2009 9:30 pm Thorney, I am so sorry your val came in short, as you know this is my worst fear that we are facing at the moment and I knew all too well how you were feeling about it. I love the fact that you have done so much of your own research, I am praying it all pays off for you and can't fathom their procedure on doing things, absolutly rediculous. Best of luck! jaytyn1 & hornet18, I'm also sorry to hear your news, it's happening all to often lately. Good-Luck We won't hear anything about our val until after easter now, arrrggghhhh I can't take this stress anymore, I can't handle it, it's all too much! Building Thread viewtopic.php?f=31&t=13002 Site start: 8th July 2009 Handover: 11/12/2009! 5 months total build time. 40 sqs of luxuary...Bliss! Re: CBA valuation on land came in 5k short 74Apr 10, 2009 12:22 am Thanks pfm...Dunno if my research will pays off, will know sometime next week. I hope next week will be a good one for both of us! Good luck! hornet and jaytyn, l wish you both luck in getting your valuations and approvals across the line also Re: CBA valuation on land came in 5k short 75Apr 10, 2009 12:53 am Just an update. After looking at the valuation and where the valuers got their numbers from we have decided against proceeding for the time being. Porter Davis suggestion was to attempt using their broker channel but in the end it would have come to a similar valuation, houses that size on that size block of land are all selling in the ~$350k range right now, I cannot see them find the extra $35k in 'value' we need in order to build the house. We are probably going to lose about half of our deposit with Porter Davis, still waiting to hear back from our sales consultant or the business manager about the wind up of our contract. Now our intention is to look for a block of land in another area, big block, higher cost but we plan to use the time between now and next year to build our equity up in that block where ever it may be and revisit building again later - expensive lesson and one we do not plan to repeat. Re: CBA valuation on land came in 5k short 76Apr 10, 2009 1:01 am Aaaw, sorry to hear that you've had to pull out of your block and build ZS I hope the amount you lose on your deposit isn't too much, but in any case, it's money down the drain eh? Good luck with finding a block and l'm sure with your experience thus far, that you have learn't heaps and can now apply that knowledge in the future and procedd with more confidence in the whole process. I wish you well Re: CBA valuation on land came in 5k short 77Apr 10, 2009 11:12 am Zerosignal Just an update. After looking at the valuation and where the valuers got their numbers from we have decided against proceeding for the time being. Porter Davis suggestion was to attempt using their broker channel but in the end it would have come to a similar valuation, houses that size on that size block of land are all selling in the ~$350k range right now, I cannot see them find the extra $35k in 'value' we need in order to build the house. We are probably going to lose about half of our deposit with Porter Davis, still waiting to hear back from our sales consultant or the business manager about the wind up of our contract. Now our intention is to look for a block of land in another area, big block, higher cost but we plan to use the time between now and next year to build our equity up in that block where ever it may be and revisit building again later - expensive lesson and one we do not plan to repeat. 'A bottle of wine contains more philosophy than all the books in the world.' Louis Pasteur Vegie garden: viewtopic.php?f=19&t=27637&start=0 My Backyard Adventure Re: CBA valuation on land came in 5k short 78Apr 10, 2009 3:49 pm Sorry to hear that zerosignal. After all that! Re: CBA valuation on land came in 5k short 79Apr 10, 2009 4:13 pm Oh no zerosignal, I fear this will be us come next week. If our val comes in short we will proberly have to pull out too, don't really want to think like that though. Good-Luck Building Thread viewtopic.php?f=31&t=13002 Site start: 8th July 2009 Handover: 11/12/2009! 5 months total build time. 40 sqs of luxuary...Bliss! Re: CBA valuation on land came in 5k short 80Apr 10, 2009 8:36 pm Zerosignal, So sorry to hear you had to pull out. The experience will, as sour as it is, give you the knowledge and confidence in the future. Thorney & Jaytyn all the best with the valuations. I usually enjoy long weekends but this one with the valuation hanging over us has been 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 6439 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 24860 |