Browse Forums Home Finance 1 Mar 25, 2010 3:36 pm We're hoping to have handover on 1/4/10 but after thinking that the hold up might be the builder now I feel it will be the bank that jeopardises the handover. On Tuesday I supplied BOQ with the final invoice, Cert of Occ and insurance certificate, they have advised me that the valuation is booked in for tomorrow but they have advised me that they can not commit to having the cheque ready for next Thursday. What happens once they receive the valuation that could hold up drawing the cheque????? I'm perplexed, for every other progress payment they have been very quick in paying, I know that there are a few more steps witht the final payment but I'm confused why it could take so long Building with Dennis Family Homes - Hartley 280 Location: Settlers Run, Botanic Ridge Re: Final Invoice - what is the bank's process? 2Mar 26, 2010 8:08 am my opinion is that they want to do an evaluation first. when they have the evaluation and it falls short of the contract value, they may not pay that final cheque and ask you to pay it. lets hear what others have to say. VICTORY 1800, EN-SUITE, DOUBLE GARAGE, FAMILY ROOM AND ALFRESCO Land Settled: 20 July 2010 Site Scrap: 30 August 2010 Slab Pour: 20 September 2010 Frame Complete: 23 September 2010 Fascia and Gutters: 28 September 2010 Roof Complete: 06 October 2010 Lock-up complete: 28 October 2010 Plaster complete: 29 October 2010 Fix-out complete: 22 Nov 2010 PCI 7 FEBRUARY 2011 Re: Final Invoice - what is the bank's process? 3Mar 26, 2010 10:59 am Pepto471 my opinion is that they want to do an evaluation first. when they have the evaluation and it falls short of the contract value, they may not pay that final cheque and ask you to pay it. lets hear what others have to say. They cant do that... can they??? Re: Final Invoice - what is the bank's process? 4Mar 26, 2010 11:08 am Rizzo Pepto471 my opinion is that they want to do an evaluation first. when they have the evaluation and it falls short of the contract value, they may not pay that final cheque and ask you to pay it. lets hear what others have to say. They cant do that... can they??? i am not a professional, but i know my contract says something about evaluation of the building even though it approves to a certain loan amount. since they will use the house as security,they will not lend more than the agreed loan to valuation ratio. hows that for a layman's opinion VICTORY 1800, EN-SUITE, DOUBLE GARAGE, FAMILY ROOM AND ALFRESCO Land Settled: 20 July 2010 Site Scrap: 30 August 2010 Slab Pour: 20 September 2010 Frame Complete: 23 September 2010 Fascia and Gutters: 28 September 2010 Roof Complete: 06 October 2010 Lock-up complete: 28 October 2010 Plaster complete: 29 October 2010 Fix-out complete: 22 Nov 2010 PCI 7 FEBRUARY 2011 Re: Final Invoice - what is the bank's process? 5Mar 26, 2010 11:52 am My lovely bank (CBA) lady called me the other week checking our progress... as we're not too far from completion. She said that we know a PCI date, to let her know so she can organise the valuation. Then once they've done that, they'll give us the final cheque, so we'll have it ready at handover. Re: Final Invoice - what is the bank's process? 6Mar 26, 2010 12:01 pm Pepto471 Rizzo Pepto471 my opinion is that they want to do an evaluation first. when they have the evaluation and it falls short of the contract value, they may not pay that final cheque and ask you to pay it. lets hear what others have to say. They cant do that... can they??? i am not a professional, but i know my contract says something about evaluation of the building even though it approves to a certain loan amount. since they will use the house as security,they will not lend more than the agreed loan to valuation ratio. hows that for a layman's opinion I thought that once you signed the contract for your loan, that was it. I mean, they can't expect you to come up with x amount of dollars at the end because a new valuation has come in less? I thought the final valuation was just to make sure that everything that was in the build contract that they are lending against, has been done, not to re-value the whole property all over again? Re: Final Invoice - what is the bank's process? 7Mar 26, 2010 4:10 pm Rizzo I thought the final valuation was just to make sure that everything that was in the build contract that they are lending against, has been done Re: Final Invoice - what is the bank's process? 8Mar 26, 2010 7:26 pm guest you are both right VICTORY 1800, EN-SUITE, DOUBLE GARAGE, FAMILY ROOM AND ALFRESCO Land Settled: 20 July 2010 Site Scrap: 30 August 2010 Slab Pour: 20 September 2010 Frame Complete: 23 September 2010 Fascia and Gutters: 28 September 2010 Roof Complete: 06 October 2010 Lock-up complete: 28 October 2010 Plaster complete: 29 October 2010 Fix-out complete: 22 Nov 2010 PCI 7 FEBRUARY 2011 Re: Final Invoice - what is the bank's process? 9Mar 31, 2010 6:56 pm There was no final valuation for us ....once cert of occupancy and evidence of insurance were provided, along with a signed authority to pay, the cheque was handed over. Actually, they weren't too fussed about the initial valuation either; they just accepted the land purchase price plus the house contract price as the valuation and that was that. Maybe because we weren't borrowing more than 80%? Or maybe just because they liked us? Banks are being very, very cautious at the moment - to the point of being completely ridiculous - so I'd imagine valuations are being strictly adhered to. Just wait for the world economy to settle and watch them all start throwing deals at us, trying to win our business. Hi, I am approaching end of the build. My final invoice will be given to me soon to pay. Some context before I ask my question. 1. My builder wont do the landscaping or… 0 3918 How much are you ahead in payments compared to where the build is at? Have you fully drawn down the loan? 5 12068 I apologise for any confusion, but your understanding is correct. We approached our situation differently based on advice from… 11 53735 |