Browse Forums Home Finance 1 Feb 07, 2011 12:57 pm Hi all, Just wondering if anyone else has been in this situation. Our valuation came back. While our land was valued alot higher.. our building valuaion came back $20,000 less. What can be done? Would it be wise to go and get a $20,000 loan to cover for the shortfall, as it's something we don't want to give up, as the total House and Land price is def worth it for that area. Re: Building Valuation has come back less 2Feb 08, 2011 9:57 am zeena Hi all, Just wondering if anyone else has been in this situation. Our valuation came back. While our land was valued alot higher.. our building valuaion came back $20,000 less. What can be done? Would it be wise to go and get a $20,000 loan to cover for the shortfall, as it's something we don't want to give up, as the total House and Land price is def worth it for that area. We had same issue... just went to different lender (without a broker). you can have a look at my blog for more info... but i would at least try somewhere else before going on the take a personal loan for the difference path. ME bank was the bank we ended up going with.... anz was the one we had trouble with even though others in the same estate used them and did not have the same issue. Goodluck! Cheers Cozmo ______________________________ Building a PD Heywood 29 http://fromevetoeternity.blogspot.com/ Re: Building Valuation has come back less 3Feb 08, 2011 8:04 pm zeena Hi all, Just wondering if anyone else has been in this situation. Our valuation came back. While our land was valued alot higher.. our building valuaion came back $20,000 less. What can be done? Would it be wise to go and get a $20,000 loan to cover for the shortfall, as it's something we don't want to give up, as the total House and Land price is def worth it for that area. Firstly 20k personal loan is NOT wise, when the bank does the final credit check they will find out about the 20k and it will be included into your serviceability and the rate of P/Loan is 11%+ !!! Question: did you do a full valuation, kerb side or basic? You have 3 options for this valuation: 1. As above mention - find another lender- not always possible depending on your time and the last thing you want is to jump around to different lender and "digging a grave" for your credit file. BUT if you do go to a diff lender ask to do the valuation prior to the credit check. 2. Dispute the valuation- get comparable sales, or get the help of a expert ( private valuer - $200) and you can push the figure up according to your research 3. Ask lender for a re-valuation and pay the cost Regards Michael Michael Chan | Australia wide Mortgage Broker Michael@ShapeHomeLoans.com.au | 1300 74 5626 | Fax: 02 8212 8909 http://www.ShapeHomeLoans.com.au Re: Building Valuation has come back less 4Feb 08, 2011 8:43 pm you say your land came back high, but the build $20K under. Won't they lend % of total value, not split? If it helps, we had the same problem here where we live in the western melb... That was just at the tail end of the GFC about 2yrs ago. We got the value back about $25K under, which we argued hugely because we did not believe it was justified. We asked for a re-value, but the bank said if we re-value, then we only take the lowest value anyway (wot the?) so getting grumpy got us nowhere. We got a personal loan for $25K, and just lived with it for about a year. Then we refinanced, and it had gone up heaps in value. MY STATS: (fyi) Dec 2008 Land: $152K Build: $232K (total $382K) Apr 2009 Bank valued at $345K (d/heads) we got p/loan for $25K (used $12K savings) Apr 2010 Refinanced (with another bank!!) - val came in at $490K Hence we could refinance under 80% and no mort insurance req and we got extra cash for other tidbits. Their reasoning for grossly undervaluing us in 2009 was pathetic, they had no real justification, they weren't comparing apples with apples. Let's not forget we had to pay a ridiculous amount of $$ for mort Insurance - to protect THEM if we defaulted - NOT US!!! A thankful person is a happy person. [/color]My hobby design blog: http://aviewondesign.blogspot.com/ Re: Building Valuation has come back less 5Mar 02, 2011 7:57 am Thanks guys for your posts- sorry its taken me soo long to reply. Our situation stands as this, we're still $20,000 short. But since CBA are now offering 95% LVR, we won't need to get that personal loan. We are paying $5,000 more on Lenders mortgage insurance, but that's bearable considering we were $20,000 off. at most it will have a short lintel which could be moved up just below the ceiling or even above. Above means you need to patch the cornice and might need to deal with… 2 61372 My land is 260m2 (10m x 26m) located in claymore NSW. Under campbelltown council. I know in general the following setbacks would apply ground floor side setback =… 0 6908 Good luck with it. I don't know what the cost of a nice bidet seat with a 25mm air gap will be but you are obviously deducting the cost of a RPZ valve and its… 9 6983 |