Browse Forums Home Finance Re: Bank evaluation problems? Anyone has been under-evaluate 21Jul 04, 2012 4:59 pm As it was a two Separate loan because I don't have enough money to apply for total loan at same time. As bank said in that time once I am ready for construction loan and submit the tender they give construction loan and then they will merge two loan into one Re: Bank evaluation problems? Anyone has been under-evaluate 22Jul 06, 2012 11:04 pm Hey opu316 Quick question - Has the land prices fallen in the area ? - What the average sales price in the area for Land , Land and House Packages or houses. - Are your plans similar to houses built in the area ?? - Do you have something unusual in your plans or a large ticket item (ie pool , spa or expensive tiles/ marble flooring ?? Sorry I don't know the area Cheers Stig Re: Bank evaluation problems? Anyone has been under-evaluate 23Jul 09, 2012 11:20 am Hey Stig, Thanks for asking.Answer for your questions are below in order: 1.It's been almost stable last 3/4 years. 2.Average home and land package are 450000k to 480000k but those one are with average land size close to 300sq and house size average 22sq and mostly single storey building. On contrast my land size is 422sq and build size is 29sq and doub;e storey. 3.their are some plans in that area similer to my plans or even bigger. 4.nothing unusual,it is a pretty standard inclusion. However, I just received call from my brocker and they just finished reading the valuation report from bank and the main reason the valuers give is building construction per sq is high. According to my brocker that reason is wrong because in his knowledge my construction cost per sq is in low end from all other customer he got from same area.He will challange the valuation with other tender price from other customer fro same area as a proof to compare my tender price. Re: Bank evaluation problems? Anyone has been under-evaluate 24Jul 10, 2012 12:50 am Hey opu316 Best of luck with the valuer , you may be surpised that the valuer is only given the plans and not the list of inclusions . This can make a big difference to the Market Value given to the bank . Keep us in the loop , with the new property valuation Cheers Stig Re: Bank evaluation problems? Anyone has been under-evaluate 25Aug 10, 2012 10:59 am At last our construction loan is approved by St George. Downside is they accept our valuation challenge argument but still persist to allow their first valuation. So we have to add the rest of the money around 16k from our pocket. I just feel exhausted and tired with whole saga so I don't want to drag on with this one for no end. I just want to start construction of my house... Re: Bank evaluation problems? Anyone has been under-evaluate 26Aug 18, 2012 8:40 am I'm in the same position but with NAB. We got our land loan and that was fine. But they said that the 'improvements' to the land (AKA building the house) is worth $35k less than whats in the builders contract. The thing is, some of the banks don't actually have a proper independant valuations team, they have their own internal valuations officers. They also don't necessarily look at what's in your home. For example, the house we want to build has double glazing, higher ceilings, increased alfresco, concreted and paved outdoor tilets etc, and none of that stuff is included in the valuation. All they see is 3 bedroom + study and how much thats currently selling for in the market. So we were in the dilemma of not being sure if we could take things out of our plan without reducing the valuation more. But we are apparently able to take out any external improvements (ie the increased alfresco, the outdoor tiling etc) and it won't make any difference at all to the valuation. Thats made some difference but we still have a short fall we have to make up somewhere. Re: Bank evaluation problems? Anyone has been under-evaluate 27Aug 19, 2012 2:19 pm Yeah I had trouble with BW who had the valuation done and it came back at 2k less than what I am paying for the house and there was a comment by the valuer that land prices had dropped by 10% yet my valuation was still good and I was going to put in more cash and they were still stuffing me around so my broker pulled the pin and I am going somewhere else now for finance. Hi everyone, building a duplex with my brother and we will then subdivide the land with council. Each duplex will be 360m2. The frontage of the house is West facing and… 0 3381 Hello everyone, I have a question regarding moving a chandelier after it has been mounted. The chandelier in question is quite large, measuring 4 meters… 0 72331 |