Browse Forums Home Finance Re: Low valuation - what to do? 41Aug 19, 2014 6:11 pm Not sure about your location but in our neighboring suburbs (outer Melbourne) valuers are under valuing properties by $25k to $40k. Re: Low valuation - what to do? 42Aug 26, 2014 12:55 am If you own the land outright and are financing to build on it, can the bank still under value? Or is that only a concern if you have finance for house and land? Our build thread: https://forum.homeone.com.au/viewtopic.php?f=31&t=70984 Re: Low valuation - what to do? 43Aug 26, 2014 8:34 am archetto If you own the land outright and are financing to build on it, can the bank still under value? Or is that only a concern if you have finance for house and land? They can still undervalue the property its just that it won't matter. I was in the same position (land paid off) except that I also wasn't asking for the full house price for the loan. My build came back under valued (for the house plus land finished price). The banker commented on it in passing as she knows the area and knows just how much it was under valued. It was still a lot more than I needed for the loan though so it wasn't an issue. If I needed the full house and land amount for the loan though she was going to have to fight it. Re: Low valuation - what to do? 44Aug 27, 2014 2:32 am archetto If you own the land outright and are financing to build on it, can the bank still under value? Or is that only a concern if you have finance for house and land? If you own the land outright, unless the land is worthless, it shouldn't really matter. The bank values as land + build, so even if the construction comes under value, you would most likely have enough equity in the land to overcome this shortfall. Cheers Tom Re: Low valuation - what to do? 45Sep 03, 2014 11:59 am Ok thanks for that! When do you find out if it's been undervalued etc, when they come back with their finance offer? Does the bank actually tell you what they think your house and land are worth all together even if the value doesn't come in low? Our build thread: https://forum.homeone.com.au/viewtopic.php?f=31&t=70984 Re: Low valuation - what to do? 46Sep 04, 2014 12:01 am archetto Ok thanks for that! When do you find out if it's been undervalued etc, when they come back with their finance offer? Does the bank actually tell you what they think your house and land are worth all together even if the value doesn't come in low? A lot of brokers can obtain a valuation upfront before submitting an application. If you go direct to the bank, the bank will do the valuation before either giving unconditional approval or rejecting the loan. Just ask the bank then what the valuation was, some might be prone not to divulge it, others won't have an issue. Cheers Tom 4 6194 If you can calculate the reasonable charged head from let's say 100mm below the gutter to the top of where the vertical riser's horizontal discharge pipe will be, that… 11 17525 Those span tables can be pushed a little for a low deck if you dont mind a little flex. Last deck I did, I pushed it a little and it was still rock solid - no noticeable… 6 13735 |