Browse Forums Home Finance 1 Apr 17, 2015 11:27 am Hi everyone, I am little confused (i think so )in terms of land valuation. The land is going to get released and settled in August. My bank has called today and they wanted to know how far we are at the land release as they want to get the valuation done. I told them that we havent got any update if the land release is going to get delayed or not. They said that they can book a valuation for next month which is 90 days from the land release. Now i am confused how can they do valuation if there is no access to land. The area is still under construction. what is the process of valuation and how does it all work. Please advise. Thanks Y0u R tH3 Cr3@t0r 0f y0Ur 0Wn R3@L1ty Re: Land valuation confusion 2Apr 17, 2015 11:33 am Hi Psyherin, The valuation can easily be done - the valuer is visually looking only to confirm there's nothing nasty near the land (and they're experienced at looking at blank developments and master plans) like excessive slope, high voltage power lines, other issues that could negatively impact on the sale price. Then they look at the lot map for any easements. And finally the majority of the work is comparing recent sales of other similar blocks to confirm your price is not unreasonable - the visual inspection is kind of the least of the process. If your block does have any of these issues they look to see that you're being compensated for it or that the price per square m is reasonable. Hope all is going well. Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building Re: Land valuation confusion 3Apr 17, 2015 1:01 pm Thank you for the information. So is it alright to go ahead with valuation even if it is 90 days away from settlement. If valuer doesnt need access to the land. Does the valuation takes time? The reason want to know as we have conditional approval of land loan and the only condition is valuation. Also what if the bank does the valuation but then we come to know that the land settlement is delayed. What happens in that case. Y0u R tH3 Cr3@t0r 0f y0Ur 0Wn R3@L1ty Re: Land valuation confusion 4Apr 17, 2015 1:03 pm Which lender? What date did you give them for settlement? The valuer will get some access to the land & info via the developer, it's quite normal. Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building Re: Land valuation confusion 6Apr 17, 2015 1:11 pm Cba should be fine. Do you know what % you're borrowing? Worst case they do another valuation down the track but CBA.approvals last a little longer ESP if no mortgage insurance. Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building Re: Land valuation confusion 8Apr 17, 2015 1:30 pm Kind of out of your hands - if you have current price lists that support your purchase price or higher then you can give them to the bank but they're not great at handing that stuff over. If you have a broker get them to get the "Valex" reference & upload them there (they'll know what that means!). Where is your land? Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building Re: Land valuation confusion 9Apr 17, 2015 1:45 pm Current price list? I know about http://www.landestate.com.au/1300myland ... mit=search it has all the land which are up for sale in that area. I am directly with the bank. Land is in Tarneit , VIC Y0u R tH3 Cr3@t0r 0f y0Ur 0Wn R3@L1ty Re: Land valuation confusion 10Apr 17, 2015 4:20 pm Thats ok - if you have any dramas let us know! Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building Hi All, see above image. The required setback from the rear boundary in my case is 5m, as you can see the shape of the site and location of the boundary is slightly… 0 5835 Hi, This is my first post. We are planning to buy new home via House and Land (H&L) Package around Boxhill/Gables/Marsden Park in Syndey. Googled reviews for most of… 0 10474 Very good points. Thanks so much ponzutwo for your advice. Appreciate it. 2 10367 |