Browse Forums General Discussion Re: land appraisal 2Sep 11, 2013 7:52 pm That happened to us as well. The banks use an independent valuer so you can try asking for a different one. We didn't as we really liked the location, it did mean that we had a tighter budget for the build. They base the prices on recent sales in the area... Do a bit of your own research, what has land based on your size sold for? The other thing is to resubmit the loan with the house contract with it... Ours land was valued for less but when we submitted the building contract it came out as exact so it worked out for us in the end but I didn't splurge in some areas I would have otherwise so kinda a blessing... We may have been over capitalising if we didn't need to stick with our budget. Built a Hawthorne 31 with EB nessjeffdreamhouse.blogspot.com.au Building an investment now with New Living homes... We are at nearly finished... Just landscaping and driveway to go! land appraisal 3Sep 11, 2013 7:59 pm Disregard. I was on the wrong track. http://camdenbuild.blogspot.com.au/ by invite only please pm me Re: land appraisal 4Sep 11, 2013 10:37 pm We originally agreed to purchase the land for $125,000 however the bank only valued it at $115 we managed to re negotiate the price down to $122, for us it basically meant a frantic phone call to our parents to come up with the $7000 difference as we were borrowing 95%. We are hoping that the bank valuation is a little better when we go to build as we were one of the first to buy in our subdivision so the bank didn't have a lot to compare to. Re: land appraisal 6Sep 12, 2013 10:42 am Hi rachi, so did u negotiat3 with the real estate agent? I didnt know we could do that. We signed the contract to the agreed price tag, i dont know if we can negotiate that..but my partner will contact our solicitor today to look at options..i suppose.. Re: land appraisal 7Sep 12, 2013 1:17 pm Land valuation is not an exact science. Get 5 valuations and they will likely all be different, and possibly even to a large degree. Valuations is just someones opinion. Form your own well researched opinion. You have the time to see all sorts of things that a valuer who pops around for 2 mins (if he even does visit) will never be privy to. Re: land appraisal 9Sep 13, 2013 8:01 pm spacey529 Hi rachi, so did u negotiat3 with the real estate agent? I didnt know we could do that. We signed the contract to the agreed price tag, i dont know if we can negotiate that..but my partner will contact our solicitor today to look at options..i suppose.. Our conveyancer dealt with the agent, as our contract was subject to finance and with out finding additional funds or them lowering the price the sale would not have gone thought. The block had been on the market for a while tho and there is a lot of new subdivisions in my area so the seller was keen to get rid of it. Re: land appraisal 10Sep 14, 2013 6:56 pm We went for a 2nd opinion today. The guy said that the bank should have let us know that the land value is lower than the buying price before the cooling off period of the contract. She should have liaised with us with all these. When we asked her opinion about the land evaluation she made us feel like a couple of idiots who should have done their homework before buying the land. As a matter of fact, in the beginning she was the one who encouraged us to go ahead with buying the land!! She even been giving us conflicting information throughout this process!! So now we are thinking to change the financial institution..never again dealing with this particular bank. Im certainly disgusted!! 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 That's very helpful, thank you. I was mostly interested in knowing if a spoon drain requires a specific slope, but I appreciate the extra information. 4 3919 |