Did it help?
Only until the next morning.. Maybe i should keep drinking?
Browse Forums Home Finance Re: Valuations coming in short - what did you do? 21Apr 15, 2009 1:11 pm Building with PD - Regent 23 Cascades on Clyde Estate HomeOne Building Thread - PCI Completed - 28th August. Handover - 11th September. Re: Valuations coming in short - what did you do? 24Apr 15, 2009 1:22 pm 'A bottle of wine contains more philosophy than all the books in the world.' Louis Pasteur Vegie garden: viewtopic.php?f=19&t=27637&start=0 My Backyard Adventure Re: Valuations coming in short - what did you do? 25Apr 15, 2009 1:45 pm Building with PD - Regent 23 Cascades on Clyde Estate HomeOne Building Thread - PCI Completed - 28th August. Handover - 11th September. home loan advice 32Apr 24, 2009 3:41 pm Rex thlo My broker friend in WA says she never had it this good. Apparently it's going fantastic over there. We just had our valuation complete this week and came out spot-on. Thank god. Thanks for that, it confirms her experience. Thank you Nav for the update. Re: Valuations coming in short - what did you do? 33Apr 25, 2009 4:11 pm Our purchase price $400k and the valuation came as $415k. Re: home loan advice 34Sep 19, 2009 1:51 am thlo My broker friend in WA says she never had it this good. Apparently it's going fantastic over there. BTW, I had my first low valuation for the year. The purchase price was $283,000 but the valuation came in at $265,000. The valuer himself used some dated sales figures outside the 6 months which was interesting. My customer immediately requested to change banks hoping that another bank may value it higher. However I advised against it as over paying for property is never beneficial (for the buyer anyway). Hi thlo, Can you explain further why you advised against changing banks in the hopes of getting it valued higher? I don't follow how that translated to over paying for property. Sorry if I'm just not seeing the obvious . I just got back the valuation from my land and it's $15K short. I'm looking at getting other valuations from a broker and another bank and hope that one of them comes up spot on. I'm signing my building contract so my next requests for valuations will be for both house and land. I hope I'm doing the right thing in shopping for other lenders. I'd appreciate if you can expound on your comment above to get more insight on my situation. Thanks! Re: Valuations coming in short - what did you do? 35Sep 20, 2009 11:37 am Hey all, we are currently building an are up to frame stage, so obviously our valuation on our house and land came in okay, but my question is do they re value the home before the final payment at the completed stage? Has anyone ever had this kind of problem? Ps I'm in Vic Thanks James Re: Valuations coming in short - what did you do? 36Sep 20, 2009 10:43 pm At the end of your build, the bank will only check to see that your house was built as per your contract. They just want to make sure that you are getting everything you paid for. So i wouldnt worry about that! Hope that helps. Idiots are fun, that's why there is one in every village! - Dr. House - Re: Valuations coming in short - what did you do? 37Sep 21, 2009 1:55 am Banks valuations are not always performed by valuers, but by what the bank calls a valuations officer or a valuers representative. There is a stark difference - one is a professional valuer, the other is a bank trained valuations officer. When a valuation comes in short, your first question should be whether this was performed by a professional valuer, or an inhouse representative of the bank. If it was done inhouse, in most cases the values are determined by historical data not all of which is completely relevant to true values at that particular point in time. The other factor to consider is that the values will always be conservative to protect the banks interests. If the valuation was done inhouse, you may (depending on bank) have the option to request a 'sworn' valuation by a professional valuer. This is organised by yourself at your own cost (typically $500-$700) and the bank will have a list of preferred valuers you may choose from. Whilst the bank will not always use the on completion valuation, at the very least if they opt to use the land + construction cost, the land value will in most cases be slightly higher allowing for any extra required finance (or reduced LMI premium). A greater benefit is seen with established dwellings. If this is land you have just recently purchased and you are intending on constructing a dwelling almost immediately, the bank (in most cases) will only opt to use the contract of sale price. Just keep that in mind if you're seeking extra finance for extras outside of a building contract. Please remember however that the difference between an inhouse an external valuation will often not be huge (perhaps only a mere $10-20k) and you will need to weigh up the costs versus benefits. home loan advice 38Sep 23, 2009 1:38 pm libran_6 thlo My broker friend in WA says she never had it this good. Apparently it's going fantastic over there. BTW, I had my first low valuation for the year. The purchase price was $283,000 but the valuation came in at $265,000. The valuer himself used some dated sales figures outside the 6 months which was interesting. My customer immediately requested to change banks hoping that another bank may value it higher. However I advised against it as over paying for property is never beneficial (for the buyer anyway). Hi thlo, Can you explain further why you advised against changing banks in the hopes of getting it valued higher? I don't follow how that translated to over paying for property. Sorry if I'm just not seeing the obvious . I just got back the valuation from my land and it's $15K short. I'm looking at getting other valuations from a broker and another bank and hope that one of them comes up spot on. I'm signing my building contract so my next requests for valuations will be for both house and land. I hope I'm doing the right thing in shopping for other lenders. I'd appreciate if you can expound on your comment above to get more insight on my situation. Thanks! The reason was the price she wanted to pay for the villa was in fact too high (compared to most recent sales data for comparable properties). My suggestion was confirmed to be correct as the property subsequently sold for much less. I do have a habit of following up so I checked how much it actually sold for and then spoke to the agent in question about it. The agent said "yes the price was inflated but the market was heating up and vendors expected higher prices for their average properties". Re: Valuations coming in short - what did you do? 39Oct 16, 2009 7:11 pm Our valuation has come in 20k short..what a nightmare. it throws our 10% deposit and subsequent LVR out to because the valuation is less. We had approx 65k worht of things to do outside the builder contract, which i think may be part of teh problem. If you can always have your builder put an allowance in for it and you arrange it. They dont take into account upgrades either, and came back to us saying they dont add value to the house eg. colourbond roof, render, glass splashbacks etc etc. We asked for another evaluation and they said No. Just because you don't like it doesn't mean we have to do it again. We will prob have a professional 3rd party do one just to prove our point We are now talking to another lender out of sheer principle to see what they can do as a fall back as we basically have to cut out landscaping, decking, fences for the first few months. Not only that the LMI is higher for less capital. Faark its not a happy process when your bank comes back with a lower valuation Re: Valuations coming in short - what did you do? 40Oct 30, 2009 9:38 pm scott_tanya We are now talking to another lender out of sheer principle to see what they can do as a fall back as we basically have to cut out landscaping, decking, fences for the first few months. Good move scott_tanya. Get some long brass machine screws and bolt right through the gate and put brass acorn nuts and washers on the other side. It will never come off 1 9083 Chemtrails, only the most disproven conspiracy theory in the history of conspiracy theories. You've gone in the deep end, drowned, and are now a mindless bloated… 5 86582 |