Browse Forums Home Finance 1 Jun 09, 2011 5:17 pm We bought our land in SA 18 months ago. The bank valued it at what we paid for it. The bank valuation today (done with the view to refinance for the build) has come in 14% lower!! Is this crazy? Doesn't sound right to me..... Should I request another valuation, and if so, what can I do to ensure it goes up? Any help or advice greatly appreciated! Custom Build in Seacliff Park, SA Bought Land Dec 2009 Plans to council for planning approval 17Jan11 Planning Approval 08Mar11 Contract signed 31May11 Re: Eeeek!! Bank valuation on land way too low! 2Jun 10, 2011 7:55 am Our broker went to a few banks before we decided which one to choose. He chose the banks with higher valuations. Maybe you can consult a good broker who is savvy with bank valuations. __________________________________________________________________________________________________________________ All new built homes look like display homes... until the furniture goes in. Re: Eeeek!! Bank valuation on land way too low! 3Jun 13, 2011 4:32 pm Bank is going to request another valuation. This time land + house so fingers crossed it comes in at the magic figure!! Custom Build in Seacliff Park, SA Bought Land Dec 2009 Plans to council for planning approval 17Jan11 Planning Approval 08Mar11 Contract signed 31May11 Re: Eeeek!! Bank valuation on land way too low! 4Jun 15, 2011 5:05 pm Yes it is possible to get valuations from multiple lenders prior to putting in an application. However I find it is best to do a little research in the area and try to work out why the valuation has come in low. Some banks allow you to obtain a copy of the valuation, it doesn't hurt to ask. As a general rule if a bank has two valuations they will use the lower of the two anyway Re: Eeeek!! Bank valuation on land way too low! 5Jul 14, 2011 8:06 pm You can fight the valuation if: 1. you have solid proof of comparative sales in the last 3 month ( no older- and the sale must have settled) 2. Similar property ( not just same bedroom etc....but similar design and street, size and another "features") If you present this back to the valuer- SOMETIMES they will adjust...even if your right they may not adjust it because it does make them "look bad" as a professional. Out of 10 valuation disputes i will get 1 that is ok to adjsut.... Regards Michael Michael Chan | Australia wide Mortgage Broker Michael@ShapeHomeLoans.com.au | 1300 74 5626 | Fax: 02 8212 8909 http://www.ShapeHomeLoans.com.au Thanks! I'm spoke to the builder I'm not sure if this is all true but basically went along the lines of they considered all options and if I was to compact and fill it… 2 7437 How much are you ahead in payments compared to where the build is at? Have you fully drawn down the loan? 5 12152 4 6327 |