Browse Forums Home Finance Re: Low valuation on new build 2Oct 31, 2012 8:36 am Building Henley Monaco Nouveau Q1 - Mernda Villages https://forum.homeone.com.au/viewtopic.php?f=31&t=57810 http://razbuild.blogspot.com.au/ Re: Low valuation - what to do? 5Oct 31, 2012 5:09 pm Michael Chan | Australia wide Mortgage Broker Michael@ShapeHomeLoans.com.au | 1300 74 5626 | Fax: 02 8212 8909 http://www.ShapeHomeLoans.com.au Re: Low valuation - what to do? 6Oct 31, 2012 7:25 pm Building Henley Monaco Nouveau Q1 - Mernda Villages https://forum.homeone.com.au/viewtopic.php?f=31&t=57810 http://razbuild.blogspot.com.au/ Re: Low valuation - what to do? 7Oct 31, 2012 8:40 pm My build thread: viewtopic.php?f=31&t=65324&p=1032514#p1032514 Re: Low valuation - what to do? 8Oct 31, 2012 10:37 pm Forrester 43sq We have our keys (3/6/11) Now it's time to decorate (that's the fun part.lol) https://forum.homeone.com.au/viewtopic.php?f=31&t=37598 Re: Low valuation - what to do? 10Nov 04, 2012 2:12 pm We have a broker and still got tripped up by an undervaluation. Hi Zalira, I thought we were alone in this situation, your post and it's responses have given us great advice on the possiblities outside normal bank valuations. We just had our O&A accepted in a new land release for $X plus a $10k rebate from developer. Then when bank went through unconditional approval, they valued the land at the $X - $10k rebate!? So my broker emailed me asking if I had an extra $10 stashed away to cover the shortfall? Makes you wonder how the hell there's offers out there asking for $3k dep and a job! 01/10/12 - Pre-Approved 14/10/12 - Signed O&A 16/10/12 - O&A Accepted 23/10/12 - Conditional Approval 09/11/12 - Unconditional Approval 23/11/12 - Titles issued Visit our Blog! Re: Low valuation - what to do? 11Nov 07, 2012 4:55 pm Agh! I give up. The second bank valued the house for full price but said that LMI would want a larger deposit, we don't have a way to get more money quickly. We will continue saving along the way but that won't help, so that bank is out of the question. Thankfully they did the valuation first and didn't do a credit check. So we've been trying to work out if we can cut money off the house price. We've worked out that we could cut off the activity room and a bit of the alfresco which would come to 20m2 and this would allow us to come in at the valuation price. This would still make the house 4 bedroom, 2 bathroom, double lockup, media room, tiled alfresco under roof, walk in pantry, walk in linen, WIR in main bedroom. We asked the bank if this would be okay as they valued our house and land for $410,000 based on a house that sold in the area which was a 4 bed, 2 bath, double lock up. Now they are saying that cutting the activity room off might decrease the valuation. Even though they clearly told us that the house they used to value our place was only 4 bed, 2 bathroom and they couldn't tell us the size of the house or if it had any extra rooms ie study, media, alfresco etc. Think I will see a broker tomorrow otherwise it might be all over red rover for us My build thread: viewtopic.php?f=31&t=65324&p=1032514#p1032514 Re: Low valuation - what to do? 12Dec 04, 2012 12:07 pm banks seem to be under valuation homes alot latelly.we recently had our home revalued to get a top up loan through cba we had in valued before buy them just after handover from the builder some 3 years ago valued $400,000 nothing done to in not even painted inside and was suprise this year in may to have it revalued at and find the valuation still the same $400,000 even thought we had added a pool,8 car garage and lots of landscaping etc and many other things. finished building 40 square home on 5 acres with perry homes.working on the landscaping just finished pool deck with ://forum.homeone.com.au/viewtopic.php?f=31&t=2217 Re: Low valuation - what to do? 13Dec 06, 2012 11:50 am Ours came in yesterday $74k under construction cost + land yesterday. Upon reading the valuation the valuer has included properties that are located nearly 7km away from our build location, they ignored a house that is only 700m away from our build that sold for more than our house + land... Also the valuation has evaporative cooling, we have reverse cycle + gas. Tiled roof, when we have colorbond. It is also missing our study and one of the powder rooms. Needless to say we are contesting with submission of 2 properties that sold for more than our build price and 2 others in the ball park range. - what a joke and waste of our and our brokers time. Re: Low valuation - what to do? 14Dec 10, 2012 10:16 am I hope your contesting of the submission works Zerosignal cause we had no luck when we did that. The bank told us straight up that it would be pretty useless as the valuers never change their valuation and they were right, they weren't prepared to budge even when we gave them a list of about a dozen places that were higher. We're currently waiting for the new bank to tell us if we have formal approval or not. They are taking ages to do everything but I've read on here that it is pretty normal for them. Good luck with it all! Zerosignal Ours came in yesterday $74k under construction cost + land yesterday. Upon reading the valuation the valuer has included properties that are located nearly 7km away from our build location, they ignored a house that is only 700m away from our build that sold for more than our house + land... Also the valuation has evaporative cooling, we have reverse cycle + gas. Tiled roof, when we have colorbond. It is also missing our study and one of the powder rooms. Needless to say we are contesting with submission of 2 properties that sold for more than our build price and 2 others in the ball park range. - what a joke and waste of our and our brokers time. My build thread: viewtopic.php?f=31&t=65324&p=1032514#p1032514 Re: Low valuation - what to do? 15Dec 10, 2012 10:25 am Zalira I hope your contesting of the submission works Zerosignal cause we had no luck when we did that. The bank told us straight up that it would be pretty useless as the valuers never change their valuation and they were right, they weren't prepared to budge even when we gave them a list of about a dozen places that were higher. We're currently waiting for the new bank to tell us if we have formal approval or not. They are taking ages to do everything but I've read on here that it is pretty normal for them. Good luck with it all! Zerosignal Ours came in yesterday $74k under construction cost + land yesterday. Upon reading the valuation the valuer has included properties that are located nearly 7km away from our build location, they ignored a house that is only 700m away from our build that sold for more than our house + land... Also the valuation has evaporative cooling, we have reverse cycle + gas. Tiled roof, when we have colorbond. It is also missing our study and one of the powder rooms. Needless to say we are contesting with submission of 2 properties that sold for more than our build price and 2 others in the ball park range. - what a joke and waste of our and our brokers time. We actually got our valuation in this morning and the valuers have bumped it up $30k in our case their valuation was really wrong - picking properties from two suburbs over and an address that did not even exist! So now we do not need to pay lenders mortgage insurance. Fingers crossed for your new valuation. Re: Low valuation - what to do? 16Dec 10, 2012 4:20 pm That is fantastic! Congratulations!! We got a valuation for the full amount from another bank.. but it is just a shame that they're taking so long to do full approval. Best of luck with your build Zerosignal Zalira I hope your contesting of the submission works Zerosignal cause we had no luck when we did that. The bank told us straight up that it would be pretty useless as the valuers never change their valuation and they were right, they weren't prepared to budge even when we gave them a list of about a dozen places that were higher. We're currently waiting for the new bank to tell us if we have formal approval or not. They are taking ages to do everything but I've read on here that it is pretty normal for them. Good luck with it all! Zerosignal Ours came in yesterday $74k under construction cost + land yesterday. Upon reading the valuation the valuer has included properties that are located nearly 7km away from our build location, they ignored a house that is only 700m away from our build that sold for more than our house + land... Also the valuation has evaporative cooling, we have reverse cycle + gas. Tiled roof, when we have colorbond. It is also missing our study and one of the powder rooms. Needless to say we are contesting with submission of 2 properties that sold for more than our build price and 2 others in the ball park range. - what a joke and waste of our and our brokers time. We actually got our valuation in this morning and the valuers have bumped it up $30k in our case their valuation was really wrong - picking properties from two suburbs over and an address that did not even exist! So now we do not need to pay lenders mortgage insurance. Fingers crossed for your new valuation. My build thread: viewtopic.php?f=31&t=65324&p=1032514#p1032514 Re: Low valuation - what to do? 17Dec 12, 2012 3:51 pm YAY!!! We just got informed that we have formal approval! Now I can get excited about the house again! My build thread: viewtopic.php?f=31&t=65324&p=1032514#p1032514 Re: Low valuation - what to do? 18Dec 12, 2012 4:05 pm Congratulations. How exciting.. hopefully it will be smooth sailing from here. Building Henley Monaco Nouveau Q1 - Mernda Villages https://forum.homeone.com.au/viewtopic.php?f=31&t=57810 http://razbuild.blogspot.com.au/ Re: Low valuation - what to do? 19Feb 12, 2013 11:42 am yvette72 banks seem to be under valuation homes alot latelly.we recently had our home revalued to get a top up loan through cba we had in valued before buy them just after handover from the builder some 3 years ago valued $400,000 nothing done to in not even painted inside and was suprise this year in may to have it revalued at and find the valuation still the same $400,000 even thought we had added a pool,8 car garage and lots of landscaping etc and many other things. SO we are thinking about putting in an offer on a block of land in Geelong this week. But after reading posts about low valuations we are a bit worried that the price we are paying for the block may be on the higher side.Is there any way where we could compare the prices. it is a small block of land in the 460sq.m range and we will be paying in the 160k+ range. Any thoughts appreciated. Re: Low valuation - what to do? 20Feb 12, 2013 11:47 am You can get the bank to order the valuation, before proceeding. Michael Chan | Australia wide Mortgage Broker Michael@ShapeHomeLoans.com.au | 1300 74 5626 | Fax: 02 8212 8909 http://www.ShapeHomeLoans.com.au 4 6390 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 17857 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 14092 |