Browse Forums Home Finance 1 Sep 08, 2010 8:39 pm H's Emperor Q1 on acreage Site cut 16/6/11 Slab 2/8 Frame 29/8 Tiles 9/9 Bricks 13/10 Plaster 2/11 Fittings 28/11 PCI 19/3 Re: Bank valuation less than purchase price 3Sep 08, 2010 11:22 pm A thankful person is a happy person. [/color]My hobby design blog: http://aviewondesign.blogspot.com/ Re: Bank valuation less than purchase price 4Sep 09, 2010 9:19 am H's Emperor Q1 on acreage Site cut 16/6/11 Slab 2/8 Frame 29/8 Tiles 9/9 Bricks 13/10 Plaster 2/11 Fittings 28/11 PCI 19/3 Re: Bank valuation less than purchase price 8Sep 20, 2010 8:41 am H's Emperor Q1 on acreage Site cut 16/6/11 Slab 2/8 Frame 29/8 Tiles 9/9 Bricks 13/10 Plaster 2/11 Fittings 28/11 PCI 19/3 Re: Bank valuation less than purchase price 9Sep 21, 2010 3:57 pm H's Emperor Q1 on acreage Site cut 16/6/11 Slab 2/8 Frame 29/8 Tiles 9/9 Bricks 13/10 Plaster 2/11 Fittings 28/11 PCI 19/3 Re: Bank valuation less than purchase price 10Sep 21, 2010 6:14 pm Hi Cookie_Monster, Which bank are we talking about with this one? Just curious. Were you ever able to find out which valuer they were using? The suggestion or putting together your own comparisons is a good idea if you have them available. If you dont in this particular instance you may actually obtain a better/quicker result if your do look at changing lenders even at this late stage of the contract. If the current amounts are 'ok' for you to go ahead if you HAVE to... then you can keep the current application in play. However, this doesn't mean that you can't seek a second opinion from another lender. You can try and pick out another bank/institution to target or check in with a broker to see if they have a lender that is available. By looking at a few different lenders you may find one with a credit team flexible enough to allow comparable sales outside of the 6 month's into the picture. Or you may find that a different bank's valuer will provide the figure you require. If you speak to the right person they may be able to order a valuation up front before submitting an application. If it comes back fine then its just a matter of putting everything else together for the submission. Realistically, if you go to your agent and say... The contract may fall through if we dont have a little more time to get this finance hitch sorted.. then they will work hard to try and negotiate that extra time for you. Hopefully this helps you out a little. If you need to discuss any details more private than general information feel free to private message me. Trent Davidson Property Finance Consultant Residential Lending LJ Hooker Finance Brisbane North Credit Representative Number: 387283 under Australian Credit Licence:380270 Re: Bank valuation less than purchase price 11Sep 21, 2010 6:54 pm Hi Trent, The finance clause has gone unconditional by many weeks now - mostly due to CBA taking their sweet time, despite me extending the finance clause by another week. Don't really want to go swapping lenders seeing as the application itself has been approved, including a construction loan to build the house. I can probably come up with the $60k but its just going to be a real pain, as it will affect the $ I have to spend on the house. They probably used the cheapest outsources valuers that they could find H's Emperor Q1 on acreage Site cut 16/6/11 Slab 2/8 Frame 29/8 Tiles 9/9 Bricks 13/10 Plaster 2/11 Fittings 28/11 PCI 19/3 Re: Bank valuation less than purchase price 12Sep 21, 2010 7:05 pm Hi Cookie, In a lot of cases it is sometimes best to get it sorted and settled then sort it out afterwards. It may be the case that in 3-5 months time once all is completed and the house built you can just simply refinance the loan away from them to another lender as well as obtain the extra funds to repay the $60k should you need to borrow that from elsewhere. I dont condone refinancing out of somewhere for no reason. But, if you need to look elsewhere once construction is complete in order to get a correct valuation then the less than $2,000.00 cost may be worthwhile. It is just unfortunate that you dont have some more time to find that perfect institution now before everything begins. Keep on the forum's here Cookie if you do look to shift things once this is complete. I'm sure we can help point you in the right direction at that time. Regards, Trent Davidson Property Finance Consultant Residential Lending LJ Hooker Finance Brisbane North Credit Representative Number: 387283 under Australian Credit Licence:380270 Re: Bank valuation less than purchase price 13Sep 21, 2010 8:23 pm Hey Cookie Monster If you can find the $60k , this would make life some what easier (just to get the block settled). Then A. Ask the bank to revalue the block in 6 to 12mths time and top up the loan to get your cash back . + Valuation should be Free - Could come in less (I'd do option B first) . And this would effect your current loan and you may need MI or more cash to keep the bank happy . or B. Get the valuers business card/name and call them in 6 to 12mths time to do the valuation for you . Give this to your bank for a top up + You'll have a copy for your records + You'll know before the bank what the valuation is , and how much you can borrow - The valuation will be at your cost . I did this when building our house , so we didn't over spend . cheers Mick at most it will have a short lintel which could be moved up just below the ceiling or even above. Above means you need to patch the cornice and might need to deal with… 2 61375 How much are you ahead in payments compared to where the build is at? Have you fully drawn down the loan? 5 11916 Wow I hadn't realised things had gotten that pricey in just a couple of years since I built, that is crazy with how much land is now costing if you aren't lucky enough to… 3 7112 |