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  • Profile photo of Carol AnneCarol Anne
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    @carol-anne
    Join Date: 2007
    Post Count: 5
    October 24, 2007 - 2:51 am

    Hi, there
    I recently had the same thing happen to me. The creditor's valuation came at $30K lower than what I paid for it (( have already paid a non-redeemable deposti). It's caused me a headache with the creditor as I had to reduce the amount of money I was borrowing to avoid the payment of mortgage insurance.

    However, I am firmly convinced the valuers were being too conservative (is this a ploy to try and keep the property market prices under control) and I paid very close to what it is actually worth.

    I agree that you need to do a comparison with other similar type properties in same suburb. I searched for five months before I found this property and it is in my opinion certainly worth it!
    Carol

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