[confused2]
We are in the process of buying IP2 and everything looked great – till the bank valuation man valued IP1 at less than the council valuation. Apart from being a HUGE shock with no explanation it took him 2 weeks to so this.
The bank has now ceased employing him and waived our fees – however what this means is we now have to put up the 20% deposit ourselves. We are so
disappointed. Fortunately we have the money.
We were hoping to only have to find the money to do the renos. We could delay the whole process & get another valuation,but in May our youngest son is being married and we have organised time off in 2 weeks to do the reno work, so we could have our time with our son next month.Any ideas, encouragement, positives???
Thanks, DianeValued less than council. its no wonder he’s looking for a new job.
Contact the bank and ask what valution companies they use. After you have the list pick a company and have the house re valued. Do some ground work yourselves first so you can inform the valuer by phone or in fact meet with him/her at the property.
This will cost about $200-#350 depending on the company.
If it works (and it should) you will save on your outlay, if not well the $350 is always a deduction.
Its happened to us a few times when one IP is valued lower than expected, sometimes a bit of communication with the valuer helps heaps.
good luck,
aluminatiThanks aluninati,
we are going up there soon to put up a carport so may arrange a new valuation then.
Didn’t realise we could speak with the valuer.
Still learning lots thanks to this site.Diane
It is a good idea to put down yourself as the contact person for the valuer to gain access. That way they have to ring you, and then you can arrange to meet them on site and provide evidence of comparable sales etc (and bottle of wine?)
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Good idea except we live 2 hours away and work shifts.
We will definitely try to do this in future however, will be better prepared.Thanks, Diane
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