All Topics / Help Needed! / Guys and Gals I need your help!!!!

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  • Profile photo of as41as41
    Participant
    @as41
    Join Date: 2005
    Post Count: 108

    I have just had my IP valued at 40K less than I had valued it against a list of 23 hourses sold in the same suburb over past 4 months. This is mainly because our IP is underging renovation and the reno’s werent quite finished when we found this great deal for the next IP….With the reno not being finished the valuation was lower than expected…..Silly really considering the brand new kitchen and carport are due for installation next monday!!!!!!!buts its too late…we had to get the valuation done to purchase IP No2……ITS A CATCH 222222222222222

    THis hurts as we needed the equity to do a reno on a new IP. THis means that we now just have enough equity to cover the purchase costs and the reno $$$ will have to come form elsewhere! THIS IS WHERE I NEED YOUR HELP….
    Has anyone been in this situation before…..The only way I can think to get the money for the reno now is to:
    A. credit card,
    B. Personal loan
    C. ?????????revaluate once the renos on IP 1 are finished ( in a fortnights time can you believe it!!!) TIMING REALLY SUCKS O.K

    PROBLEM IS: my mind is now blocking the positive thought and replacing them with negative thoughts about having to get personal loand for reno’s etc… IS my mind right? Should I be worried…? Jsut because our figures have changed… the deal still remains good.. almost CF+ in Melb….once reno’s are done……..

    HMMMMPH%#%#)%)I*[grrr]

    Snowflake

    Profile photo of Mobile MortgageMobile Mortgage
    Member
    @mobile-mortgage
    Join Date: 2003
    Post Count: 913

    Option C.
    revaluate once the renos on IP 1 are finished in a fortnights time.
    It’s only Two weeks.

    Cheers
    Steven
    Mortgage Broker

    Mobile Mortgage Market
    Ph: 0402 483 216
    [email protected]
    http://www.mobilemortgagemarket.com.au

    PLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.

    Profile photo of as41as41
    Participant
    @as41
    Join Date: 2005
    Post Count: 108

    Hi Steve,

    OUr offer on IP2 has been accepted (good deal).. We sign stuff next couple of days…….We have 60 days settlement, is this enougth time for bank to revalue in fortnights time???Will they be approachable to this????

    P.S THANKS FOR YOUR REPLY!!!!!! My ARGHMM^#$^%($ is turning to[inlove]

    Snowflake

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    plenty of time, just ask your bank.

    Terryw
    Discover Home Loans
    Parramatta
    [email protected]
    Sign up to my mailing list.
    Just send me a blank email, with “subscribe” in subject line.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

Viewing 4 posts - 1 through 4 (of 4 total)

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