I am looking at getting my unit valued, but I am worried that I may have negative equity in it. Therefore I can't use my current lender. Is it possible to arrange free evaluations with other lenders? Or is there usually a fee involved?
Why do you want your unit valued ?
For borrowing purposes you wont have a choice but get your existing lender to do unless for some reason you are thinking about refinancing.
Get your broker to organise it for you.
Yours in Finance
Yes it is for borrowing purposes. If I use my existing lender though, and I'm found to have negative equity, can't they by rights ask me to cough up more money to cover the shortfall?
Mikko.Jamie MooreParticipant@jamie-mJoin Date: 2010Post Count: 5,069
No they can't get you to repay the balance.
Yours in Finance
The lender is Anchorage Home Loans.
Looking at their website looks like it is a $220 val fee.
Guess it is a matter of pay your money and take your chance.
Yours in FinanceTheFinanceShopParticipant@thefinanceshopJoin Date: 2012Post Count: 1,271
Because I bought on the Gold Coast in 2007, before the bottom fell out of the market. I pretty much either still owe what the unit is worth, or owe more than it is worth. I don't think other lenders would be keen to take that on.
What do you recommend?TheFinanceShopParticipant@thefinanceshopJoin Date: 2012Post Count: 1,271
Well I assume that you would be paying an arm and leg for the AHL loan?
A whole bunch of lenders offer free upfront vals. Some do desktop valuations, modelled estimates, etc. Im not saying you have an excellent chance but there is no harm in trying to see if you get back a decent val.