Forums / Property Investing / Help Needed! / Free evaluation

2019 Money Magnet Symposium - Discover how to make, and keep, more money and achieve a financially empowered future
Viewing 10 posts - 1 through 10 (of 10 total)
  • Profile photo of MikkoMikko
    Participant
    @mikko
    Join Date: 2013
    Post Count: 26

    Hi guys,

    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?

    Thanks,

    Mikko. 

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,010

    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.

    Cheers

    Yours in Finance

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
    Email Me | Phone Me

    0-40 Properties in a decade with a unencumbered portfolio value in excess of $40M. Ask me for a copy of my API Interview.

    Profile photo of MikkoMikko
    Participant
    @mikko
    Join Date: 2013
    Post Count: 26

    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. 

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069

    Hi Mikko

    If your current lender allows for upfront valuations then you'll be able to get around that issue. Which lender is it?

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,010

    Hi Mikko

    No they can't get you to repay the balance.

    Cheers

    Yours in Finance

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
    Email Me | Phone Me

    0-40 Properties in a decade with a unencumbered portfolio value in excess of $40M. Ask me for a copy of my API Interview.

    Profile photo of MikkoMikko
    Participant
    @mikko
    Join Date: 2013
    Post Count: 26

    The lender is Anchorage Home Loans. 

    Mikko. 

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,010

    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.

    Cheers

    Yours in Finance

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
    Email Me | Phone Me

    0-40 Properties in a decade with a unencumbered portfolio value in excess of $40M. Ask me for a copy of my API Interview.

    Profile photo of TheFinanceShopTheFinanceShop
    Participant
    @thefinanceshop
    Join Date: 2012
    Post Count: 1,271

    Why on earth are you still with AHL?

    TheFinanceShop | Elite Property Finance
    http://www.elitepropertyfinance.com
    Email Me | Phone Me

    Residential and Commercial Brokerage

    Profile photo of MikkoMikko
    Participant
    @mikko
    Join Date: 2013
    Post Count: 26

    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?

    Profile photo of TheFinanceShopTheFinanceShop
    Participant
    @thefinanceshop
    Join Date: 2012
    Post 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.

    TheFinanceShop | Elite Property Finance
    http://www.elitepropertyfinance.com
    Email Me | Phone Me

    Residential and Commercial Brokerage

Viewing 10 posts - 1 through 10 (of 10 total)

You must be logged in to reply to this topic.