Free evaluation

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

Mikko
Participant
@mikko
Join Date: 2013
Post Count: 26
August 31, 2013 - 6:46 am
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.
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
August 31, 2013 - 2:59 pm
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 | Australia's leading private lender
Mikko
Participant
@mikko
Join Date: 2013
Post Count: 26
September 1, 2013 - 2:55 am
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 Moore
Participant
@jamie-m
Join Date: 2010
Post Count: 5,069
September 1, 2013 - 4:14 am
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
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Mortgage Broker assisting clients Australia wide Email: [email protected]
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
September 1, 2013 - 4:17 am
Hi Mikko
No they can't get you to repay the balance.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Mikko
Participant
@mikko
Join Date: 2013
Post Count: 26
September 1, 2013 - 6:40 am
The lender is Anchorage Home Loans.
Mikko.
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
September 1, 2013 - 9:18 am
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 | Australia's leading private lender
TheFinanceShop
Participant
@thefinanceshop
Join Date: 2012
Post Count: 1,271
September 1, 2013 - 1:33 pm
Why on earth are you still with AHL?
TheFinanceShop | Elite Property Finance
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Residential and Commercial Brokerage
Mikko
Participant
@mikko
Join Date: 2013
Post Count: 26
September 1, 2013 - 8:15 pm
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?
TheFinanceShop
Participant
@thefinanceshop
Join Date: 2012
Post Count: 1,271
September 1, 2013 - 11:14 pm
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
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Residential and Commercial Brokerage