Forums / Property Investing / Help Needed! / NEED HELP: Valuation from buyer came back lower

Viewing 3 posts - 1 through 3 (of 3 total)
  • Profile photo of JoshJJoshJ
    Participant
    @joshj
    Join Date: 2005
    Post Count: 12

    I need some quick advice. I’ve been struggling to sell in this market full of negative media.

    I had a contract on my property for $510k. Buyer asked for cooling off extension then I received an email today that the bank will only lend 80% of $480k. They said they are short $25k which they don’t have.

    Any ideas how to negotiate this?

    – I could possibly finance the $25k or part of it when another one of my properties settles in December.
    – Try to meet halfway, but they said they don’t have the money.

    Love to hear some thoughts. Always hard to call it a bluff or finding a middle ground.

    I just got the bank valuation of your unit only $480k. They said property is continuing falling down in the future. So they are on high risk for the bank in the future. So they only let us borrow 80% of $480k is $385 maximum so i m in shortage of $25k which i do not have money to cover that. Can u help me to tell the owner to reduce the price to $490k as the bank now tightening loan to investor so very hard to borrow.
    Another unit is now for sale only $509k, mayb they will accept $480k as they want to sale quickly. Thx you for your help.

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,058

    Could be a ruse to get you to lower the price.
    You could either
    a) reduce the price by $25k
    b) stand firm
    c) lend them the money, or
    d) meet half way

    You need to consider whether you could find another buyer for the same or more.

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

    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

    Profile photo of BuyersAgentBuyersAgent
    Participant
    @knightm
    Join Date: 2005
    Post Count: 309

    I would ask to see a copy of the valuation.

    BuyersAgent | Precium
    http://www.precium.com.au
    Email Me | Phone Me

    South Coast NSW Independent Buyers Agent - Wollongong to Batemans Bay and Regional NSW

Viewing 3 posts - 1 through 3 (of 3 total)

You must be logged in to reply to this topic.