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Bank didn't request a property valuation after purchase

Discussion in 'Property Finance' started by bobbyj, 12th Jul, 2015.

  1. bobbyj

    bobbyj Well-Known Member

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    Location:
    Sydney
    Hi guys,

    I just went unconditional on a property in the Brisbane area.
    My broker has told me that the Bank (St George) did not request a property valuation and were happy to go ahead and accept the price I paid for the property.
    I haven't been in this situation before. I would have liked to seen what an independent valuer would put the property at!

    Cheers,
    B
     
  2. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    Canberra and Sydney
    Congrats!

    It's normal practice for some dragon deals. They will go off the contract of sale if the deal meets certain parameters.

    Chances are the valuer would have valued it at purchase priced....and slowed down your approval by a few days.

    Cheers

    Jamie
     
  3. bobbyj

    bobbyj Well-Known Member

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    Hah, dragon deal!
    Thanks for the information Jamie =)
     
  4. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Gold Coast
    quite a few lenders have a contract value policy if certain criteria are met

    My exp is that STG specifically still run a desky ..........they just dont tell you

    ta
    rolf
     
    EN710 likes this.
  5. Be Developer

    Be Developer Property Developer Business Member

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    Client had deal approved thru westpac...

    Lender advised client that no need for valuation:)
     
  6. Corey Batt

    Corey Batt Finance Strategist Business Plus Member

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    WBC + STG will do contract of sale for many vals at certain LVR's - not enough for us to trust them to do it consistently however.
     
  7. Be Developer

    Be Developer Property Developer Business Member

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    This deal was at 88% lvr....

    Good going...
     
  8. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    Yeah that's the problem - and I suspect what Rolf said is correct. They prob carry out a desktop and if it doesn't come back at purchase or higher they order a full val.

    Cheers

    Jamie
     
  9. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

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    If you are very curious, no harm paying for one :)
     
  10. Watson1

    Watson1 Well-Known Member

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    Location:
    Melbourne
    Just request the broker to order one if they have access to upfront vals with STG.