Bank valuation coming back way lower than accepted offer

Discussion in 'Loans & Mortgage Brokers' started by Gwynneth, 22nd Sep, 2016.

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  1. Gwynneth

    Gwynneth Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    160
    Location:
    Sydney
    I also did this for this property before we made an offer. We downloaded a CMA of the property from Residex. Our broker also did the same from some CMA report from St George. The offer made was in the middle of the high and low estimate of the house.

    We are waiting for feedback from 2 other lenders/valuers... It's really important to make a due diligence and make observations on the ground of the current supply and demand in the market. It's a bit tricky sometimes but buying a property really needs a lot of educated guess and guts to enter the market. There are still some risks along the way and you'll never know when the market will turn.

    Keeping our fingers crossed!
     
  2. Gwynneth

    Gwynneth Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    160
    Location:
    Sydney
    Just an update, we got a better valuation from another bank. It came back at the same price as the price we offered. :) currently processing all requirements with them at the moment. Hope everything goes well. :)

    Someone asked if this is with liberty, it is not. This is also not off the plan.

    Thanks for all the advice! It's abit challenging when you are a newbie but it gets better when you are surrounded by the experts hehee
     
    Simon Moore likes this.
  3. Jerry O

    Jerry O Well-Known Member

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    21st Jun, 2015
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    Location:
    NSW / Melbourne
    That's a great news to start the week!

    There will always be problems like this that will arise during your investment journey. There will be many ways to solve it, if there isn't, then refer back to your exit strategy. ;)