Bank Valuation

Discussion in 'Loans & Mortgage Brokers' started by zuzu111, 13th Jun, 2019.

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  1. zuzu111

    zuzu111 Member

    Joined:
    17th Oct, 2018
    Posts:
    6
    Location:
    nsw
    Hi All

    Received pre approval and have come to agreement on a house at $555k. Most property internet valuations have it between $480k - $625k. However the bank we are using (St George) have it listed at $440-$549k - though some properties in neighbouring streets, even a property directly fronting a freeway are valued via St George online at $550k-649k.

    House a 3 bedroom with ocean views from rear yard, in good nick, although recent homes in the street aren't really comparable. One went for $505k, 3 bdr but straight out of the 50's and the other property was a renovated 2 story 3 bdr for $625k.

    We are pretty happy with the price - what to do if St George value it less?
     
  2. Trainee

    Trainee Well-Known Member

    Joined:
    24th May, 2017
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    2,717
    Location:
    Australia
    Tip some more money in?
     
  3. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker Business Member

    Joined:
    18th Jun, 2015
    Posts:
    23,164
    Location:
    Australia wide
    Get your valuer to order upfront so you know.
    If low you basically have 2 choices
    a) tip in more money, or
    b) try another lender's valuer.
     
  4. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

    Joined:
    18th Jun, 2015
    Posts:
    5,059
    Location:
    Melbourne, Nationwide
    In my experience 99% of valuations done for purchases come back at the purchase price. Valuations are usually the least of people's worries.

    The other 1% tend to be unusual properties, such as potential development sites, or off the plan properties.
     
  5. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

    Joined:
    14th Jun, 2015
    Posts:
    5,497
    Location:
    Gold Coast
    why worry until then ?

    ta
    rolf