Desktop valuation probs

Have recently signed a contract for a property in Brisbane North, everything has gone smoothly with finance (going through Macquarie) other than the small issue of desktop valuation coming through 88k lower than purchase price this week. Due to lockdown last week and long weekend the short form valuation isn't scheduled until the day the finance clause ends. Are there any banks that can do a quick valuation turnaround to give some more confidence with waiving finance? (Will try for an extension but doubt this would be accepted given there are now higher offers on the property since contract was signed). Would a broker be able to assist with this?


Bank believes there's been a few instances where this situation has occured (desktop valuation under valuing and coming back at purchase price after short form) although the bank didn't predict difficulties and delays in booking a short form this week.

 

Note: finance clause ends Monday (lol)

 

Should've used a broker first up!
The valuation should have been ordered prior to application submission, then the desktop would've been upgraded to a short form much quicker
Unfortunately lenders are at the mercy of the valuers schedule, being that it's late Thursday I don't think you have any luck getting a valuer out there tomorrow, most are 2 to 3 business days from the time they're ordered.
If it was me I would ask Macquarie if they can approve subject to satisfactory valuation (assuming everything else is in order) and then you'll also likely need to request an extension to the finance clause by a couple of days so speak to your conveyancer/solicitor as soon as possible (it's not unusual to request extension to the finance clause, especially given the circumstances)

 

Yup agree on getting the broker to start with, usually this process is simple enough but I'm obvz not experienced with this current environment/insanity in the market! Currently approving to satisfactory valuation Macquarie and hoping this will give more comfort in an extension on finance.

 

Get your solicitor to seek an extension to the finance clause.