Hi I am Jodie Brand new to the property market, recently moved to WA for work from the Gold Coast (big change) recently bought a block of land which I am pretty happy with and have entered a building contract where I have just hit a few bumps hence why I stumbled upon this great site and joined so I could rack some peoples brains for help, but much to my delight have stumbled across a group that may be able to help me with my issues but also a group that has so much knowledge and information that I have been reading and reading and reading... Fantastic site!!! It will be very helpful in the journey I have started in the property market...
Good Morning The problem I have run into is the banks valuation for our construction has come back 60k less than the price of our construction so they won't finance me unless I have a 70k deposit (I bought the land seperate and it's not the problem) I recently completed the pre start and I have just been waiting on finance. I have started to ask around and from what I have been told they are charging me too much and I have no idea if I can get out of the contract and go with a different builder.
Good Morning The problem I have run into is the banks valuation for our construction has come back 60k less than the price of our construction so they won't finance me unless I have a 70k deposit (I bought the land seperate and it's not the problem) I recently completed the pre start and I have just been waiting on finance. I have started to ask around and from what I have been told they are charging me too much and I have no idea if I can get out of the contract and go with a different builder.
Was it just one bank that had a low valuation? If so time to valuer shop Yeah just one bank, however they got a second valuation done, (which came back the same) when the first one came back low, is that common?
Hi @Jodie I'd get two more upfront valuations ordered. An upfront valuations means the bank will allow a valuation to occur (for free) before the applicant submits an application. Hopefully one of these valuation orders lands with a different valuer than before - and hopefully it comes back at a higher amount. Cheers Jamie
I'd get two more upfront valuations ordered. An upfront valuations means the bank will allow a valuation to occur (for free) before the applicant submits an application. Hopefully one of these valuation orders lands with a different valuer than before - and hopefully it comes back at a higher amount. Cheers Thanks for the info Jamie much appreciated and I think that is what I definately will be doing. Cheers
