Hi all... I had pre approval for more than half a million and purchased a property at auction for 500k. I've now been told by my broker that two banks have valued the property at 20% less than what I've purchased at. I informed the broker that 3 other properties in the same area sold for similar prices (one even 20% more) than mine in the same week, but her response was that the banks only value off homes which were sold a few months earlier. I'm now in a concerning position where I've already paid a 10% deposit of 50k and now been told that i need to find another 20% (100k) which i don't have. We will try with one more bank, but if that doesn't work then I'm in trouble. What are my options? How do i cancel? How much will it cost me? Are there any other realistic options? E.g extend the settlement date by a couple months? I'd appreciate any advice. Thanks.