Terminating building contract - valuation issues

My broker is looking for different bank and valuer, however is all fail i will go 88% LVR. In my case we do have sufficient fund in case of valuation falling short. J

Get a solicitor to review the contract...

 

My broker is looking for different bank and valuer, however is all fail i will go 88% LVR. In my case we do have sufficient fund in case of valuation falling short. J

Yeah I am in the process of doing that too, I have most of the funds there also but was not planning on using it all in the loan if I didn't have too, are you not concerned that you will be building a house that will not be worth what you are paying for it?

Get a solicitor to review the contract...

Yeah I will be doing so!

 

Ask for a copy of the valuation. When a val comes low, the valuer will always comment comment. If theres no comment, it means the low val is simply miscommunication, the valuer hasn't got a copy of your Specs, so has valued it as without landscaping, or driveway, or those lovely new kitchen appliances etc.

If it is a case of the valuer saying the property is overpriced for the area (which is different to saying the builder is charging you too much), then you need to get another valuation done.

Through a broker.

Your ANZ rep cant actually order another valuation from a different company. Imagine their risk team's response, "so you ordered another valuation to increase the banks risk just so you could get your bonus?"

Get at least 3 new bank vals done, and make sure the valuer receives all the building contract documents.

 

Not at this point. I am going in fully know I will be overcapitalising and might not recoup it for a while in growth. It is a pain but totally within expectation :-/