Valuation during construction

Discussion in 'Loans & Mortgage Brokers' started by John Fish, 15th May, 2018.

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  1. John Fish

    John Fish Active Member

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    8th Apr, 2016
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    Paradise QLD
    Hi Guys,

    Has anyone had a val come in low during construction? I’ve not seen or heard of it but we are waiting on a Val for base stage and it got me thinking.

    Cheers
     
    John Fish, 15th May, 2018
    #1
  2. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

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    I've never done a valuation during construction. Why would you need to?

    Some lenders will send a valuer to the property at certain points, but they're employed to ensure the build is proceeding as planned, not to revalue the property. If this is the case there really isn't any cause to be concerned about a low valuation.
     
    Peter_Tersteeg, 15th May, 2018
    #2
    John Fish likes this.
  3. Redom

    Redom Mortgage Broker Business Plus Member

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    These 'progress' inspection vals are a bit different, I've never seen one come in low/high. I believe the construction progress payment teams just do it to make sure the base stage is actually completed as per the plan. Plenty of lenders don't do vals at each progress payment, but some do (at some/each stage of construction).
     
    Redom, 15th May, 2018
    #3
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  4. John Fish

    John Fish Active Member

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    Location:
    Paradise QLD
    Thanks guys.
     
    John Fish, 15th May, 2018
    #4
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