[Vic]Land and building valuation came up short. Options?

Hi the land valuation came up short by 9 k and 8.5k for building.

The contract for land says subject to finance till 27th July.

Am I still able to get out of it, if in case the re-valuations don't come back up?

Any lawyer I can contact in Melbourne?

Thank you!

 

First thing would be to order 3 or 4 valuations with different lenders that would potentially approve the loan and cross your fingers one of the valuations comes back as expected.

From my experience valuers almost never change the valuation amount unless you can give them at least 2 comparable sales, I would not rely on the valuation being amended.

 

Law firm in Melbourne with property speciality:

Phillip & Wilkins Solicitors
03 9480 1155


You can likely exit the contract on the finance clause (may depend on the wording of the clause).

Get your broker to order valuations from alternate appropriate lenders to see if a better result is available (valuations can be somewhat subjective).

If you're going directly to the banks, get a broker instead because multiple valuations would require multiple applications and thus trash your credit report. Brokers can order valuations prior to lodging applications.