Thanks everyone, all your suggestions are very helpful and encouraging. I am so glad that I found this forum and meet you guys here.

this is bank's valuer, has been asked by REA to revalue the property, however, the information provided by REA is not good enough to change the valuation. I think that probably the good thing. I will follow the advice that never pay more than bank's valuation.

Thanks a lot

As Daniel said, I probably did not do enough research before action. I am very new to property investment, I even did not know what valuation have to do with finance. It sounds a bit stupid.

Of course, there was not "a clause that the purchase is subject to a successful valuation at cost or higher", that means I will loss 0.25% deposit, but I rather lossing this than 12 month later lossing 200K if what Scamp said becomes true or even 40K now.

That is probably the lesson you need to pay. As long as valuer is indepent from REA, I probably following what they say.  I am keen on sound investment not certain property.

wait and see what comes out tomorrow from valuation update, and will keep you guys post.

Thank you everyone
Yan

Thanks I.P. freely,

You are right, I got the problem with finance, I need to either pay 5K for LMI or 15K for deposit.

Most important thing is get the price right. real estate agent argue that valuation is ridiculous, so I am getting the first valuer to do re valuation based on the argue point provided by real estate agent. I am not sure what will come out.

Do you think the same valuer will change the original valuation, if he does, which valuation i should take as real value of the property? It is beyond me.