All Topics / Help Needed! / House and land packages

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  • Profile photo of Cathy.GCathy.G
    Participant
    @cathy.g
    Join Date: 2010
    Post Count: 22
    October 6, 2010 - 12:16 pm

    How much lower in percentage terms would you expect a bank valuation to be than what the developer is charging for house/land packages?
    The product I am looking at is a 2 bedroom unit. It is built upstairs over its own garage and the double garage of a townhouse. As there are not yet any completed ones in the area the valuation may be more subjective than usual.

    Thanks

    Cathy

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    October 6, 2010 - 10:01 pm

    Nil unless the package is overpriced.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Cathy.GCathy.G
    Participant
    @cathy.g
    Join Date: 2010
    Post Count: 22
    October 6, 2010 - 11:52 pm

    Thankyou Richard
    The selling agent told me to expect the valuation to come in a little low as it was a new product so I was prepared for 5% lower but the actual valuation came in at 12.5% lower.
    Cathy

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    October 7, 2010 - 1:26 am

    Cathy, it come in lower for a reason ……probably wasnt worth that much.

    Ask the Selling agent to pay for another valuation and see what he says.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

Viewing 4 posts - 1 through 4 (of 4 total)

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