ok mate. I'll wait and see what happens … i'll post you the outcome and thanks again for helping me out
Hi guys,
CBA valuation came at $350k compared with NAB $326k. The contract price was $375k. I am def getting ripped off.
Should I make a counter offer to the agent to match CBA valuation or just let it go … I can try possibly give another 10k from my own pocket to make it $360k but that will be all.Try to get them down. I personally wouldn't pay more than market valuation unless you really love the place. There are plenty more properties out there.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Thanks Terryw for your prompt feedback. You did helped me a lot and helped me to see some light at the end of the tunnel. It's really hard to decide which property to pick being the first home owner.
The realestate agency has sent me a broker today at my place and after some discussion he asked me for my personal details so that he can help me manage the loans through other companies like SunCorp, RAMS home loan and other smaller organizations I don't really know of. I am not willing to share these details with him as its obvious that he hangs out with the realestate guys and also works in the same office but he kept saying he's independent of them and don't share client information with them.
Monday I will make the realestate agent a final offer if they can match CommBank if not I'll just let it go. The realestate agent seems to be a crook and keeps giving me the fears that they have offers higher than that and they are happy to give this to someone else.
I just hope I'm making the right decision.I recently bought a property for $180k and when the NAB loan documents came in I saw they had valued the house at $144k.
I know the area I bought it incredibly well so know that $144k is pretty much definitely an under – valuation. I am just wondering if anyone knows if this could impact on my capacity to borrow in the future?
Cheers
It shouldn't affect serviceability. But you must have committed the sin of cross collateralising the loans so it will affect you.
The banks used to give notice to customers when valuations came in significantly lower than purchase price. I remember some banks required the client to sign something acknowledging they were aware of the low price and wanted to go head. Maybe this is what they have in the loan documents – but by then it is usually too late to pull out.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Hi Sweethome
Just be careful with the amount of lenders you're dealing with. If pre-approvals are being sought with each of these lenders you'll be receiving multiple hits on your credit report……too many of these could cause dramas.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi Jamie,
Thanks for the advice. That's why I have asked two of the brokers to get me the valuation of the property first without the need for application. One of the broker was good enough to engage CBA and got me the property valuation for $350k. I directly applied through NAB and got the valuation at around $326k. On monday I will offer the agent to match the price of CBA valuation and if that fails I will offer them another 10K and that's it. If that doesn't work out i'll let it go…..
I have been in some pressure to take loans from other smaller investment companies but I refuse to do that… two of the major banks under valued the property
The prob is not with my loan but the valuation of the property.
The agents keep saying that they sold these for $380k – $390k. I highly doubt it.Can someone let me know since I did a valuation through NAB can I go to them again and ask for another valuation for another property ? Does that impact my credit history or such ?
Hello guys, I'm having the same problem my apartment cbd Melbourne has been evaluate 340k just last week, in 2007 it was evaluate 380k (very funny it went backwards), the apartment next door has been sold for 540k last week. so i tried to show the bank all the evidences ( about 10 sold apartments in the same building in the last 6 months), but what ever the evaluation company said the bank believes. Im filling out the forms to bring the evaluation firm to the VCAT (TRIBUNAL).
What do you think? or do you have any other suggestion? IM VERY VERY UpSET and also i paid ($220) for the evaluation but hired by the bank.
Ciao for now ( I have 1.3 millions dollars in loans with the same bank…..no bloody respect)mplacidi wrote:Hello guys, I'm having the same problem my apartment cbd Melbourne has been evaluate 340k just last week, in 2007 it was evaluate 380k (very funny it went backwards), the apartment next door has been sold for 540k last week. so i tried to show the bank all the evidences ( about 10 sold apartments in the same building in the last 6 months), but what ever the evaluation company said the bank believes. Im filling out the forms to bring the evaluation firm to the VCAT (TRIBUNAL).
What do you think? or do you have any other suggestion? IM VERY VERY UpSET and also i paid ($220) for the evaluation but hired by the bank.
Ciao for now ( I have 1.3 millions dollars in loans with the same bank…..no bloody respect)Why are you taking the valuation firm to VCAT?
Just try another valuer. ask your bank and if they do not agree send a letter to their discharge section asking for a pay out figure as you are changing banks. If they still don't budge change banks.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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