All Topics / Help Needed! / Fire Damage Properties & Valuations

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  • Profile photo of Waz83Waz83
    Participant
    @waz83
    Join Date: 2012
    Post Count: 9
    December 6, 2012 - 5:39 am

    Hi guys,

    Thinking out loud here, out of curiosity, anyone have any trouble with buying a Damaged property at auction & the banks valuer giving a lower value than what you paid??

    in theory, if a house is worth 300k & it goes for 200k at auction & requires $20k work on it, you would think Bargain right..

    But who is to say the bank wouldn't turn around & say sorry bud, we only valued it at 160k, even though you had it valued at say 200k?? 

    how would one combat this happening?? 

    once again, just thinking out loud here..

    thanks 

     

    Profile photo of CatalystCatalyst
    Participant
    @catalyst
    Join Date: 2008
    Post Count: 1,404
    December 6, 2012 - 8:09 am

    My bank was stuffing me around on a fire damaged home that was $15K over land value.

    They came around eventually, a week before settlement.

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