Hi all,
Have got alot of helpful tips from this forum while looking for our first home (yes, not an IP, but the tips are just as helpful). Looking for some words of wisdom with this issue
After a couple of months research in Quakers Hill we found a property that we thought was at a fair price only to find when we went to complete the finance that the bank valued it 5% under the purchase price
As we're borrowing 90% of the property value the bank now won't go ahead with the loan, part of the problem seems to be the lack of recent comparable sales in the area of Quakers Hill we're looking at.
Potentially we could kick in a little bit more money so the bank's risk is less and they agree, but it's got me wondering if the agreed purchase price for this property is
too much
I have another week before a final decision is needed, what would you do?
Appreciate any and all opinions
Thanks
Have got alot of helpful tips from this forum while looking for our first home (yes, not an IP, but the tips are just as helpful). Looking for some words of wisdom with this issue
After a couple of months research in Quakers Hill we found a property that we thought was at a fair price only to find when we went to complete the finance that the bank valued it 5% under the purchase price
As we're borrowing 90% of the property value the bank now won't go ahead with the loan, part of the problem seems to be the lack of recent comparable sales in the area of Quakers Hill we're looking at.
Potentially we could kick in a little bit more money so the bank's risk is less and they agree, but it's got me wondering if the agreed purchase price for this property is
too much
I have another week before a final decision is needed, what would you do?
Appreciate any and all opinions
Thanks