Bank Valuation

[AndrewS]

I wonder if someone could please explain to me what implications there are if the bank valuation of a property for the loan approval is less than the purchase price of the property?

Do you think that a valuer from Melbourne would be able to accurately value a property in Bendigo?

Thanks in anticipation.


AndrewS

 

[Jamie]

Hi Andrew,

Is there a particular reason that the valuation is lower than contract price?

Jamie.

 

[AndrewS]

As yet, I do not know that it will be lower. The property is in Bendigo and there has been a rapid increase in prices over the past 6 months. It would be hard for the valuer to be aware of the home's true value today.

Regards


Andrew

 

[Rolf Latham]

Hiya

Experience says 95 % no probs with clean purchase contracts

ta

rolf