Help needed :)

Hi everyone
OK Here is the Scenario. I live in a strata titled unit 1 of 2. (to my understanding this means that there no body corporate (as I don’t pay any) and there are 2 separate titles but we have common ground)
I owe around 168k
A few months ago my Neighbor died and I saw the potential for a purchase. Note: She was a wonderful lady and blesses to her soul.

I approached my bank and inquired about accessing my equity as a separate loan for a deposit for the unit next door with the intent to get another separate loan from another bank on the second property.

1 The bank took a road side valuation. Why?
2 It came in at around 200k
3 He spoke about “risk factors” i.e. the prices “may drop over the next few years and apparently if the “risk Factors” are at a certain level then the loan would need to be scrutinized.

So all and all based on my LVR to get it up to 95% I could borrow about 14K.

Factors: The unit I live in is the one closed to the road
The unit I live in is in much better condition structurally and I have done the back up quite considerably.
My (recently passed) neighbor paid 145k for hers 3 years ago (give or take)
I paid 168K 2 years ago (give or take)

I don’t know the questions I need to ask but I’ll start with should I get an independent evaluation done as I think it may be worth more than this – maybe I’m wrong.

And maybe can I request a full evaluation to be done to get a true value.
Also is it not silly to “clean” up the yard before this happens as I am currently chopping trees.

I guess if that is what it is worth then that is that, I am in no way trying to get a false value of my property and are more than open to “ well it wasn’t worth what thought it was” Remembering I am new to this.

How do I get more money?

If u saw the properties I think u would agree that my one is in much better condition it seems this Is the classic syndrome of “just starting out, bank won’t help” (I made that up by the way).And i do think it maybe because i didnt want them to Cross- colatorize.

As it sits now I want to position myself for the purchase so that when they are ready I will have the money.
How?

Should I request a full evaluation to be done by the bank as to get a true value and then get that equity in a separate loan as a deposit?

Then approach a second bank and get a pre-approved loan waiting for the time to draw down on it to purchase this second property. And how do Pre- approved loans work?

The thing is that the people assigned to “look after the sale” don’t know what they are doing and all I can do is wait now. Plus no disrespect but they are ( I feel ) the type of people who will try and get way to much for it therefore leaving it on the market for ages. Maybe missing my chance to secure it and true value or under value.

I have approached them and advise them I am very interested in this and explained we can do it privately as to remove real estate fees.

Sorry my letter is a little all over the place but I am unsure of the next step to “position” myself
And any replies would be greatly appreciated.
Evad:):confused::)

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Not to be "up-ity" but yeah i guess.
I may have been miss informed how ever because i have the impression that the one next door (which is in worse condition) has been valued at around $200.
By you asking that question i have taken a look at myself and in reality i have no bases on that figure anyway as i got that figure from the Neiughbour and she wouldnt know. For all i know it came in at $175.
But a polite yes to answer your question.
:)
Please put me in line :) :)
 
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