Is it possible the new bank for refinance doesn't want my property?

I feel there is something going on here with my bank. In the past the contact me a day or two later, tell me the valuation figure, and proceed with paperwork.
It's been two weeks now and I've heard nothing and had no reply to follow up email. Suspense is killing me, on Friday he said he'd get back to me Monday.
Details: it was a walk through valuation- I changed to a new PM on the same day who was also doing a first inspection. The old PM seemed to be hiding the state if the property from me and wouldn't provide photo's. With prices moving up and judging by the state if the property when I last saw it 18 months ago I estimated it to be worth around $550,000 - around the suburb ave. after seeing pics from new PM I think it would be closer to suburbs lower ave - around high $400,000's. There was beds set up everywhere throughout the property Including two queen size set up in the garage. There is only one person on the lease. Do you think I could be knocked back on finance because of the state if property? There was 6 beds all up in a 3 bed house. I was only made aware from new PM. Yard and house in bad need of cleaning and gardening maintenance.
I may just need to stay with my current bank as they were only going to do a drive-by valuation. This property is a 100% loan crossed with another property which I desperately need to uncross and was relying on the increased valuation to do this. :(
 
Id say to not make assumptions

After 2 weeks id be on the phone rather than just emails

If the val is rubbish, and you can move lenders ( ie 80 % and not fixed loans) then you may have some options.

ta
rolf
 
The valuation process can be a pain. Often it's as simple as the valuer is having trouble contacting the right person or being able to make an appointment to get into the property. A tenanted property can be especially difficult.

You certainly need to push back a bit harder, but the problem is most likely logistical, not a deal killer.
 
First chance, kick the tenant in the head I mean kick him out. Then kick the PM in the head as he's either totally incompetent or has set this up.
 
Lmi involved?
There in no LMI involved
Id say to not make assumptions

After 2 weeks id be on the phone rather than just emails

If the val is rubbish, and you can move lenders ( ie 80 % and not fixed loans) then you may have some options.

ta
rolf
I did call him Friday but he said he wasn't in the office until Monday and needed to look up file. I'm having a last minute heart attack as I'm crossed to the hilt. Another crossed property I'm selling is going on the market on Monday. One of the loans I was refinancing was going to replace the property I'm putting on the market. Security swap! (I was hoping to have everything uncrossed in 18months!!)
The valuation process can be a pain. Often it's as simple as the valuer is having trouble contacting the right person or being able to make an appointment to get into the property. A tenanted property can be especially difficult.

You certainly need to push back a bit harder, but the problem is most likely logistical, not a deal killer.
The actual walk through valuations for the two properties were performed by HTW on a Monday almost two weeks ago. All the needed paperwork was given about 3 weeks ago I'm pretty sure I usually receive all paperwork for offer of loans within about a week after valuations.
 
probably in the get done next week box for the banker if they have a lot on and dont have support staff.

I expect that it hasnt been looked at yet, since if it were declined they are usuaully quick to let u know

ta
rolf
 
Wow so different to my bank. I ring up on the afternoon of the valuation and the results are in and they tell me over the phone.
:confused:
 
probably in the get done next week box for the banker if they have a lot on and dont have support staff.

I expect that it hasnt been looked at yet, since if it were declined they are usuaully quick to let u know

ta
rolf

It might just be nothing but a delay in the valuation. Call on Monday and ask.
Very true, will stop stressing now :)

You have a new pm on board the day you have a valuer come through. Who made the arrangements the new or old pm? Hmmm.
The valuation was arranged by me. The old PM had just performed a routine inspection and told me there was two extra unknown people living at the premises, and the place was clean except the oven. I didn't totally believe them but had no idea at that stage about the beds everywhere, Only a few photos were provided. It was a bit of a shock to find out! The joys of interstate properties!
 
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