Hi folks,
We bought a place at the beginning of the year using a parental guarantee as security. This is my second time doing this. The first time, after a few years we had the place revalued, paid a little LMI and released the guarantee.
I'm looking to release the guarantee as early as possible, and need a couple of opinions, before I order an upfront valuation.
Firstly, we had our offer accepted in early Feb, went unconditional in early Mar and settled in early May. My understanding is that one of the things a valuer looks at is purchase price and market movement since then. But which date will be significant (or which will they see?), has it been 5 months, 4 months or 2 months?
Secondly, for those that know the Perth market, particularly Clarkson, Mindarie et al, has there been enough movement in the last 5 or 4 months (I'll assume 2 isn't enough) to influence MY valuation.
Thirdly, How strongly will comparative sales affect the Val? The house directly across the street settled this month for at least 10% more than our price. The house is marginally smaller, on a marginally smaller block of land with similar style, age, condition and finishes. Will this give us the boost I hope for?
Our purchase price is $420k, and I reckon I need the valuation to be at least $470k. I'm probably pushing it, TBH, but I have some cash to improve the LVR a bit.
Your thoughts?
We bought a place at the beginning of the year using a parental guarantee as security. This is my second time doing this. The first time, after a few years we had the place revalued, paid a little LMI and released the guarantee.
I'm looking to release the guarantee as early as possible, and need a couple of opinions, before I order an upfront valuation.
Firstly, we had our offer accepted in early Feb, went unconditional in early Mar and settled in early May. My understanding is that one of the things a valuer looks at is purchase price and market movement since then. But which date will be significant (or which will they see?), has it been 5 months, 4 months or 2 months?
Secondly, for those that know the Perth market, particularly Clarkson, Mindarie et al, has there been enough movement in the last 5 or 4 months (I'll assume 2 isn't enough) to influence MY valuation.
Thirdly, How strongly will comparative sales affect the Val? The house directly across the street settled this month for at least 10% more than our price. The house is marginally smaller, on a marginally smaller block of land with similar style, age, condition and finishes. Will this give us the boost I hope for?
Our purchase price is $420k, and I reckon I need the valuation to be at least $470k. I'm probably pushing it, TBH, but I have some cash to improve the LVR a bit.
Your thoughts?
