We are in the final stages of buying an IP in a south Brisbane suburb and our bank has just thrown a curly one at us. The property, a 3x1 townhouse, is selling for $312K however the banks valuers have said it's value is $280K, which has now put our LVR oveer the 80% line. I have spoken to 2 other investors and they too have had their properties valued a lot less than the purchase price. One is with the same bank, another not and all different real estate agents.
I've checked out the sold properties on realestate.com.au and one has recently sold for $309K, others in the area are around the same, some lower, some higher. I jsut don't know where the data has come from in this valuation.
Is this because the valuers are still catching up on the rising prices or are they being "very" conservative.
I'm just unsure which way to turn now as our final date for finance approval is due in a few days.
Regards
Jay
I've checked out the sold properties on realestate.com.au and one has recently sold for $309K, others in the area are around the same, some lower, some higher. I jsut don't know where the data has come from in this valuation.
Is this because the valuers are still catching up on the rising prices or are they being "very" conservative.
I'm just unsure which way to turn now as our final date for finance approval is due in a few days.
Regards
Jay