Property Valuations

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From: Dave


Hiya everyone!

Contract prices are considered a property's value, generally. Banks will accept new valuations after 12 months of contract signing, again generally. I have a problem with that because 12 months is a bloody' long time to wait to release the equity in a property bought well under FMV.

My questions to any of you who can help is:
Has anyone bought a property and successfully persuaded a financier to accept a new valuation prior to 12 months after contract signing? If so, how? Could you share the details/circumstances here?

Any feedback would be great.

Thanks all.

Cheers,

Dave

 

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Reply: 1
From: Kevin Forster



I'm not quite sure that this is in the same category but we have had a valuation accepted after 6 months on our own home when we had a substantial increase in equity. In fact it was the lending manager that told us that valuations are only valid for six months. This was for an established property but I'm not quite sure if it will cover properties under construction

Kevin

 

[duncan_m]

Reply: 2
From: Duncan M


NAB revalued our portfolio 6months after we first established our facilities with them and gave us access to the increased equity.

Duncan.

 

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Reply: 1.1
From: Mr S


We had a re-valuation done 11 months after we purchased and had a 12.5% increase in value.

This was due to cosmetic changes. I am sure if we were ready earlier the bank would of still re-valued.

Cheers - Martin

Ps... We also have a vacant block of land that was also re-valued at this time... also by 12.5%

 

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Reply: 2.1
From: Graeme Norris


Hi Dave, I have my properties revalued as soon as I settle as I know I'm buying them at a very good price. Hence this allows me to buy further properties on the increased value. I must admit I have a good relationship with my banker who responds to my request. The one thing I have learn't is that most bankers don't understand the strategies we are adopting. You need to be tough and tell the bank what you want, when you want and how you want it. Regards Graeme

 

[Rolf Latham]

Reply: 3
From: Rolf Latham


Hi Dave

Most reliable format is to refinance to another lender.

Ta


Rolf