Hi all,
Just wondering how common is it that your lender values property bought at auction at 80% sales price? Just going through this with my bank after a weekend's purchase. At least three other people were bidding above the price the bank valued it at.
Seems really odd as the bank loses out on the interest income of a bigger loan which was previously pre-approved. I'm not massively inconvenienced by it and can cover the difference in cash though.
Any point in challenging the bank's valuation?
Am I correct in wanting to go through a loan application with another bank to bump it up (I imagine the big 4 may be keener to grow their loan books)? Any chance that the next bank's valuers will just use the other bank's valuation?
Appreciate your help.
Just wondering how common is it that your lender values property bought at auction at 80% sales price? Just going through this with my bank after a weekend's purchase. At least three other people were bidding above the price the bank valued it at.
Seems really odd as the bank loses out on the interest income of a bigger loan which was previously pre-approved. I'm not massively inconvenienced by it and can cover the difference in cash though.
Any point in challenging the bank's valuation?
Am I correct in wanting to go through a loan application with another bank to bump it up (I imagine the big 4 may be keener to grow their loan books)? Any chance that the next bank's valuers will just use the other bank's valuation?
Appreciate your help.