[m i a o w] the cat

Everything has gone wrong. The house was valued under the price that it was sold for. Apparently the valuers in the area judge properties on past sale prices which means they don’t take into account the rise in prices over the past twelve months or so. They said that the kitchen and bathroom needed rennovating and the house needed painting inside and out, and priced that at $25k. They don’t care that I bought it to do up - they even took another $2000 off for polishing the floorboards.
this is me
I have organised another valuation through a different company and have my fingers crossed - it’s all I can do. I have to wait for two weeks to find out if they will value it any higher. The word gobsmacked might describe my feelings, but it doesn’t really convey my angst. I could mention the word jinx…but I won’t. Oh.

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COMMENTS / 5 COMMENTS

I have many questions……

What is this thing I am reading ?

Who is this mysterious M character ?

I dont understand how the property being undervalued has anything to do with the sale of it to you. Haven’t you put down a deposit ? End of story right there.

I think I am perhaps reading the whole thing incorrectly….here is what i read :

You found a house for sale and someone gave you a price for that house which you accepted. The house came as it was, unrenovated with the intention being you would renovate it.

Suddenly some mysterious “valuers” appear on the scene and want to change their valuation because they didn’t take into account the price rise of house values in the area….that is their loss for not doing their job properly and being lazy.

I dont understand the whole renovation thing though. if they took money off cos the house needs doing up then if they sell it to you not renovated why would that affect the cost. The following makes no sense to me…..

“They said that the kitchen and bathroom needed rennovating and the house needed painting inside and out, and priced that at $25k. They don’t care that I bought it to do up - they even took another $2000 off for polishing the floorboards.”

In the words of another famous Queenslander “Please Explain”

david typed this on Apr 02 03 at 1:02 pm

Dude, it works like this. A house is advertised at a certain price. You snap up house and organise the loan for that amount. One of the final steps in putting the loan through is that the bank gets an independent valuation of the property. Now, in most cases this would be the same or only slightly different to the purchase price. Not in this case. Mostly, I think, because the independent valuers that the bank got to do it are f***ed in the head.
Therefore the bank will not lend the sale price amount because in their mind, the house is not worth it so they would lose money. My only two options, sorry…three options are;
a) to get it valued by someone else
b) to give up on the whole thing and lose a bit of money
c) seduce/convince/locate a rich person to lend me the difference between the sale price and the valued price.

You have been reading [m i a o w] the cat

beTh typed this on Apr 02 03 at 3:46 pm

You mean to tell me that the bank thinks you are paying too much money for a house and an acre of land that also comes with a new car……

We should all move to Queensland !!!!

david typed this on Apr 02 03 at 5:04 pm