What a bloody stressful 3 weeks we have had.
Our valuation was booked in for the 17th January. Becuase we have purchased our land off the plan, the valuer was booked in to do a site tour along with others in the area on the same day.
We got the notification on the 18th January that the valuation has fallen short. The house was valued correctly however, there was a shortfall of $10k for the land. The problem was, that given our block is one of the larger in the area and it's a brand new development, there was no real comparable data for the valuer to do his assessment.
After the valuer going back and forward with the land developer to see if they could get him to up the valuation, showing him other comparable data (that was obviously NOT good enough for him) he would not budge.
This is where I went into panic mode as we only had a few options before it was all over, no house, no dream!
1. Request a 2nd valuation (I was told the bank may not allow this to happen)
2. Negotiate with the land developer to lower the price of land by 10K
3. Change our finance company so we could have it re valued under a different loan (not an option for us
We requested a 2nd valuation which was accepted. Phew!
We have just found out on Friday 10th Feb that the 2nd valuation has come in a-okay!
We received our letter from our finance company that we have now gone unconditional.
Now we are just waiting on the land to register which should be in the next few weeks.
