Valuations coming in short

Any general questions you might have in regards to loans and finance.
zoecoco
Posts: 54
Joined: Mon Jun 15, 2009 4:40 pm

Valuations coming in short

Postby zoecoco » Mon Jun 15, 2009 5:04 pm

I'd like to know if your valuation came in short, what did you do? Did you go to another bank? Or did you get the money to pay the difference in the loan? If so, how? Personal loans?

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Otto Dargan
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Re: Valuations coming in short

Postby Otto Dargan » Mon Jun 15, 2009 8:42 pm

When a valuation comes in low you have several choices:

* Challenge the valuation using sales evidence (very rarely works).
* Coming up with the shortfall with help from your family, friends or a personal loan.
* Submitting the loan to another lender in the hope they will have a higher valuation.
* If it is a purchase then maybe it is best to pull out.

We recommend a difference course of action depending on the situation and the amount of the shortfall. Small shortfalls are usually made up with the help of family while large shortfalls mean it is best to try another lender!
Otto Dargan
Mortgage Broker
P | 1300 889 743
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