Jump for Joy!

We are back in the game. We have obtained finance through another lender and the valuation has come in ALOT higher.... where do they get these figures from?!?!

Anyway i don't care anymore as our dream of building our own home is now set to become true!

Now for all the paper work... bring it on!

A much a do about nothing

A quick update to say there is no update, we are currently waiting for a new valuation to be done through another lender. Hopefully this one works out more in our favour or we may be looking to just purchase the land and wait another 12 months to save some more money and hopefully see off the uncertainty around the global economic crisis.

Shattered Dreams

Had a phone call today from my broker today and the bank has come back saying the value of the house and land is $20,000 lower than what we are paying .

Most of it is the house that is short with the land being 4k and the rest the house.

This leaves us looking for that $20,000 to get the finance which of course I don’t have.

I managed to come across the list of houses sold they compared our house to. (Don't ask how I got this cos I'm not saying)

It appears the house's they used are all 2km away ( with undeveloped land between us and them) and they have not used any house sales to the Nth of as where all sell for more than it is costing for us to build. Here is a picture of what I'm going on about:
The areas circled in red are where the Bank found houses to compare ours with.
The blue dot is where our house will be.
And the green area is where I think they should get some valuations from to to an estimate of what our house market value will be.

Also looking at the houses they cocmpared our to they are all nearly 50mSq smaller but for one double story witch is 2mSq bigger and sold 70k more than hey evaluated ours..... WTF and the land is the same size. I dont think that it being a double story so they have a little more backyard would add 70k to the value.

All in all Im not very happy at the moment as you could imagine but Im not giving up without a fight and will ask for the valuation to be redone with the facts I have and will try to get some sales data of the houses just across the road to the north of us.