Property Valuation. The very thought of it evokes nightmares. Indeed, it did…and almost crushed our dream of building a house. The valuation came 100K lower; yes, right, $100,000 lower.
Apparently, the value of the property that sold for the highest price in our suburb is 100K lower than the price of the house we wanted to build. According to our Lender, the valuer would have had no problem valuing it at the price we wanted had the property to be constructed was in northern suburbs…yeah, right.
We did approach another major lender, but had a similar outcome. Eventually, we had to scrap the Phoenix 44 project with bells and whistles…
But then, with some words of wisdom, courage and advice from a number of stakeholders including Metricon’s Sales Consultant, Rebecca Hoyer, we realised all is not doomed.
Since we had to cut down a significant number of items, Metricon agreed to scrap the current contract and issue a new contract for Phoenix 35 (with extensions, it is Phoenix 41 now). This meant starting the process all over again, but at least, our family is finally relieved to know that our home loan has been unconditionally approved (of course only after yet another valuation, which came right this time).
We are signing the Contract with Metricon later this week.