I just went through an interesting process with the bank. I have a unit previously valued by the bank at 235k? I wanted to re-finance against it plus some other properties and the bank suggested they re-value it. The value came in at 280k (3 others sold last month in the same complex for 290-315k), and now the bank chooses to completely ignore that valuation even though it was done by THIER valuer!!!!!
I dont understand their logic behind this and it has also restricted me somewhat on the figure I wanted to borrow. Has this happened to anyone or could someone explain why they would do this??
I dont understand their logic behind this and it has also restricted me somewhat on the figure I wanted to borrow. Has this happened to anyone or could someone explain why they would do this??