Well the firm that does all the land evaluations are idiots. The land came back $27,500 less and the appeal didn't work. How do they sell 190 lots so far at Jordan Springs and have their values so wrong. This is what they had to say.
The valuer has come back in writing to Bankwest advising that their firm cannot support a valuation of the land for the purchase price you are paying and feel that the land is overpriced based on recent sales in the area and local agent feedback. They feel that the clients buying in that area are paying too much for the land.
I wonder if the local agents are stockland employees? They "Feel" the land is overpriced based on what recent sales? They have sold 190 lots of land at this cost, and everyone has paid for it, doesn't the sale price determine the value? WTF!!!!! They have been selling lots and loans have been approved for the prices Delfin has had them for. Delfin are a large Australia wide developer, how have they got it so wrong.
So what now?
I've sent an email off to Delfin Jordan Springs and asked them if they can discount the land. Telling them they basically have a sale if they can move a bit as the loan is approved, just not for the amount they want. Bankwest will lend us the money if we pay the short fall. I know they might not move the 27.5k, but if they can come half way or a bit more then we would be better off. What this means is that we're going to have to do some serious saving and do some tricky stuff to get the house we want. To avoid the no stamp duty you need to build within 18 months. To get the government grant you need to have your plans all ready within 6 months of settlement, and is only available to the first 250 homes at Jordan Springs.
If they just valued it as is we would be cheering with no issues. While it may end up saving me some money now, it does't help the situation.