Home Appraisal

[jefbuan]

OT mga sir,recently we apply for home loan,a build and sell contractor sell a unit for 3M.we pay already DP for 300k but Security Bank approved loan amount was only 2.4M..Does it mean na yung appraised value lang ng unit ay 2.4M? overpriced ba yung unit namin?TIA

[viper888]

Try computing the value of the house:
(Lot area x lot value per sq) + (house area x 25000) + profit(10-30%)
The 25000 is just the typical construction cost per sq of a house. It can be as low as 20,000 to 40,000 depending on finishes and design.


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[Luap]

Thats typical for banks kasi ang loanable amount is 80% of the appraised value

[jefbuan]

you are right sir,,Bank agent told me that the unit appraised value is 3M,loanable amount is 80% which is 2.4M.kelangan ko pa pala mag add ng 300K sa contrator..thanks

[machine.pistol]

Try PSBank, they have a solution to your situation.

[yebo]

tama, 10% lang kasi yung 300k mo kaya need mo pa mag-add ng another 300k for DP. pag bank kasi minimum 20% DP.

kung pagibig member ka baka pwede mo i-loan sa pagibig fund yung 300k.

[99moves]

Try PSBank, they have a solution to your situation.

if you don't mind, what's their solution?

[kishAn]

OT mga sir,recently we apply for home loan,a build and sell contractor sell a unit for 3M.we pay already DP for 300k but Security Bank approved loan amount was only 2.4M..Does it mean na yung appraised value lang ng unit ay 2.4M? overpriced ba yung unit namin?TIA

appraised value is 3M. loan collateral ratio * 80% loanable amount is 2.4M. sakto lang

[kishAn]

if you don't mind, what's their solution?

not really a solution but probably another option. pwede sigurong mas mataas ang appraise value pero pwede din hindi. no harm in trying, you just need to pay the appraisal fee which is P3,500

[jodski]

80% lang talaga i cover ng bank based on appraised value, kaya usually ang required downpayment is 20% sa developer.

Some developers are doing a promo na 10% dp then the remaining 10% is via post dated checks payable in one year. You can inquire this with contractor.

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[newtocar]

Here is a situation:

- 20% DP completed (prior to loan approval)
- transfer of title fee already paid
- 80% Loanable amount approved by Bank (sometime in august or september 2015)
- Developer does not deliver the 80% construction completion as required by the bank for loan release. (construction starts almost a year and no development as to date)

Question:

- What is the best thing to do, aside from waiting.
- Do bank loan expires?

[Gecko Guy]

Here is a situation:

- 20% DP completed (prior to loan approval)
- transfer of title fee already paid
- 80% Loanable amount approved by Bank (sometime in august or september 2015)
- Developer does not deliver the 80% construction completion as required by the bank for loan release. (construction starts almost a year and no development as to date)

Question:

- What is the best thing to do, aside from waiting.
- Do bank loan expires?

Demanda mo developer mo for not honoring the contract and get damages and yes bank loan expires unless ipaalam mo sa bank mo agad situation mo, at least mabigyan ka leeway.

[jodski]

Based on your story parang yan ang usual pattern ng problem ng isang sikat na developer in Cavite...

You need to talk to the bank to see your optionsregarding sa loan mo bago mag expire ang loan offering.

Ang pinagtataka ko lang, bakit pinaabot mo pa ng ganyan katagal?

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[newtocar]

Actaully mga paps, ginagawa naman ang pag follow up sa developer, personally and thru email (reminding them about the bank required construction completion). Talagang hindi gumagalaw ang constructions, kahit alam nila na may loan approval na, at naka ready na rin naman for the bank fees or processing fees and other requirements na kailangan pa ni banko. Pinag tataka ko lang, parang sila pa ang ayaw ma release-san ng loan, sa kanila naman mapupunta yung pera as full payment ng unit.

[Gecko Guy]

Actaully mga paps, ginagawa naman ang pag follow up sa developer, personally and thru email (reminding them about the bank required construction completion). Talagang hindi gumagalaw ang constructions, kahit alam nila na may loan approval na, at naka ready na rin naman for the bank fees or processing fees and other requirements na kailangan pa ni banko. Pinag tataka ko lang, parang sila pa ang ayaw ma release-san ng loan, sa kanila naman mapupunta yung pera as full payment ng unit.

Time to let your lawyer send the email....di gagalaw mga yan kung di mo tatakutin w/damages...

[jodski]

Time to let your lawyer send the email....di gagalaw mga yan kung di mo tatakutin w/damages...

I second the motion... one year is too much waiting period na.

Kung tutuusin pwede na si TS mag demand ng refund. Mahirap ka deal yang ganyan na on the onset pa lang may sablay na.

Lancaster ba yang ka deal mo TS?

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[jefbuan]

what if kung magbackout kmi,we already signed na yung contract to sell pero sa bank approved na yung loan pero di pa kami ngconfirm at nagsign ng documents. nadadalwang isip si misis ngayon,,may nakita kmi kasi na worth sa 3M..pwede pa ba refund yung downpayment?or what if same developer pero iabmg unit naman

[jodski]

what if kung magbackout kmi,we already signed na yung contract to sell pero sa bank approved na yung loan pero di pa kami ngconfirm at nagsign ng documents. nadadalwang isip si misis ngayon,,may nakita kmi kasi na worth sa 3M..pwede pa ba refund yung downpayment?or what if same developer pero iabmg unit naman

Review the terms and conditions na provided ng developer... andun yun for sure.

Inform your bank account officer also. It doesn't hurt to clarify these matters with them kasi nga ikaw ang client

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[newtocar]

I second the motion... one year is too much waiting period na.

Kung tutuusin pwede na si TS mag demand ng refund. Mahirap ka deal yang ganyan na on the onset pa lang may sablay na.

Lancaster ba yang ka deal mo TS?

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Ibang developer paps.

[jefbuan]

80% palang pero is this worth 3M?city loc 100sqms 3 beds 2 toilets..