As the real estate market enters a period of adjustment, many owners who bought uncompleted properties one or two years earlier entered the market when property prices were at their peak. By the time the property is resold, property prices may have already accumulated a considerable decline; in addition, banks have become more prudent in approving mortgages. Under such circumstances, there is news from time to time that buyers who purchase new projects during the construction period are faced with the dilemma of placing an order and raising money at the meeting due to insufficient valuation. There are also luckier buyers who can find a way to "evaluate the full price". ” Instead of having to raise money to go to the meeting, apart from choosing immediate financing, is there any way to make it easier for buyers to find a mortgage plan that is fully valued?
In the past, the real estate market atmosphere was good, transactions were brisk, and it was extremely rare for banks to undervalue properties. However, the real estate market has entered into an adjustment. Even after the real estate market "winds down", there is still no obvious rebound trend for the time being. Coupled with the lack of clarity on the pace of interest rate cuts in the United States, it is a real hardship for owners who bought off-the-plan properties two years ago during the construction period and are about to take them back.
The order was not placed or the price difference was charged
Some buyers decisively choose to place an order, but the risk of ordering is not small. After all, in addition to losing the deposit, the buyer also has the opportunity to have the developer collect the price difference in the future. Once the unit in question is resold and the amount is lower than the original purchase price, the The buyer has to pay an extra sum to the developer, which is undoubtedly adding to the injury. If a buyer discovers that the bank's valuation is insufficient when applying for a mortgage, he or she does not necessarily need to raise funds immediately. Instead, he or she can try to check with several banks, especially with specific banks. This is because the bank’s mortgage approval is relatively flexible.
Although buyers may not be able to obtain adequate valuations from large banks, they may be able to do so if they have the opportunity. There is a case where the buyer was able to successfully estimate the full price and go to the meeting even though the difference between the valuation by a major bank and the purchase price was nearly one million, without having to raise any money. Although undervaluation means a loss on the books, it is not necessarily a bad thing if you do not want to face the double risks of underwriting. If you are worried about valuation issues, the author suggested earlier that the best solution is to transfer the property immediately. After all, it can avoid long nights and dreams, and the dust will settle earlier, reducing the risk of undervaluation in the future.
Allow more time to apply for a mortgage
However, the author also understands that starting payments early may not be easy for some buyers to afford. After all, the current interest rate is high, and the financial pressure of suddenly starting to pay for a property may be very heavy. Buyers can contact several banks in advance to inquire about mortgage matters, or they can entrust a reputable mortgage referral company to understand the latest mortgage approval status of the bank. , to know ourselves and our enemies.
If it can be known in advance that large banks are having difficulty in fully valuing the housing estates concerned by applicants, they should transfer the target to smaller banks in advance. Especially when banks are currently slowing down their mortgage approval process, identifying the target early will also help increase efficiency and truly do the job. Good risk management.