Reported in the Australian Financial Review: Apartment lender AMP 'blacklists' more than 140 suburbs for apartment lending
Average losses were about $40,000, or about 10 per cent, between agreement to buy and pre-settlement valuation, which is required by lenders to assess any changes in value and he amount of money a lender can borrow.
Buyers have to bridge the gap between the purchase price and final valuation, which can result in contract breach, deposit loss and, potentially, legal action by vendors.
Link: Originally reported by the Australian Financial Review
Date: March 23, 2016 at 11:42 AM
Reporter: Duncan Hughes
Published by: Australian Financial Review
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Category: Australia Real Estate