getting bank loan for over valuation property
Dear all,
recently property prices had risen quick a lot causing property valuation to be lower than asking price. I had been eyeing a particular property which is priced about 70k above valuation. as banks are mainly offering 80% financing, i have to pay more than 200k cash for the property.
question is: is it true that because less caveat are being lodged, valuators cannot correctly value a property at its current price? what can be done to get banks to valuate higher so that i can get a bigger loan amount (and less cash over valuation payment)?
thanks!