Quick update

We received a second valuation from another company and thankfully it came in higher than the previous one. Even though it would have been better to get the full construction amount we are much better off now.

I am leaving for a business trip tomorrow and won't be back till December. We're predicting that the slab will not be poured until then but have already organized an Independent Inspector in case we get to slab stage during my absence.

As of today this is what's pending:

• Developer Design Approval
• Final loan approval (construction)
• Land Title and Settlement 
• 2nd Soil test after Title
• Building permits
• Final construction drawings
• Post Contract Variation document

Unfortunately all the above will happen throughout November so my Fiance will be quite busy on her own.

Some updates

The last few days have been pretty busy regarding our build. Here are some updates we received.

Bank:

• Second valuation to be ordered from a different company
• Rejected the stage payment schedule PD have requested

Builder (BC):

• Updated electrical layout as follows:
• Added Switch Plate at Front Door for internal lights
• Added 2x 2 way switching cost to lights in hallway
• Reconfigured switching as per client request
• Moved switch in laundry to beside door/linen cupboard
• Amended our colour selections to reflect architraves/skirting/internal door colour as 'White'
• Accepted bank's request to go back to the standard HIA progress payment schedule

We have our fingers crossed that the next valuation comes in higher than before otherwise we will have to pay some LMI. 

Bank valuation woes

Seems like I was right to be nervous. The bank valuation has come in MUCH lower than our contract price. This is really disappointing since it was the only major hurdle left to ensure we can go ahead with the build.

The bank will contact me tomorrow to discuss figures but I'm fairly sure I know the exact amount we need to make up the difference. Hopefully we have other options other than having to pay LMI.