RFS clients successfully bid at auction for PP of $2,560,000. Loan required is $2,020,000. Valuation was done and came in at $2,210,000, so maximum loan would only be $1,768,000. Clients are over quarter of a million short.

Our process involved working closely with the agent. We got all the background on the number of bidders, number of bids and different bidders above the valuation amount of $2,210,000. We also conducted a comprehensive list of comparable sales. We compared every valuation area & noted a discrepancy with land size which enabled us to challenge valuation. Valuer then worked with us.

End result new valuation from same firm - at $2,560,000, Formal approval on original loan amount of $2,020,000.