Absa
Unhappy with bond approval amount from ABSA

We have a client who has purchased a property in Green Point & requested finance from ABSA - R1.5 mil - ABSA approved the finance in principal subject to a valuation. Valuer was on his phone most of the time whilst conducting inspection & we received a call from Seller to express his concerns. The valuer subsequently lodged his report which was for an amount of R1.1m! Immediately we provided the bond originator with supporting docs to support the selling price of this property - ABSA in return declined & said the property was bought in the 'good years'! To make things worst ABSA contacted the buyer & told him they couldn't find value even before we had a chance to appeal decision. We find this very unprofessional & disappointing. The buyer viewed a number of properties before making a decision & luckily wasn't prepared to give up so easily! Units have sold for - 1.5m in the same complex over past year, but still ABSA can't find value. We need an explanation as to why you financed property for 1.3m in 2007 and now 1.1m?? I will not advise any of my clients to use ABSA in the future. This is absolutely ridiculous!

Company: Absa
Country: South Africa
City: Cape Town

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