How do I know how much the property is worth; I dont really know that local market?
We research properties throughout Queensland looking for the best value. The majority of money to purchase your investment does not belong to you. It belongs to the bank! Put simply; its not your money; its the banks money and they will have the property independently valued to protect themselves and to ensure their money is safe. When they value the property, they are only interested in mortgage purposes not fair market value. That means if it doesnt represent good value, they will not approve your loan.
