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I do recall the valuer commenting that he had never done so many pre-auction valuations before. Yes, it is not the wisest thing to do, however that's obviously what some financiers are doing with preapprovals.

We had a situation recently, where a buyer arranged a preauction finance application, and a valuation was done. The buyer ended up bidding above the valuation (which we believe was too low) and at figure which we believed was closer to fair market value. He ended up having to place his...