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Btw RV I also agree re the risk involved, why come back 15k above etc but once again we aren't talking a small amount here. I believe he was out by 68k at the very least and that is being conservative. This was an unusual property which no doubt was harder to value but ultimately he is a...

RV, I agree with your post and I've never had an issue with a valuation before and we mustve bought and sold close to 20 places. My point is occasionally they get it wrong and this was one of those cases. I know the area intimately, it is the 6th property with development potential I've...

fair enough. yes LMI was involved which is another reason i did not dispute, was not worth losing the deal over it.

ultimately it is not the end of the world as im developing the site and will start selling in 6 months or so but the extra cashflow from a proper valuation would certainly have come in handy

i must admit im surprised that people believe valuers are infallible. just like every profession there are the good, average and incompetent. in this case i got the incompetent.

that argument could certainly be made, and is often made, but like a lot of sweeping comments such as property prices will increase/decrease this year by 15% etc, is often incorrect when applied to individual deals.

the valuer can go beyond that sale price by doing his job, which is to value the land correctly. he put the value as $520/sqm when comparables were $630-680, without even taking into account the fact that the existing properties could be retained. as mentioned before, this was a property that...

i needed to push it through as had made a cash offer with a long settlement months before then so did not dispute.

no one is talking 10k this was bought for 632k, a retainable block with 2 x 2x1s on it. land value alone excluding improvements was just under 700k, he undervalued it by over 100k which im pretty comfortable saying considering someone offered me that (verbally) barely 2 months later i read the...

i recently bought a property significantly under market value and still the idiot valuer came back at purchase price. This is definitely normal.