All valuation platforms owned by RP Data

With ANZ's sandstone, AMP's upfront valuation system and Valex (Cba and Homeside) all being owned by RP Data do you think you would get different Valuers if you ordered valuations with all lenders at the same or near the same time (assuming all valuers or on all the lenders panels)?

I guess my question is it a random allocation OR is it not random?

Assuming a valuer is on all panels and have recently been assigned to an address will they will get more jobs for that address as they come in?

I am curious to know what's going on in the background as I have a developer client who is trying to avoid one Valuer who has a rep in the town in question as coming in lower than others.

Any thoughts rightvalue? Other brokers?
 
Marty the selection is purely random by the computer. However, I understand there is some built in flexability for reallocation

Please keep in mind that Valuers are like Finance Brokers...... some will make you happy and some will make you sad.

But in the end even very good ones cant help you if the LVR aint right.

Being a bad valuer is easy just always make the sales fit and match the client EMV.:D
 
Marty the selection is purely random by the computer. However, I understand there is some built in flexability for reallocation

Please keep in mind that Valuers are like Finance Brokers...... some will make you happy and some will make you sad.

But in the end even very good ones cant help you if the LVR aint right.

Being a bad valuer is easy just always make the sales fit and match the client EMV.:D

But what is a bad value? One who protects their reputation & the lender's risk or the one who values to satisfy borrowers who are not their client?
 
Yeah thanks Rolfie. Seems old school doesn't it, like when lenders asked us who we wanted on their panel.

......I understand your pain and exasperation Marty. That is why I asked the question on another thread .......should Bank Managers be licenced?.

Your licenced and Im licenced and to have an unlicenced Bank Manager naively asking you guys who you want on the valuers panel is a recipe for a fools paradise from a prudential point of view........... but on the other hand its great for the trailing commission.
:D
 
............most valuers are ok. Just the ocassional one that has the Goldilocks Syndrome.

Or the occasional one like I got recently who decided to dabble as a lenders man on the ground building inspector and held up an exchange due to a leaking bath tap causing water damage to the paint on the other side of the wall.

Lender wouldnt sign off till they were satisfied there was no structual damage... its a brick and render wall, no timber or gyprock!

I had to get a proper building inspector to come in and charge $280 to write a report that there was, you guessed it, a leaking tap fixture, which I already knew!

The stupid thing was the lender would not allow me to spend the $280 on a plumber to fix the issue... they said that a plumber was not qualified to note the extend of the water leak. WTF?!!
 
Shine the light and watch them scatter

Or the occasional one like I got recently who decided to dabble as a lenders man on the ground building inspector and held up an exchange due to a leaking bath tap causing water damage to the paint on the other side of the wall.

Lender wouldnt sign off till they were satisfied there was no structual damage... its a brick and render wall, no timber or gyprock!

I had to get a proper building inspector to come in and charge $280 to write a report that there was, you guessed it, a leaking tap fixture, which I already knew!

The stupid thing was the lender would not allow me to spend the $280 on a plumber to fix the issue... they said that a plumber was not qualified to note the extend of the water leak. WTF?!!

...they didnt want the deal
 
I had the same house valued for 2 different lenders. Spaced 2 months apart. One came in at $1.5m, the other at $900,000. Very strange world indeed.
 
I had the same house valued for 2 different lenders. Spaced 2 months apart. One came in at $1.5m, the other at $900,000. Very strange world indeed.

Not really Aaron.....valuation is an inexact science.....which in large measure requires a considerable level of experience to see through some of the BS and lender pressure that exists in the real estate world.

Some valuers are just not as experienced as others.

Alternatively, the reality might be that the $1.5M may have been a penthouse view whilst the $900K was the basement.........they may be quite valid on a good or bad selling day.
 
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