Appraisals by agents

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From: Rod Myers


H i back again. I have been getting local agents to do market appraisals on my home, ie how much is it worth on the market.
Can you believe them ? Some advisers say take off 20% of what they say, other say that they understate the price. I asked one agent he was a little offended and told me "I only give accurate appraisals (prices)" Who is right? What are your experiences?

I will be increasing my LOC so I need to know how accurate they are. Realising that the bank may see things differently.
 
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From: Les .



G'day Rod,

Since you are looking at wanting to appraise your PPOR so that you can draw against it, you will probably need to arrange a "valuation for finance" rather than just a "market appraisal".

If you are planning to use the same Bank, find out from them who their panel valuers are, then have one of them appraise it. That way, you know the Bank will accept the valuation when it is presented.

And DO search the forum for ideas on "valuation" as there have been several learned folk posting ideas on "how to" set up the situation to your advantage.

Re agents, we asked for a "market appraisal" on our PPOR a few years back, had three RE agents put forward 3 vals. - and the best val was 50% HIGHER than the lowest .... Go figure ;^)

A registered valuer would set you back around $150 in Bris-Vegas - don't know of other cities.

Regards,

Les


- "Eschew Obfuscation" - ;^)
 
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From: Steven Oliver


Rod,

I just had a valuation done yesterday for the purpose of increasing my Line Of Credit. I contacted the bank directly and had a lot of trouble finding out the name of the valuer they use, so I went through a mortgage broker instead and found out straight away.

I then went to 3 real estate agents for 3 different market appraisals, all came up at between $160,000 and $165,000. From past experience I thought I'd be lucky to get the valuer to agree to a $160,000 valuation because they are usually more conservative than the agents.

Anyway, I showed the valuer my 3 market appraisals along with my own research showing similar properties in the area selling for over $160,000. The result of the valuation - $175,000! So you never can tell.

I'm going straight to the bank on Monday morning to increase my line of credit.

Regards,
Steve.
 
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