Bank V private valuation.
- Thread starter Dylan33
- Start date
pretty good, but make sure the valuation company you choose is on the lenders panel. You could always just ask the same valuer to do a full val instead of a kerbside, that might also help.
before you do anything though, try doing some research yourself. Find some compareable sales. Chances are if you cant find them, or cant be bothered, neither can the valuer.
before you do anything though, try doing some research yourself. Find some compareable sales. Chances are if you cant find them, or cant be bothered, neither can the valuer.
Which bank was it with. In many cases it's fairly easy to get the bank to pay for a full valuation but for you to receive and control it!
Hiya
Your broker can force a FULL valuation on the basis of unique internal features, which this is
ta
rolf
Your broker can force a FULL valuation on the basis of unique internal features, which this is
ta
rolf
Very easy to upgrade a drive by valuation to a full valuation with ANZ via your broker.
Chances are however, that you'll get the same valuer and get the same result as was the case with a deal I had done a few weeks ago.
Hi Collector
that needs to be qualified a little.
rarely will a lender do a Desk or kerb on an EXTERNAL refinance.
here we are usually talking an internal refi, OR in the STOOPID anz process, a loan variation say from IO var to IO fixed
ta
rolf
Banks always come in lower.
Bank just revalued something of ours. Told us X. But said we can probably sell it for X + 80% if we tried.
Bank just revalued something of ours. Told us X. But said we can probably sell it for X + 80% if we tried.
cough..............
so your bank val came in at say 400, but you can sell it at 720 ?
Time for a new bank Sir
ta
rolf
If its an issue, have a go with another lender thence valuer.
Variations of 20 % on val on external refinance are uncommon, but not that rare either.
Once a month for us.
ta
rolf
I suspect that there are a couple of factors here.
The first is that banks seem to be more conservative these days after the excesses of the last decade. So they're probably erring on the side of caution. After all, it's their money on the line.
The second is that owners are notorious for overestimating the value of their property, with research finding substantial gaps between their expectations and reality. (Between 10% and 20%.)
The first is that banks seem to be more conservative these days after the excesses of the last decade. So they're probably erring on the side of caution. After all, it's their money on the line.
The second is that owners are notorious for overestimating the value of their property, with research finding substantial gaps between their expectations and reality. (Between 10% and 20%.)
there is that...........but to a large extent we can arrest that at the white picket fence gate with some desktop vals work which is also partially unreliable.
The LAST thing a broker wanst to do is spend $800 to $ 1500 of its resources only to find the property owner has overestimated the val by such an extent that the deal doesnt fly.
The same goes for a lender, but they learn slooooooooooooowly too
I was speaking with a large second tier lender the other day who canned their "upfront vals" process that they had trialled, with 20 % of vals actually going through to applications.
Without a doubt their process was being misused, and they could not clearly separate the "dead deals due to val" from val shoppers.
ta
rolf
So how is one supposed to make an offer on a property with the crazy anz process of, of, of,..... i don't even understand what the process is now!
They tell me to tell them what I think it's worth and apply for that figure. They then will yay or nay it.
Which is why it's very important to have a buffer. Always budget for a 10% low valuation, which will mean you will need another ~10% of the purchase price in extra cash/equity to settle comfortably. Gone are the days where you could bid unconditionally at auction on a 95% lend with no Plan B!
Overstating your estimate of valuation does not get you what you want.
There was one broker who a couple of years ago was probably adding 40% to the clients estimate. Dammed annoying and held up the processfor a week at time. When I get a crazy estimate I often ask the owner where they got it from only to be told they think the property is worth a figure (often close to value) but their banker/broker wrote something much higher down. One day I may take one of the brokers to VCAT for misleading and deceptive conduct for that.
Valuers do not simply deduct $x or %y from a figure and value to property at that figure.
What it can do is slow the valuation process down considerably as the valuer will have the incorrect sales evidence with them so they have to go back another day to look at comparable sales.
The other day I was doing a dispute valuation (a second check valuation). The owners Estimate was $800k. I was pretty sure it was way out from the RP Data photo so took sales evidence in two price ranges. I valued it at $540k. It turns out the first valuer had valued it at $525k.
BTW This suburb has properties that sell from $375k to nearly $1m (rare but happens), with a median probably around $450k.
