Bank Valuation

[Casserole Dish]

We've been recently valued by someone the bank has sent. Twice actually as we were shopping around for finance at the time (before we got onto Steve) Anyway one was at the banks own cost and the second at our cost. Both came in within 5000 of each other and was a comfy bit more than what we paid 18 months ago.

My hubby has done a fair bit of work though and the numbers seem right to us.

The second was a VERY young lady (some could assume 'inexperienced') who seemed really quick and just inputted the info into her little computer and was gone as quick as she'd come.
Well she valued it the highest. We are happy with the valuation and to our mind we think she did a great job, ofcourse!
Just my little story to add to the mix.

 

[Propertunity]

In which case, why would anyone care if it was ordered by the bank or by them

Well for one thing, if the val did not come up to your expectations, you could save yourself the bother of a loan application and another hit on your credit file.
For another, you could get a second opinion from another panel valuer who might give you a higher val.

In past times I've had some vals done by penguins that were 20% lower than a second val done by another panel valuer.

 

[Nemo]

Westpac Valuer

Interesting read

I looked at the info rang the bank to get a list of the panel valuers. I built a house in 2008. At that point they valued the land and house @ 351000 for a construction loan @ 90% lvr - 4 Bedroom singlestorey 26sq on 550sqm land in Roxburgh Park Victoria.

This area has gone through some increase most likely due to influx of FHOB.
anyway the point i'm trying to get to is who out of this have u had experience with and would recommend.

Charter Keck Cramer 9425-5555
Herron Todd White 9607-6706
Landlink Property group 1300-786022

Cheers
Nimesh

 

[RumpledElf]

The second was a VERY young lady (some could assume 'inexperienced') who seemed really quick and just inputted the info into her little computer and was gone as quick as she'd come.

Geez, we had two not-so-young blokes with clipboards through, poking into every room, taking notes and taking photos. They were there for half an hour on both properties, with a big wad of paper with RPData written on top.

One val came up what I said it would come up and the other came up 40% more than we bought the house for 2 months earlier.