Desktop Valuation...?

[monalisa]

Hi all

Just wanted some views on desktop valuation.

I am with CBA, and thinking of requesting a desktop val of my PPOR to see if I can extract some equity out for the next project - will help, as it will bring forward the next purchase by at least 4 to 5 months (if the val is as I expect!).

There has been sales on the street for similar properties (villas) which have been higher than the val I got in Sept last year, albeit these were street facing, and perhaps the land may have been a little bigger than mine (marginally!). I am unsure if much of this is picked up in a desktop val, and may work to my advantage.

I am aware it will hit my credit file.

Would appreciate some feedback.

Thanks
Mona

 

[agent007]

Hi all

Just wanted some views on desktop valuation.

I am with CBA, and thinking of requesting a desktop val of my PPOR to see if I can extract some equity out for the next project - will help, as it will bring forward the next purchase by at least 4 to 5 months (if the val is as I expect!).

There has been sales on the street for similar properties (villas) which have been higher than the val I got in Sept last year, albeit these were street facing, and perhaps the land may have been a little bigger than mine (marginally!). I am unsure if much of this is picked up in a desktop val, and may work to my advantage.

I am aware it will hit my credit file.

Would appreciate some feedback.

Thanks
Mona

Have you checked www.onthehouse.com.au ?

Your broker can request a val before putting an application through thus, if no application to hitting on credit file.

 

[monalisa]

Have you checked www.onthehouse.com.au ?

Your broker can request a val before putting an application through thus, if no application to hitting on credit file.

I haven't checked onthehouse.com.au, but am aware of sale prices.

 

[devank]

My ANZ mortgage manager asks only few basic questions.
- Land size
- Building age and type
- number of rooms, bath & car space
- any renovations

So I assume that is all the desktop valuation needs.

You can always test it with www.onthehouse.com.au to see if the latest sales are picked up.

 

[Rolf Latham]

CBA...........

ummm

pay 99 bucks for a Client ordered val

get val

if val sad, dont proceed, no credit hit

ta
rolf

 

[monalisa]

CBA...........

ummm

pay 99 bucks for a Client ordered val

get val

if val sad, dont proceed, no credit hit

ta
rolf

Thanks Devank and Rolf.

Is it still $99? Just wanted to try desktop val - rather than arranging time with someone etc... I know not good enough...

 

[Shaneelastic]

What if the desktop val comes back higher than expected, good i know for the borrower.

 

[monalisa]

What if the desktop val comes back higher than expected, good i know for the borrower.

Well - last time I tried (and it didn't work!), they asked me to pick a number I thought it was worth, and as it didn't come through, they requested a full val.

 

[Peter_Tersteeg]

CBA valuation is $99 with the correct discount code. "quality"

This changes periodically.

 

[Rolf Latham]

Just wanted to try desktop val - rather than arranging time with someone etc... I know not good enough...

I think we have had this chat before

Do you want to do whats right and get a useable result, or do whats convenient but likely a waste of time and resources

Nah, didnt think youd be the convenience type...........


ta
rolf

 

[monalisa]

I think we have had this chat before

Do you want to do whats right and get a useable result, or do whats convenient but likely a waste of time and resources

Nah, didnt think youd be the convenience type...........


ta
rolf

Yes, do want the results.

I will sit with it and see what intuition comes up with and will be in touch if the gut says yes

 

[Aaron_C]

Hmm desktop vals...gotta love it when those things value a CoS transaction at 5% lower each and every time! Bank of Melbourne / St George are the biggest culprits in this.

 

[Jake D]

CBA valuation is $99 with the correct discount code. "quality"

This changes periodically.

You have to tell valex you're a broker to get the option to input a discount code, or ask a broker to do it for you.

 

[Jamie M]

Hmm desktop vals...gotta love it when those things value a CoS transaction at 5% lower each and every time! Bank of Melbourne / St George are the biggest culprits in this.

A little off topic but is it just me or does it seem like their upfront vals take forever to come in?

Cheers

Jamie

 

[Domma35]

Hi all

Just wanted some views on desktop valuation.

I am with CBA, and thinking of requesting a desktop val of my PPOR to see if I can extract some equity out for the next project - will help, as it will bring forward the next purchase by at least 4 to 5 months (if the val is as I expect!).

There has been sales on the street for similar properties (villas) which have been higher than the val I got in Sept last year, albeit these were street facing, and perhaps the land may have been a little bigger than mine (marginally!). I am unsure if much of this is picked up in a desktop val, and may work to my advantage.

I am aware it will hit my credit file.

Would appreciate some feedback.

Thanks
Mona

I'm new to this and thinking of getting my PPOR valued for the same reason.

If you get a val, does that come up and on your credit file? Is this a bad thing? Sorry if these are basic questions.

 

[Brady]

The Bank will only order/pay for a valuation if you are completing a application. An application will be recorded on your credit file.

If you wish to pay for your own valuation you can order/pay for one through https://vx.valex.com.au/client/ordering/consumerordering.php?cl_id=8694 this valuation is recognised by CBA as should be able to be used if you end up proceeding with an application.

Cheers Brady

 

[Aaron_C]

If you get a val, does that come up and on your credit file? Is this a bad thing? Sorry if these are basic questions.

It does not if it's an upfront valuation rather than a valuation through part of a credit application.

 

[matto_]

What would trigger the bank to go for a full val over a desktop val (LVR, poor estimate of value by client)?

 

[Aaron_C]

What would trigger the bank to go for a full val over a desktop val (LVR, poor estimate of value by client)?

The LVR usually. For anything over 80% then definitely a full vall would be needed if a long time as passed.

 

[Brady]

What would trigger the bank to go for a full val over a desktop val (LVR, poor estimate of value by client)?

The bank has a valuation assessment system, which takes into account different factors, but LVR is one of the main facotrs. It will also take into account previous valuations.