Essentially unlimited, free desktop valuations.

[Richard Feynman]

How well do you know your local market china?

PPdata is lagging behind slightly (market is still rising around me, not sure exactly how far behind their data is - anyone know? A month?) but I'd say I'm sitting about 3-4% higher than the CBA val on my place right now.

When I estimated the value of my place maybe 6 months ago, I was over by less than 1% (market was rising then too, and I factored the a short lag time in, otherwise I'd have estimated bit higher but didn't want to force a curb side val by trying my luck).

 

[Singo]

This thread should be moved to the "property finance" section of the forum.
Thanks

 

[Shahin_Afarin]

The RP Data valuations give out basket case valuations. Im finding some to be extremely conservative and others to be extremely generous.

 

[Colin Rice]

I also provide free property reports (same as the real estate agents use) via ANZ broker site which is gleaned from RP Data. They are also called CMA (Comparitive Market Analysis) and list a low, mid and high price as well as recent comparative sales and rentals in the surrounding area. From experience the mid price is usually reasonably accurate if the property is typical compared to kerbside and full valuations that have been conducted with another bank.
Went to a PD day in April/May via CBA commercial and the head of a valuation firm made a comment in regards to the valuations they had conducted over a 3 month period and then tracked them against actual sale prices and they had a 1% variance overall.
Important to remember that most people over estimate the value of their properties and actual list price is usually higher than the sale price traditionally.

 

[china]

Important to remember that most people over estimate the value of their properties and actual list price is usually higher than the sale price traditionally.

List price is usually higher than sale price for a few reasons.

1. The selling real estate agent needs to convince vendor that he can sell at a high price to obtain the listing.

2. The list price is deliberately set higher to allow for negotiations with the buyer wherein some discounting must be allowed.

Most people in the community have no good idea of their properties' market value, present forum company excepted.

 

[spludgey]

Is that value what CBA will use as their desktop valuation if I apply for an 80% LVR refinance?
It'd be great if it was, you'd know exactly if it was worth refinancing or not without having to jump through any hoops.

 

[Shahin_Afarin]

Is that value what CBA will use as their desktop valuation if I apply for an 80% LVR refinance?
It'd be great if it was, you'd know exactly if it was worth refinancing or not without having to jump through any hoops.

Do you mean can you do an RP valuation prior to submitting an application to CBA? If so then yes.

 

[Hoffy]

I wonder if they will use this 'data mining' to contact you if your valuation drops and hurts your LVR??

You think they don't continuously monitor the security value of their book?

 

[china]

I think the website onthehouse.com.au which also gives free valuations must also use the same RP data as the CBA site. I find the same value for my ppor here as the cba site.

 

[Singo]

I think the website onthehouse.com.au which also gives free valuations must also use the same RP data as the CBA site. I find the same value for my ppor here as the cba site.

May be not. I just checked a property of ours. onthehouse.com.au gets a recent sale amount, CBA's tool a better valuation and pricefinder is generous. We have actually used equity from that property and the figure we gave was in between CBA and Pricefinder and it was accepted with a desktop valuation.

 

[Colin Rice]

A little tip for the punters at home. ANZ offer what is called modelled estimates aka desktop valuations. I have found on numerous occasions that the "modelled estimate" is 10% higher or more than other vals from other banks and has never been disputed up to a 90% LVR inc. of LMI. This has meant the difference between a deal and no deal for both me and my client as is definitley worth exploring if you come up short with another banks valuations. There are some quirks that can trip you up if you are unaware though!

 

[china]

A little tip for the punters at home. ANZ offer what is called modelled estimates aka desktop valuations. I have found on numerous occasions that the "modelled estimate" is 10% higher or more than other vals from other banks and has never been disputed up to a 90% LVR inc. of LMI. This has meant the difference between a deal and no deal for both me and my client as is definitley worth exploring if you come up short with another banks valuations. There are some quirks that can trip you up if you are unaware though!

So what you are saying is that ANZ will give better desktop valuations over other banks should I wander into their branch and speak to their lending manager?

 

[Richard Feynman]

Is that value what CBA will use as their desktop valuation if I apply for an 80% LVR refinance?
It'd be great if it was, you'd know exactly if it was worth refinancing or not without having to jump through any hoops.

I do not KNOW, but I think so, yes (based on my experience, which is a tiny sample).

 

[Aaron_C]

So what you are saying is that ANZ will give better desktop valuations over other banks should I wander into their branch and speak to their lending manager?

Well it's best if the broker does it so you don't waste a credit application.

 

[Richard Feynman]

Posting this for my benefit as much as that of anyone else.

My suburb has been going crazy the last few months. Looks like the data is catching up. The estimated value of my PPOR on the CBA site just lifted over $10k. Nice to know.

Again, for my benefit.

System is having some issues currently. Value estimation on my PPOR just went up $60k..

 

[Richard Feynman]

Again, for my benefit.

System is having some issues currently. Value estimation on my PPOR just went up $60k..

And another $8k today.

Hm.

Anyone else in Sydney/Inner West noticed upward movement on their values?

 

[Rolf Latham]

And another $8k today.

Hm.

Anyone else in Sydney/Inner West noticed upward movement on their values?

the market is almost breathless : )

ta
rolf

 

[Richard Feynman]

And another $8k today.

Hm.

Anyone else in Sydney/Inner West noticed upward movement on their values?

...and another $63k.

Ok, this is beyond ridiculous.

 

[RetireRich101]

CBA desktop valuation

Question for the mortgage brokers:

Is it only CBA use rpdata automated valuation as the desktop valuation? What do other banks/lenders use for desktop valuation?

For 80% LVR, are you consistently successful in convincing CBA to use this desktop valuation if this valuation is to your clients favour?

How would you as a mortgage broker argue with the CBA to use desktop valuation(assume higher valuation than kerb/street and)


I have this dual occupancy ( front house + granny flat), the Valex come in as $520K while rpdata desktop come in as $575K. With my research and RE advise the property should be closer to the desktop valuation range

 

[Colin Rice]

No. Many use RP Data.

Yes. CBA will accept desktops to 80%.

I dont argue with banks. I give them what they ask for so I get what I have asked for Do the desktop first and if it works run with it. If you think a full or kerbside will be higher bear in mind they will default to what ever is lower.

Was Valex a kerbside or full walk through? If yes may be tricky to alter. Try a desktop with another lender to see if you get a more favorable result.