How to get a better valuation

[sammmeee]

Our worst investment has been our PPOR we sold and bought at the peak of the market 2007 and have only now just seen increases.

We had a valuation last year Feb I think that was really bad. The valuer in my eyes was incompetent. On the valuation it said it was 1 story. Our is 2 story with views of a lake..we have a garage not a carpot ect ect anyway we got the valuation I was pretty annoyed and new it was wrong...2 weeks later our neighbour sold their house for 150k more than our valuation theirs was a smaller hillier block no views 1 story but did have a pool...

We will now be having another valuation on friday. Is there any quick ways people suggest to get that higher val. Or is it not worth doing anything other than cleaning up?

 

[Mitch1]

Perhaps have documentation showing recent sales in the area and present it with a comment like 'here is one without lake views that sold recently'

Yes, definitely have it looking presentable, clean and clutter free, curtains and blinds wide open to show views and use outdoor areas to their best advantage.
Outdoor seating area, cushions, nicely arranged plants etc

Have your rates bill available showing undeveloped value maybe as well.

Don't follow them around pointing everything out but if you have done any upgrades since purchase have costs documented and available as well.

Show them documentation on arrival and leave them to do their bit

Good luck, sounds like your last one was a disaster, did hey actually visit the property???

 

[Spades]

Obviously a desktop valuation.

 

[sammmeee]

Nope not a desktop...a junior burger valuer.

Her comparables were laughable. I didnt argue the valuation as it wasnt for a refi or pull of funds just to see where we stood with all properties..the good news was all our IPS had good valuations.

I wont be there when he arrives. I will do up a sheet of reno's and comparables. The valuer can choose to use it or throw it in the bin, but at least I know I have done everything I could do.

What education do you need to be a valuer for banks/todd herron ect (not real estate agents).

 

[Spades]

Farout,That is a pretty bad walk through val.

Must be on P plates after 18months.

 

[Rolf Latham]

let them do their job is usually the best way I have found unless huge renos have been undertaken

if ur loan doesnt have lmi and isnt fixed then you have some valuer choice anyways.........

ta
rolf

 

[Scott No Mates]

What education do you need to be a valuer for banks/todd herron ect (not real estate agents).

Assoc dip. valuation as a minimum but more are leaning towards the B Land Economics.

If the val incorrectly identified the property then you are within your rights to query it.

I had one recently which showed a road reserve not the instructed infrastructure/industrial lot. Not significantly different in value but different contamination and zoning issues.

 

[boeman]

Valuers normally have a degree, and then do training and submit valuations before sitting for their licence. I watched my friend go through it and it is not an easy thing to become a licenced valuer. Trust the people to do their job.

Also, what you can sell your house for and what a bank values it at could be worlds apart.

 

[Mitch1]

Valuers normally have a degree, and then do training and submit valuations before sitting for their licence. I watched my friend go through it and it is not an easy thing to become a licenced valuer. Trust the people to do their job.

they tried that and it listed a 2 story as a 1 story along with other issues, that automatically devalued what the property should have been worth?it's ok to 'trust' but you still have to follow through.

Also, what you can sell your house for and what a bank values it at could be worlds apart.

Absolutely!

 

[sammmeee]

update:
Valuations came in both for new Ip and PPOR..both at valuation estimate eg contract price and what broker told them PPOR was worth.