NAB valuers

[Et_Abi]

I am in the process of getting my properties valued and one came back well under expectations, my PPOR which we have spent alot of money renovating and the valuation came back less than what we bought it for.

I asked the NAB about it and they ordered an internal valuation ..... has anyone had any luck getting the valuation turned around ??..... or better yet sweet talking the valuer to give you the number you want haha


cheers

 

[Jamie M]

Hiya

Getting a val overturned is not easy.

Best bet is to usually order a couple more upfronts/desktops with other lenders and see how they go.

There's a lot of things to consider before committing to a refinance though.

Cheers

Jamie

 

[SOP]

Do you have any comparable sales to support what you think it is worth?

 

[Brady]

Renovation $ spent doesn't equal same amount of value increase.

What type of valuation was completed? Did the valuer come inside the property

Valuers need to provide comparable sales to justify the value. Do you have comparable sales to show why you think it's worth more? Just because you purchased for more doesn't mean it's worth more. I've had success challenging valuations for clients, but had clear comparable sales. In some cases the valuation company will look at these other times I've had to get a secondary valuation completed by an new valuer.

 

[Peter_Tersteeg]

I asked the NAB about it and they ordered an internal valuation ..... has anyone had any luck getting the valuation turned around ??..... or better yet sweet talking the valuer to give you the number you want haha

You've indicated that NAB has done an internal valuation, so this suggests to me you've gone through the branch channel.

In many cases, the NAB will get one of their own people internal staff to create a quick valuation based on an RPData report or similar. This type of report is unreliable at the best of times and will be especially unreliable given the current market. They do this because it saves the bank money.

It's worth pointing out that sometimes unreliable works in your favor, sometimes it doesn't (as appears to be the case here).

The good news is, brokers can order a PROPER valuation for the NAB which will OVERRIDE the result you've got because it's done by an actual registered valuer.

Normally I'd agree that it's difficult to challenge valuations, but in this case there's a fairly easy work around. Ordering a real valuation in this case costs you nothing, give me a call if you're interested.

 

[Brady]

Et_Abi have you advised the bank that you're not happy with the valuation and requested them to challenge the valuation or compete a full valuation?

 

[Jamie M]

You've indicated that NAB has done an internal valuation, so this suggests to me you've gone through the branch channel.

Ahhh one of those valuations

If that's the case then get a normal upfront one ordered (might have to go via broker channel if branch cause dramas) and have a 3rd party valuer inspect the property.

Cheers

Jamie

 

[Rolf Latham]

Ahhh one of those valuations

If that's the case then get a normal upfront one ordered (might have to go via broker channel if branch cause dramas) and have a 3rd party valuer inspect the property.

Cheers

Jamie

Those nab in house Vals can be beneficial some times depending on how hungry the lender is and the time of the month

Ta

Rolf

 

[Jamie M]

Those nab in house Vals can be beneficial some times depending on how hungry the lender is and the time of the month

Ta

Rolf

Yep, so I've been told

Cheers

Jamie

 

[Et_Abi]

thanks for the replies....

The NAB rang me back after I questioned the valuation they gave and has since ordered a full valuation, which will take place on monday next week.

I'm not sure what they would have done.... the valuation they gave is less than an RPdata report on the place.

Also in the RPdata report 2 of the most recent sales in the area didn't show up. Not sure why.....

To clarify though my house is a 3x2

Purchased 2011 - $340 K
Valuation OCT 2014 - $ 335K

recent sales on the same street:

April 2014 - 3x1 460K
June 2014 - 3x1 495K

The difference between these place and mine is that they are on bigger blocks of land but the houses are run down. Where as mine is completely renovated on a smaller block.

Neither of those were included in the RPdata report..... not sure why ??

Oh well guess I'll find out on Monday...... wonder if I can quietly suggest to the valuer what I would like him to tell the NAB its worth haha.

Cheers

 

[Brady]

Good result that you're now getting a walk through val completed, should get you an accurate result. Unfortunately no you won't be able to tell the valuer what you want the house to be worth. But if you found some evidence of some comparable sales to prove what your house is worth that could help.

They're paid professionals.

 

[Et_Abi]

Just to update this thread if anyone is interested

I had the full valuation done and it came back in at $430K. A 28% increase on the original valuation , I'm glad I challenged it now.


In the mean time I had some real estate agents come through as well ..... oh god they vary alot.

The 3 real estate agents valuations came in at :

1) Auction with price range of $420 - $450 K but may get more
2) around $520K
3) put it on the market for tender, offers above $590K

interesting but gives me some room to move .....

thanks