"Outsmarting" rpdata desktop valuation.

In a few months I'll be requesting a desktop valuation from my lender (CBA) in order to extract equity after making a $10k lump sum repayment. I did this recently, but was conservative in my value estimation and am confident there's more untapped equity ($15-$25k, not including the $10k lump to be paid).

From my last experience, I simply estimate the value of my property, it's fed into the rpdata desktop val software and if my estimate is close enough to rpdata's estimate, the lend can proceed without anyone needing to go on site.

My question. Any way to know, or guess very closely what rpdata will estimate my place to be worth so I can "estimate" that amount and extract as much equity as possible without needing someone to get on site (which will cost me)?

(Alternatively, if anyone happens to be able to run these vals at no cost, I'm happy to PM the address in question)

Cheers.
 
You may be better served with an actual CBA upfront val.......... and most ? brokers can order these and the desktops for free.

The RP system that CBA uses has a lot more "engine" than the basic report that you can buy, or that mostbrokers use ( either in the RP or Residex versions)

ta
rolf
 
You may be better served with an actual CBA upfront val.......... and most ? brokers can order these and the desktops for free.

The RP system that CBA uses has a lot more "engine" than the basic report that you can buy, or that mostbrokers use ( either in the RP or Residex versions)

ta
rolf

Forgive the ignorance, how does one request an upfront valuation and what's the process?
 
Yep I outsmarted it for a client last time. Full valuations for other lenders came back at $300,000, did a CBA loan increase @ $350k and it was done. Silly in my view.
 
we arent even Cubic Zirconia and are on frees, some others are on 49s, so there must be an additional tiering system there somewhere

ta
rolf

hmmm did not know there was any other levels with cba! I received an email last night saying that they have released their new avm's for free to anyone so similar to anz model estimates. Original poster you can now try the new avm system to see what it returns. In past experience it is best to lower the estimate to what you need then the avm usually works. If you put a value more than 5 to 10% from what the avm returns they upgrade it to kerbside/full val.
 
hmmm did not know there was any other levels with cba! I received an email last night saying that they have released their new avm's for free to anyone so similar to anz model estimates. Original poster you can now try the new avm system to see what it returns. In past experience it is best to lower the estimate to what you need then the avm usually works. If you put a value more than 5 to 10% from what the avm returns they upgrade it to kerbside/full val.

The other way to force fulls with many is to bump the LVR > 80 or 90 %

Desktops tend to work better where you have a blow median quality property in a burb, or there is some issue with it, like near train, or main road etc.

ta
rolf
 
hmmm did not know there was any other levels with cba!

There are 4 tiers with Cba. Gold and diamond used to get free Val's but that's all changed with the new AVM report system I think.

Bronze - everyone else who hold accreditation.
Silver - quality and conversion metrics based.
Gold - > $7.5m pa
Diamond - > $15m pa
 
Sigh, I just had upfront valuations on our PPOR and IP last week, which I ordered myself on Valex at about $250 each on the advice of my broker, obviously they're not as knowledgeable as yourselves! Could be time to move I think...

The PPOR val came in at $580k which was $10k lower than my estimate, and the IP was also disappointing. Was going to get our broker to put through an application to increase our LVR on the PPOR to 90% anyway which would give us about $15k (tiny but still handy).

If however I was to try my luck and put in an application on CBA's online tool with say a $590k estimate and 89.9% LVR and it came back wanting a full val and I immediately cancel and go back to the broker, would the online application hit my credit file?
 
Sigh, I just had upfront valuations on our PPOR and IP last week, which I ordered myself on Valex at about $250 each on the advice of my broker, obviously they're not as knowledgeable as yourselves! Could be time to move I think...

The PPOR val came in at $580k which was $10k lower than my estimate, and the IP was also disappointing. Was going to get our broker to put through an application to increase our LVR on the PPOR to 90% anyway which would give us about $15k (tiny but still handy).

If however I was to try my luck and put in an application on CBA's online tool with say a $590k estimate and 89.9% LVR and it came back wanting a full val and I immediately cancel and go back to the broker, would the online application hit my credit file?

if you have run a valex val then the chances of the val not being picked up during another request is skinny. Tyring an AVM probably has nil risk. If it comes back lower id expect the full val will take precedence, if the AVM comes back higher, hide the full val

Id suggest your broker/banker has done the right thing with going upfront, though the 250 isnt the best - ce la vie........

10 k off on near 600 k is very nice........its very very well within what you can expect, as long as your estimate was based on some form of realistic comparable sales, and not some pixie dust REA assessment .

ta
rolf
 
AVM is only for 80% LVRs. I think you've done the right thing, get your broker to try the AVM and if it's not working for a loan increase at 80% then use the full vals.
 
Just wanted to say cheers everyone, especially Jon Mardell for info/assistance.

Anyone know the exact threshold CBA uses to determine if your estimated val is close enough to what their system says to accept the refinance? Assuming an 89.9% lend. e.g. if your estimate is within (+ or -) 5% of their val they'll accept?

I hope to squeeze every last dollar out.
 
The desktop valuations tend to be used only for 80% (For refinances). For purchases they can do 90% with drive-bys on some occasions.
 
any strategy that pushes to the edge will sometimes fall off..........

ta
rolf

Hence me wanting to outsmart this valuation and know what I can manage to squeeze out of it.

Or if you were referring to me pushing things too tight financially, this equity pull is intended simply to inflate my holding costs buffer.
 
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