Property Valuation
- Thread starter j4mesa
- Start date
J4messa,
It's a great idea, you can also use it to your advantage in negotiating the sale price.
Licensed valuers can only use "Comparable Sales data" or in other words sales that have happened in the past (recent past).
In a rising market make your offer subject to an independent valuation, which is just about guaranteed not to be as high as the asking price.
To kill two birds ask the finance company who their "Panel Valuers" are. They will give you a list of valuers in the area you are looking.
As Y-Man as stated the cost will be around $350-$600 for residential property. Don’t forget to ask for a discount.
Mark
It's a great idea, you can also use it to your advantage in negotiating the sale price.
Licensed valuers can only use "Comparable Sales data" or in other words sales that have happened in the past (recent past).
In a rising market make your offer subject to an independent valuation, which is just about guaranteed not to be as high as the asking price.
To kill two birds ask the finance company who their "Panel Valuers" are. They will give you a list of valuers in the area you are looking.
As Y-Man as stated the cost will be around $350-$600 for residential property. Don’t forget to ask for a discount.
Mark
Wouldn't it be cheaper just to make the offer subject to satisfactory valuation? Then the bank will pay for the valuation (if you have a professional package or something), and you can use that as leverage if the val comes in low.
If you only have one or two properties in mind it might be ok, but if you have to value lots of properties....... A recent sales report from RPData or something might be a cheaper starting point.
Alex
If you only have one or two properties in mind it might be ok, but if you have to value lots of properties....... A recent sales report from RPData or something might be a cheaper starting point.
Alex
Hiya J
Find a lender or broker that will provide an RP data or Residex report as part of the service.
ta
rolf
Find a lender or broker that will provide an RP data or Residex report as part of the service.
ta
rolf
First of all ,I would like to thank you everyone for your reply.
Apparently I have a limited access to RP-Data which I can find out the prices of sales history but experience proved that the sales price in RPDATA is not really reliable as some of them are out-dated, although it can a pretty good indication of the price.
So to summarise:
1. Ask them for the Residex or RP Data report for a certain area that we are going to buy.
2. We can ask our finance company to for their "PANEL VALUERS" in a specific area
3. Before signing any contract, we can put in "SUBJECT TO INDEPENDENT VALUATION" to make sure we get the best price.
From no 2 we can get the valuers and go to point 3 ?
Apparently I have a limited access to RP-Data which I can find out the prices of sales history but experience proved that the sales price in RPDATA is not really reliable as some of them are out-dated, although it can a pretty good indication of the price.
So to summarise:
1. Ask them for the Residex or RP Data report for a certain area that we are going to buy.
2. We can ask our finance company to for their "PANEL VALUERS" in a specific area
3. Before signing any contract, we can put in "SUBJECT TO INDEPENDENT VALUATION" to make sure we get the best price.
From no 2 we can get the valuers and go to point 3 ?
I am abit confused as the leverage you mention here as if the valuation comes lower,wouldn't it be a disadvantage for us as the amount we can borrow is lesser ?
You go back to the vendor and say..... "Maaaaate..... I just got your joint valued, and I am afraid the news is not good. I can offer you $xxxxx as per the val, or the deals off....."
Cheers,
The Y-man
If the contract was made "subject to a satisfactory" valuation, you should be able to activate that clause and say "it was not satisfactory!". They might of course say, "Hey, it looked pretty satisfactory to me!"
Otherwise, you will need to get the val done BEFORE you put your offer in.
Cheers,
The Y-man
Dont forget a registered valuer is a professional and as such you must provide him with an 'instruction' and pay up front for a valuation of the subject property.
Banks normally have contracts with so called panel valuers, it can be difficult to get a valuation done by a panel valuer for a bank, in any case the disclaimer will normally state the valuation has been done for the party who requested it and no other party will be able to rely on it etc etc etc.
Just have 80% deposit or equity and you may not even need a valuation, and most valuations will vary as it's NOT an exact science.
Banks normally have contracts with so called panel valuers, it can be difficult to get a valuation done by a panel valuer for a bank, in any case the disclaimer will normally state the valuation has been done for the party who requested it and no other party will be able to rely on it etc etc etc.
Just have 80% deposit or equity and you may not even need a valuation, and most valuations will vary as it's NOT an exact science.
