Property Valuation

[TAB_DR]

Hi all,

We recently had our place valued by the banks and it came back significantly lower then expected.

We speaking to the mortgage broker he said the bank value did a curb side valuation.

The valuation came out around the value on our rates notice.

Since we have guttered the house and did a full reno, deck, spa bi fold doors to deck.

I find it ridiculous that he could do a valuation like that.

He also came 70k under the price of the last house sold in street on same size block unrenovated.

Whats the best way to go about getting a accurate valuation and can this over ride what the banks have value it at

Dave

 

[Rolf Latham]

Hi Dave

Escalate or have the val referred to a full...........

Who is the lender please ?

ta
rolf

 

[TAB_DR]

Hi rolf,

ANZ did the valuation

 

[Rolf Latham]

the broker can refer it to their BDM to have it made into a full val where they come into the house

ta

rolf

 

[JD86]

I recently had a kerb side valuation done on my new house as well, can in about $30k less than I believe it is worth (at least)

I am also with ANZ

 

[Propertunity]

I recently had a kerb side valuation done on my new house as well, can in about $30k less than I believe it is worth (at least)

Well in defence of valuers in general, they don't have X-ray vision. If all they are doing is what they were commissioned to do by the lender, and sit in the car opposite your house and take one happy snap, then you are going to get what you've gotten . (yes I know that is poor grammar )

 

[Leghorn]

The issue you guys have is that these are not valuations. A kerbside valuation is not a valuation. You can't blame the valuer (or the person who did it) as they probably slowed down to third gear waved and continued driving by.

 

[ashalim]

Hi Rolf,

Do valuers also check with recent comparable sales. If so, is it possible to check comparable sales and other due diligence and forward it to the valuers. Assuming that these are legitimate and reasonable comparisons and not some over the top stuff (eg. comparing run down 70sqm 2br unit with a brand new 100sqm 2br premium units).

 

[Jacque]

Hi Rolf,

Do valuers also check with recent comparable sales. If so, is it possible to check comparable sales and other due diligence and forward it to the valuers. Assuming that these are legitimate and reasonable comparisons and not some over the top stuff (eg. comparing run down 70sqm 2br unit with a brand new 100sqm 2br premium units).

Hi Ashalim

Yes you certainly can contest and I'd be doing so, in your case. Ask to speak to a higher authority, present your case and comps well and they may re-assess. Best of luck.

 

[ashalim]

Thanks Jacque, will definitely try. What's a few hours of due diligence when it can net me an extra 10-20k equity right?

 

[Rolf Latham]

Hi Rolf,

Do valuers also check with recent comparable sales. If so, is it possible to check comparable sales and other due diligence and forward it to the valuers. Assuming that these are legitimate and reasonable comparisons and not some over the top stuff (eg. comparing run down 70sqm 2br unit with a brand new 100sqm 2br premium units).

yes..............but

depends on a few things.

Quite a few lenders and LMI providers wont let the valuers review the val

Best to walk in that instance

ta
rolf

 

[RumpledElf]

He also came 70k under the price of the last house sold in street on same size block unrenovated.

Yup, just had one of those. Renovated house came up valued lower than the lowest sale of an unrenovated house in the area.

The valuation they gave us was the exact minimum needed to keep our loans at the same LVR if we kept them crossed, not a market valuation. I'm still arguing with the bank to get the money back that they took off us because we uncrossed the loans. They told me I'm not a valuer, of course their valuation is right, what would I know.