Property Valuations
- Thread starter imonmyway
- Start date
Kerbside valuation
Hi there, maybe the bank did the valuation however did not “told” you. See, what happens in many cases is that depending on where the property is located, and the type of property, the bank only does what is called a Kerbside Valuation, basically the valuer does not have to go inside the property to work out how much is it worth. Many times these things happen ”behind the scenes”.
Happy Investing
Jon Salvador
www.headinghome.com.au
For investors … from investors
Hi there, maybe the bank did the valuation however did not “told” you. See, what happens in many cases is that depending on where the property is located, and the type of property, the bank only does what is called a Kerbside Valuation, basically the valuer does not have to go inside the property to work out how much is it worth. Many times these things happen ”behind the scenes”.
Happy Investing
Jon Salvador
www.headinghome.com.au
For investors … from investors
For some banks, if the LVR is 80% or less, they may even do an internet valuation, which is essentially comparing similar properties sold in the same area, based on data that the industry subscribes to.
are you sure they didn't cross-collateralise your PPOR? sure sounds like they're checking up on the equity.
The bank was St George and the properties are Cross Collateralised with a LVR of 79.5% based on valuation of PPOR and cost of IP,from what I can tell anyway.
However i believe I paid a very good price for the IP about 25k lower then what I expected to pay and my PPOR was undervalued by about 20k based on recent sales in nearby streets.
Both these places are in Melbournes inner west, Altona and Sunshine, with all signs pointing to high levels of growth this year.
I am looking to purchase a second IP this year so Im unsure how long I need to wait before approaching the banks for another loan.
However i believe I paid a very good price for the IP about 25k lower then what I expected to pay and my PPOR was undervalued by about 20k based on recent sales in nearby streets.
Both these places are in Melbournes inner west, Altona and Sunshine, with all signs pointing to high levels of growth this year.
I am looking to purchase a second IP this year so Im unsure how long I need to wait before approaching the banks for another loan.
well obviously they were confident in the ip value on paper (since it had just been established by the market!) and just needed to confirm your ppor's value to shore up the x-coll.
nothing to worry about. for another ip give it a year and see what equity you have then.
nothing to worry about. for another ip give it a year and see what equity you have then.
