Happy new Year all.
Hey, just going through a loan reshuffle and have noticed all sorts of incorrect things on my bank loans and security details. But, after getting a couple of new valuations, which the bank has kindly passed on to me( chuckle-it helps if you are nice) I have noticed that the bank valuers have given very low values compared to the rates I pay. The values appear to be true current market values,( even though I can shoot holes in their assumptions) whereas i have been paying the same rates for the past 4 years- same council value for Unimproved land.Beachfront land-I wouldda thought the values would have stayed true or even increased, if only by a little. Question is-can I challenge the council? We are talking about a $200K incorrect amount. Or should I challenge the valuers ( which I have already done regarding an other matter, and won) I prefer the valuation to be in line with the rates, but one of them is incorrect and has to be sorted. An extra $200k in equiy would also be handy.
Moral of the story--check the banks, and all the details regarding your security on offer.
Hey, just going through a loan reshuffle and have noticed all sorts of incorrect things on my bank loans and security details. But, after getting a couple of new valuations, which the bank has kindly passed on to me( chuckle-it helps if you are nice) I have noticed that the bank valuers have given very low values compared to the rates I pay. The values appear to be true current market values,( even though I can shoot holes in their assumptions) whereas i have been paying the same rates for the past 4 years- same council value for Unimproved land.Beachfront land-I wouldda thought the values would have stayed true or even increased, if only by a little. Question is-can I challenge the council? We are talking about a $200K incorrect amount. Or should I challenge the valuers ( which I have already done regarding an other matter, and won) I prefer the valuation to be in line with the rates, but one of them is incorrect and has to be sorted. An extra $200k in equiy would also be handy.
Moral of the story--check the banks, and all the details regarding your security on offer.