As unfashionable as it might be, valuers get it right the vast majority of times. They are rarely out by a lot, as distinct from the emotionally involved borrower that will get it about right 50% of the time and when they are wrong it is invariably on the high side and by a lot. There are always examples of the reverse but they are by far the exception.
Re - val BINGO
- Thread starter jacbmw
- Start date
As unfashionable as it might be, valuers get it right the vast majority of times. They are rarely out by a lot, as distinct from the emotionally involved borrower that will get it about right 50% of the time and when they are wrong it is invariably on the high side and by a lot. There are always examples of the reverse but they are by far the exception.
Not from my submissions, we like to use some form of external validation such as residex and/or RP. That doenst always save you either.
In todays world to blindly submit a loan app on the basis of client estimate is very very costly both to the brokerage and potentially the clients CRAA enquiry volume
ta
rolf
Very sensible approach, Rolf.
1. Give up on broker channel, and enter dialog with bank directly to just get a bit of clarity about the valuation, their position and see if they are will to move a little. This is a long shot, but i suppose worth doing as not much effort.
2. Take the reval and the extra $$$ int he short term.
3. Get Rolf on the case and hit up some of these lenders you mentioned Tobe??? Rolf you in???? haha
I dont see the broker as being the issue here, and certainly not a reason to give up on brokers altogether. going to the bank direct will result in 2 possibilities, getting fobbed off by a busy loans manager who doesnt see an increase of $20k odd as worth her time, or b) getting led up the garden path with offers of new products, and special policies only available thru the branch...
I like option 2, you can always try again in 6 months time and get a bit extra.
No harm in speaking to Rolf, or getting another opinion from a diferent valuer from a diferent lender.
Its a good problem to have, you have purchased well, got on the right side of a reno quickly and cheaply, got a good increase in rental, all in 3 months!!
Be like the old bull in the paddock talking to the young bull about the cows in the next paddock, take your time, and do it methodically...
2. Take the reval and the extra $$$ int he short term.
3. Get Rolf on the case and hit up some of these lenders you mentioned Tobe??? Rolf you in???? haha
I dont see the broker as being the issue here, and certainly not a reason to give up on brokers altogether. going to the bank direct will result in 2 possibilities, getting fobbed off by a busy loans manager who doesnt see an increase of $20k odd as worth her time, or b) getting led up the garden path with offers of new products, and special policies only available thru the branch...
I like option 2, you can always try again in 6 months time and get a bit extra.
No harm in speaking to Rolf, or getting another opinion from a diferent valuer from a diferent lender.
Its a good problem to have, you have purchased well, got on the right side of a reno quickly and cheaply, got a good increase in rental, all in 3 months!!
Be like the old bull in the paddock talking to the young bull about the cows in the next paddock, take your time, and do it methodically...
