revaluing

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From: G Chaggar


Hi all

I am in the process of getting one of my properties revalued. I've found out the valuer that my bank uses. My question is what do I say to the valuer. Am I getting the valuation for the bank, or for refinancing etc.

Could someone please tell me what to say to them. Also, I will not be able to meet them at the property, any ideas how to get a higher valuation??

Thanks in advance.

Gurbinder
 
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Reply: 1.1
From: Brent H.


>For a very interesting
>conversation about
>Revaluation, go to
>http://www.creativerealestatei
>nvesting.com.au/discussion_ind
>ex.htm\

You'll need to get rid of the last slash.
http://www.creativerealestateinvesting.com.au/discussion_index.htm

Hope the revaluation works out for you

Cheers
~Brent
 
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Reply: 1.2
From: Ten of Diamonds


Hello all,

I bought a unit in Melb at end of April this year. I have noticed that other similar units in the block are now selling for up to $20,000 higher than what I paid. I heard somewhere that you need to wait at least 6 months after purchasing the unit before you get it revalued, otherwise the valuers just use the purchase price. Is this true, or can I get a valuation done on it now?

Appreciate your help, and by replying to this post I didn't mean to detract away from Gurbinder's question above.

Thanks,

10 of D
 
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Reply: 1.2.1
From: The Wife



Hi Ten,

You can get revalued 30 days after purchase if you want, but you need to tell the valuer that the neighbouring units are selling for $10K more, and you want to realise the equity in your unit.

If you are very clear on this point, they will be forced to look closer than skin deep, and you have also told them what you expect the value to be, ask them if you can see any reason why they wouldnt value at the new price. ( I havent paid valuers, if they come in at the wrong price, cause I already asked them and got them to tell me what they will and wont do)

Thats what works for me anyway ;o)

TW




On 8/21/01 4:39:00 PM, Ten of Diamonds wrote:
>Hello all,
>
>I bought a unit in Melb at end
>of April this year. I have
>noticed that other similar
>units in the block are now
>selling for up to $20,000
>higher than what I paid. I
>heard somewhere that you need
>to wait at least 6 months
>after purchasing the unit
>before you get it revalued,
>otherwise the valuers just use
>the purchase price. Is this
>true, or can I get a valuation
>done on it now?
>
>Appreciate your help, and by
>replying to this post I didn't
>mean to detract away from
>Gurbinder's question above.
>
>Thanks,
>
>10 of D



~Life is a daring adventure, or nothing at all~
 
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Reply: 2
From: Rolf Latham


Hi GC

Just today I have had another run in with those people charged as independent panel valuers.

They valued my clients property 13 % below purchase price simply because:

1. The valuer too busy to do a proper full val.

2. It was much easier to take the average of the last 2 years sales in the area than do an actual val, despite the fact that the property was 30 % larger in land and was fuly renoed, whereas most of the previously sold stuff was crap.

3. The client was from NSW, the purchase in QLD.

Enough whinge,

What do you say to your valuer for a reval - sell them on what sold you about the property. Not being able to be there will posssibly cost you lots.

Ta

Rolf
 
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Reply: 2.1
From: Sam Vannutini


I have found from experience, is to find out who the panel valuers are and book them yourself. Tell them that it will go to a bank, but you're not sure which one yet. This way they will charge you the same was the bank. Once they have visited and you find out the figure, tell them to make it out to the bank, and pay them seperately.
Make sure that you are armed with all the resale information. I find that this gets me the figure that I want.
By booking them yourself, you are able to speak to them and present the facts.

Cheers, Sam.
 
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Reply: 3
From: Paul Guest


You know of the property clock/cycle?

Well valuers are starting to enter the part of the cycle whereby they all get sued by the banks.

This is where they swear they will never work for banks again and instead offer value-added research to consultants and big players.

My recommendation would be to do all the work for them first, (thoroughly) and hand it to them on a platter. I have done this in the past and it has worked.

In this market, valuers need courage, stupidity or really good information in order to arrive at the figures that we all require. Always assume they don't know your area like you do and don't have the time to find out.

It is especially important if there are no 'like' products such as yours, in your area, to compare. Your research may then need to extend further to support your case.

If that fails, bribe them by offering to pay their professional indemnity insurance!

Good Luck!

PG
 
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Reply: 3.1
From: Paul Hickey


Hi. Perhaps my own recent experience will help the person who first asked this question.

I just had my home in Sydney revalued in order to redraw equity for an IP purchase. I found out who the bank's valuer was (Laing & Simmons) and booked him myself.

When he came around to inspect our unit, I took the morning off work, showed him around, then sat him down on our sunny deck (the unit's best selling point) to present my case.

First of all I told him that I was asking him for a valuation of $350k and then presented all my evidence.

I told him about two similar sales in my immediate vicinity plus one in my block that had exchanged but not settled yet (I'd been keeping my eye out). They usually just look up sales that have already settled, but these latest sales really supported my case.

I also tabled sales appraisals ($330k - $350k) and rental value appraisals ($400pw) on our unit from two different branches of Laing & Simmons Residential in neighbouring suburbs. I had them done the previous week and these also supported my case and carried extra weight coming from his own firm.

Finally I tabled the Residex growth figures from my suburb and pointed out the improvements we had made to our home since it was last valued.

We got our valuation of $350k. Up from $310k last year and our $280k purchase price from the year before. That's a growth of 25% in less than 2 years.

Our bank warned me that they could not accept a valuation commissioned by me and that they'd have to get their own done. But of course that ended up with the same valuer within a week and L&S simply put a new cover on my valuation, sent it to the bank and happily pocketed a second valuation fee.

The loan was approved and I'm about to redraw over $60k to go shopping with.

Hope this helps.

Paul
 
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