Ridiculous bank valuations

[sanj]

Upfront valuations don't hit your credit file, they are done before any application is submitted.

Thanks, that makes sense

 

[Shahin_Afarin]

just a question/concern here.

most banks use ValEx system regardless valuer vendor they use.
once it's in the ValEx system, can all valuer see valuation history ?


Just concerned that a valuer might use previous ValEx valuation and apply their percentage to the old valuation.

Short answer is no it doesn't.

 

[Shahin_Afarin]

I agree Sanj- range is wide. But true test is only putting it up for sale and its only worth what you can get a buyer to pay. That can vary by quarter of a million at least.

RE appraisals were in mid $3m's but I am more a fan of comparable sales. Knock downs in this suburb (wollstonecraft) go for $2.5m. Real issue is lack of comparables. Turnover in this area is 1-2 houses per year.

I have found RP data not too far out unless significant reno's have been performed.

Wollstonecraft is one of the most beautiful suburbs in Sydney and you are right there is a serious lack of sales (house obviously not units) because no one wants to move out. You literally have to wait for someone to pass away or a GFC event to take place.

 

[Marty McDonald]

Sounds like an inexperienced valuer to me. Or one from out of the area which is happening more and more with valex etc.