RP data valuations

[seank]

Hi all,

Recently I pulled some equity out of a property, the bank used the RP data valuation only to calculate the value, no independent valuation was required. I currently have an offer on a property for 350k with an RP valuation of 525k, est price range 483k-567k. Now I would like to do the same thing again, and pull some equity out for another deposit. My question is , can I do this straight away after purchase? A broker told me the new valuation will be the purchase price of 350k? if this is so how long do I have to wait until the previous valuation can be used? any help appreciated.

 

[Rolf Latham]

Hi all,

Recently I pulled some equity out of a property, the bank used the RP data valuation only to calculate the value, no independent valuation was required. I currently have an offer on a property for 350k with an RP valuation of 525k, est price range 483k-567k. Now I would like to do the same thing again, and pull some equity out for another deposit. My question is , can I do this straight away after purchase? A broker told me the new valuation will be the purchase price of 350k? if this is so how long do I have to wait until the previous valuation can be used? any help appreciated.

hi sean

AVM vals as used by CBA et al for mainly sub 80 LVR vals work well for properties that have been hold for a wihile,

if you buy something for x, the algorythm will adjust to that x for 12 to 18 mths.

A full val may work ou differently.

Relying on AVMS to purchase, without other data is not usually reliable

ta

rolf

 

[Redom]

Hi all,

Recently I pulled some equity out of a property, the bank used the RP data valuation only to calculate the value, no independent valuation was required. I currently have an offer on a property for 350k with an RP valuation of 525k, est price range 483k-567k. Now I would like to do the same thing again, and pull some equity out for another deposit. My question is , can I do this straight away after purchase? A broker told me the new valuation will be the purchase price of 350k? if this is so how long do I have to wait until the previous valuation can be used? any help appreciated.

If its actually below market value, and can be substantiated with other recent comparable sales, an independent valuer may come in with a higher valuation than 350k. With lots of banks, you'd be able to pull this equity out next to straight away (some banks have quirks to wait 6-12 months).

Realistically, this is unlikely - unless your property is actually being purchased 30-40% under value.

RPdata estimates aren't all that reliable. As Rolf said, banks use them for safer loans (low LVRs).

Cheers,
Redom

 

[Marty McDonald]

Yep as soon as the sale data goes through the algo will be reset on the subject property and the surrounds.