Tips and Tricks for to Increase Bank Valuations

[james55]

James, has this worked for you?

Would be keen on brokers/others views on whether this actually works. I personally havent seen this - but it would be interesting if it holds.

I order valuations every day as part of my job. A colleague of mine used to order valuations and put in the previous valuation amount 5 years ago which was about $150k under the market value. Guess what the valuation came back at? You guessed it. The same price as 5 years ago! The customer put in a complaint, we rang the valuer and they upgraded their figure by $150k no kidding. This was not an isolated incidence, that colleague no longer works in this role

I don't think it happens every time you over quote but from my experience it does help to over estimate by about 10% or so.

 

[Redom]

I order valuations every day as part of my job. A colleague of mine used to order valuations and put in the previous valuation amount 5 years ago which was about $150k under the market value. Guess what the valuation came back at? You guessed it. The same price as 5 years ago! The customer put in a complaint, we rang the valuer and they upgraded their figure by $150k no kidding. This was not an isolated incidence, that colleague no longer works in this role

I don't think it happens every time you over quote but from my experience it does help to over estimate by about 10% or so.

Thanks James. Generally am very optimistic when putting vals through, but didnt know whether it held much weight or not.

Cheers,
Redom

 

[nhg]

I find out who the valuer will be and have a chat to them, paint a picture of what work was done, and provide addresses of comparable sales nearby.

Have bumped up my vals between $10-40k this way from 2 months before in a relatively flat market.

 

[goonandtell]

our only city revalue we have done was a success, we prepped a file with;
Before photos to show why the purchase price was so low
A brief of works carried out and costs
Comp sales and on the key ones a brief with what it did or didn't have over ours.

a valuer needs reasons to justify there position, we figure if we give them those reasons off the bat then they can either use them and build a case from there.