Tips for getting a realistic valuation

Discussion in 'Property Finance' started by VaSSagO, 8th Aug, 2013.

Tags:
  1. VaSSagO

    VaSSagO Member

    Joined:
    29th Apr, 2013
    Messages:
    164
    Location:
    Perth, WA
    The story is we have two nice 3x2x2s in Balga, in the 2008 Mia Mia land release part (surrounded by homes all less than 5yrs old and no dept of housing houses). They are side by side, good spec (high ceilings etc), both with frontage at the end of a culdersac.

    I put the value on them at $410k each based on the following sales and the fact that currently the cheapest 3x2x2 in Balga on realestate.com.au is "from $399k".

    3/65 Fieldgate Square, Balga $399k 29/6/13
    1/2 Lancing Way, Balga $410k 11/6/13
    1/6 Balney Place, Balga $435k 29/5/13
    3 Lavant Way, Balga $415k 28/5/13
    2/2B Palyden Way, Balga $420k 17/5/13
    2/27 Loughton Way, Balga $407k 8/5/13
    1/16A Garrick Way, Balga $420k 6/5/13
    2/7B Modena Place Balga, $410k 14/4/13
    2/13A Hemsey Street, Balga $402.5k 1/4/13
    1/65 Fieldgate Square, Balga $399k 15/3/13

    The valuer for one of them has come back with a valuation of $380k. The wife is letting the valuer for the other into the property on Friday.

    Any tips as to what to say / give to the valuer to get a realistic valuation?

    Hoping that it comes back realistic and the bank can ignore/over ride the low valuation as the houses are identical.
     
  2. MRO

    MRO Member

    Joined:
    24th Apr, 2013
    Messages:
    488
    Location:
    Perth Hills
    Provide them with the sales evidence above and reasons for your value estimate. This will help guide their decision but might not change it.
     
  3. Colin Rice

    Colin Rice Perth Mortgage Broker

    Joined:
    10th May, 2011
    Messages:
    1,445
    Location:
    Perth WA
    What is the reason for the valuation?
    What is the LVR?
     
  4. Rolf Latham

    Rolf Latham Member

    Joined:
    2nd Mar, 2001
    Messages:
    18,791
    Location:
    Confused = Sydney, Brisbane and Gold Coast
    The best approach if possible is to get 2 vals from 2 lenders if you aren't getting the VAL that you want

    Typically if both are low a third will also come in low.

    Also with thatmulti VAL process you need to ensure you don't end up with the same valuer......... or vals head company.

    Other than that, Valuers generally can't be influenced beyond the data.

    Ta

    Rolf
     
  5. VaSSagO

    VaSSagO Member

    Joined:
    29th Apr, 2013
    Messages:
    164
    Location:
    Perth, WA
    The other valuer put a value of $400k on the second unit (which is slightly smaller). Closer enough for me. The loan broker has lodged a dispute with the bank to get the first valuation amended.

    Reason for valuation is when I purchased the property they were both on one title and i had 95lvr (with no LMI :D ). Now new titles are ready I am refinancing based on new values.

    Funny thing is I purchased the property from a "property expert" (one of the kind that sells homes for builders to mums & dads) from his personal portfolio. Purchased March 2013 for $650k, $4k to get strat titled, now bank valued $800k. His loss, my gain!
     
  6. Colin Rice

    Colin Rice Perth Mortgage Broker

    Joined:
    10th May, 2011
    Messages:
    1,445
    Location:
    Perth WA
    Looks like you had a win so far with that one!