My brother ordered the valuation. I haven't discussed it with the valuer because I'm fairly sure that they would brush me off and say I'm not their client so they won't speak to me. See below
Yes, that would be the case.
Where is your valuation?
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My brother ordered the valuation. I haven't discussed it with the valuer because I'm fairly sure that they would brush me off and say I'm not their client so they won't speak to me. See below
Yes, that would be the case.
Where is your valuation?
Yes, that would be the case.
Where is your valuation?
His materialised because I got a loan, sent the contract details, he sent that we hadn't negotiated and that it was worth the highest of the real estate appraisals he'd got.
I responded with a suggestion that he get a valuation from a licensed valuer so that he could get an accurate idea on the value of the place (oh how naive I was) . He came up with this.
I have a valuation. Sorry if I sound flippant but I don't understand why you would ask me 'Where is your valuation?'. Not sure what you mean Terry?
I just wanted to compare what your valuation was to what his was.[/QUOTE\
As I said earlier, his was about 1/3 more again than mine.
If I stated the $ values, you guys would roll around laughing, unfortunately this is a lot of money to both of us.
I just wanted to compare what your valuation was to what his was.[/QUOTE\
As I said earlier, his was about 1/3 more again than mine.
If I stated the $ values, you guys would roll around laughing, unfortunately this is a lot of money to both of us.
Sorry I though you were estimating and most estimate in their favour.
I think you now how to make a decision whether to:
1. acccept
2. dispute
3. fight
What a joke
You can't get a good result out of idiot valuers who seem to have the logic of a Christmas turkey
Yet when it doesn't suit you, they valu it based on potential!!!!
Your original post is a little bit contradictory as you have said the amount was after development but then you also said it was a net realisation. More likely would be the Gross Realisation is after development and with the deduction of costs would be their "as is" valuation.
That methodology sounds like there would be costs deducted in the valuation calculations. In fact you quote them saying "deducting all associated costs". Are not costs for subdivision/profit and risk etc deducted in the calcs? Without seeing the calcs is hard to judge for sure but there were no purchase costs and a couple of other things included in the list of assumptions you posted which may be of concern.
However, in summary, a gross realisation minus costs and Profit and Risk is an "as is" valuation.
Why are you so sure your valuation is more correct than his?
What do you believe the highest and best use of the property is if it isn't to subdivide the site?
Sorry I though you were estimating and most estimate in their favour.
I think you now how to make a decision whether to:
1. acccept
2. dispute
3. fight
Thanks Terry - I understand that for sure.
My options then:
1. "accept" - nobody in this market would pay what he wants for the property. (If he hadn't been such an a** and if I had more money available I would have been happy to pay higher than it was worth because I used to think a lot of him. That is now out of the window.)
2. "dispute" - I do dispute it and have sent a (long and comprehensive) letter to his lawyer on 18/7 to make that clear. As of 1/8 I have heard nothing back. I'm not sure whether they are about to 'hit' me with Supreme Court action or what he is planning next.
3. "fight" - reluctantly, that is all I can do I suppose. Do you mean by this that I should instigate some action against him? He took the step of involving a lawyer and I would assume that is draining his finances whereas I am acting for myself so far.
Im sure we wouldnt. If the numbers are that small its probably better to cut your loses now, lawyering up over a small amount of money might cost the same amount as legal fees.
Have you done a development before? Perhaps this isnt as good a deal as you or his valuer describe anyway? Better to get the cash from a sale and start again I reckon. Or has been previously stated buy it at auction on the open market if it doesnt reach the reserve.
As previously said, your best option may be to auction the property. You can then bid up to your limit. If it goes for higher, then you get a larger amount than you estimated, not necessarily a bad outcome for you. You may well get it for less.
The agent and auction fees will probably be less than involving lawyers, who, if agreement cannot be reached, will probably go to auction anyway after charging hefty fees.
Marg
As previously said, your best option may be to auction the property. You can then bid up to your limit. If it goes for higher, then you get a larger amount than you estimated, not necessarily a bad outcome for you. You may well get it for less.
The agent and auction fees will probably be less than involving lawyers, who, if agreement cannot be reached, will probably go to auction anyway after charging hefty fees.
Marg
Hi Sharynl. I sense you are all steamed up and wanting to fight for what is right. I can understand how upset you must feel. But from my view there is a lot of good advice from Marg4000. Even if you get a win legally this wont bode well for future family relations. Ask the Rinehart family about that.
At the end of the day we have two parties squabbling about the concept of fair value...why not just let the market tell the truth as it invariably does at auction time. Just my 2c. Cheers.
I think what is missing is how he gets to the point of auctioning it. Most of the posts on here that talk about auction assume he will just OK the auction process.
The only way I can see that he will auction it is if he takes it to the Supreme Court (as he has threatened) and that will be his unwanted side effect of that action on me.
So I don't think he would agree to an auction if I suggested that pathway because (as I've said before) this would mean an outcome of $ 'as is' or market value and he wants more than that.