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You can appeal the valuation by getting comparable sales (not listings), but my experience is that success in doing this is limited.
Hi All
Going to get my primary residence refinanced, in the past val (last 12 month period) has come under.
Any suggestions to get the best result??
If I provide my own comparable sales will they consider/look at this, any point??
Thanks
MTR
Prodding one ofmy BDMs from lender that has a "dispute process" that limited means 1 in 100.
One of the bigger challenges not yet caught on by many bankers and brokers is that "not yet settled" sales can no longer be used as comps under new standing valuer instructions.
ta
rolf
I hate to say it, but low valuations for refinance/top up purposes are a common problem right now. In mortgage industry circles recently there was even a round of them vs us between brokers and valuers.
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Valex are accepting use of unsettled sales in the sales evidence (like ws the case before the new valuation standard adpoted late 2012) but the valuer must include at least 3 settled sales in the report.
The challenge that Im finding is that some valuers are not doing that ............... and in a market thats quite warm as in much of Sydney and some parts of Brissie and Perth, hanging your hat on "settled sales only" can make your val worthless.
ta
rolf