valuation question

[mikezen]

if i do a desk top val on a property then offer 20% below the val and become succesfull in purchase...

how long do i wait until i can access the equity?

what obsticles r there in doing this, how can one do it successfuly?

does the valuer take into account my purchase price? if so what is the way round it?

thankyou

 

[Propertunity]

The biggest issue you have is, that you are not qualified to do a desk top val.
The software that you'd use to do a desktop val, is occassionally up to $100K off the mark in reality.

 

[mikezen]

The biggest issue you have is, that you are not qualified to do a desk top val.
The software that you'd use to do a desktop val, is occassionally up to $100K off the mark in reality.

what if i paid a valuer to do it, the same one my bank uses

 

[Rolf Latham]

is occassionally up to $100K off the mark in reality.

HAHHAAHAH

occasionally : )

ta
rolf

 

[Rolf Latham]

how long do i wait until i can access the equity?

thankyou

the best way is to purchase with an 80 % lend, do some form of reno, and get a new val done by 2 or 3 valuers before doing an application - usually to a new lender

ta

rolf

 

[Shahin_Afarin]

1. You need to order the valuation via the bank - most have free upfront gals. Talk to your banker or broker

2. Equity can be accessed at anytime - no set rule

3. No obstacles just make sure you do the vals upfront as different lenders will use different valuers (some will use the same) and thus vals could come back different which means different levels of equity. Whatever you do don't submit an application and get a hit on your credit file.

Regards

Shahin

 

[mikezen]

1. You need to order the valuation via the bank - most have free upfront gals. Talk to your banker or broker

2. Equity can be accessed at anytime - no set rule

3. No obstacles just make sure you do the vals upfront as different lenders will use different valuers (some will use the same) and thus vals could come back different which means different levels of equity. Whatever you do don't submit an application and get a hit on your credit file.

Regards

Shahin

thanks appreciate the advice

 

[tobe]

does the valuer take into account my purchase price? if so what is the way round it?


The purchase price will be the most important 'comparable' for the valuer, or ocmputer when doing that second valuation.

If it was a complete steal, the valuer may ignore it and use other evidence, but thats unlikely in a slow market.

The way around it is to show the valuer evidence, that is sales since yours, that have a higher price. the valuer may or may not use that evidence.

 

[RightValue]

The way around it is to show the valuer evidence, that is sales since yours, that have a higher price. the valuer may or may not use that evidence.

Considering that the evidence presented comes from either PDOL or RP Data, both services I use (as does almost every valuer), I generally politely accept the "evidence" and ignore it due to the experience I have had is that the evidence that is presented to me is usually selective and chosen on price rather than comparability. I also think it is slightly insulting that the supposition is that I do not do my job properly and do my research, but I make all the right noises of thanks and say how nice their property is.


BTW, if someone presents me with "evidence" I instantly think that they are trying to convince me that their property is worth more than it really is. But that is just me, feel fee to think that is influences the valuer and gets you a higher value.

 

[Selinarra]

I would have to disagree with you RightValue. As a valuer myself I will always happily look through any evidence that is presented so me (so long as it is a reasonable amount of sales, say no more than 10). I will make an effort to explain to the owner how and why I choose the sales that I do and that while I will consider what has been given to me, it may not be entirely comparable.

I don't think it's insulting to be handed evidence. After all, I believe the owner should be looking at sales if they are in the process of selling/buying etc.

In saying that though, I will not discuss the evidence with the owner whilst I am inspecting the house. And as you said RightValue, most of the time the sales are generally not comparable.

Mikezen I would present any sales that you think may be comprable, but be mindful that the valuer may or may not use them.

 

[jrc77]

What about other evidence other than sales history - for example if there is a granny flat how would you (as a valuer) react to being given the complying development certificate/occupation certificate for it to show that it is "official"?

Regards,

Jason

 

[Scott No Mates]

The only evidence is sales evidence. A comparable is a comparable - what's not comparable, you make adjustments for the difference. If you can provide an agent's assessment as to rental of the G/F + the main dwelling (or current rents) it all becomes evidence (though a decent valuer will seek their own information and proof).

 

[tobe]

Considering that the evidence presented comes from either PDOL or RP Data, both services I use (as does almost every valuer), I generally politely accept the "evidence" and ignore it due to the experience I have had is that the evidence that is presented to me is usually selective and chosen on price rather than comparability. I also think it is slightly insulting that the supposition is that I do not do my job properly and do my research, but I make all the right noises of thanks and say how nice their property is.


BTW, if someone presents me with "evidence" I instantly think that they are trying to convince me that their property is worth more than it really is. But that is just me, feel fee to think that is influences the valuer and gets you a higher value.

So what would you suggest? Just offer the valuer a cup of tea and keep out of the way while they do their unbiased and completely rational sciencework?

Im not having a go, but by this logic, every valuer would have exactly the same opinion every time. The extension is if they are just completely rational and logical beings, analysing evidence, completely deviod of influence, they can be replaced by computers.

I realise sales evidence doesnt work for you, what would work?

We all kmow the diference between valuations is simply whether there is 'inferior' or 'superior' next to the exact same comparable sale......

 

[MaxwellSmart]

Just offer the valuer a cup of tea and keep out of the way while they do their unbiased and completely rational sciencework?

Black with no sugar.