Valuations Again

[MTR]

Just throwing it out there, is there a way of mitigating this, we get 3 values from 3 different banks until we get one that comes in spot on??? Is this na?ve?

Is there any smart little tricks MB use to achieve a better result, for example Bank X uses a well know valuation company that always come in about right.

Perhaps I am grasping as straws, but anyway....

 

[Colin Rice]

Is there any smart little tricks MB use to achieve a better result, for example Bank X uses a well know valuation company that always come in about right.

There are ways to explore options.

Modeled Estimates or desktop vals can be favorable and in some cases are acceptable up to 90% LVR.

They can also go the other way.

 

[MTR]

There are ways to explore options.

Modeled Estimates or desktop vals can be favorable and in some cases are acceptable up to 90% LVR.

They can also go the other way.

Thanks for this

 

[Shahin_Afarin]

You are not going to get modelled estimates or desktop vals on a construction loans.

 

[Colin Rice]

You are not going to get modelled estimates or desktop vals on a construction loans.

Apologies, didn't realise it was for that purpose.

 

[monalisa]

Hi All

Are you getting property values come in well under purchase price at the moment?? What State/area?

I spoke to a friend yesterday who is a Perth MB he mentioned that at the moment valuations on development sites in Perth are coming well below purchase price, he gave me an example where a client purchased in Nollamara for $600K came in at $540K, I think its a case of the market moving too fast and no available stats.

I will be developing shortly and will be organising stats prior to valuation, however I am pretty much in the same situation. What to do??? I am stuck

MTR

Just got our PPOR valued - had last val was done more than two months - which came back too conservative - as the top up application didn't get anywhere, and given the Sydney market, the val was pretty meaningless.

Grateful to a fantastic broker on the forum - who thought outside the box, and arranged a val through another valuer on the Valex Panel - the val has now come back $30K higher!

The property is in Sydney - between Parra and Blacktown.

 

[MTR]

Just got our PPOR valued - had last val was done more than two months - which came back too conservative - as the top up application didn't get anywhere, and given the Sydney market, the val was pretty meaningless.

Grateful to a fantastic broker on the forum - who thought outside the box, and arranged a val through another valuer on the Valex Panel - the val has now come back $30K higher!

The property is in Sydney - between Parra and Blacktown.

Great news.

I just my loan approved for my development site in Melb, now in the process of organising valuations again

 

[HD_ACE]

Hi All

Are you getting property values come in well under purchase price at the moment?? What State/area?

I spoke to a friend yesterday who is a Perth MB he mentioned that at the moment valuations on development sites in Perth are coming well below purchase price, he gave me an example where a client purchased in Nollamara for $600K came in at $540K, I think its a case of the market moving too fast and no available stats.

I will be developing shortly and will be organising stats prior to valuation, however I am pretty much in the same situation. What to do??? I am stuck

MTR

Had one of mine come in today for one in morley, perth for a refinance. Pleasently suprised pretty close to bang on from where im sitting and probably 20k+ more than where i thought they were going to conservativly put it.

Puts it at around 15% growth.

some funds for the next project so im happy

cheers

 

[Marty McDonald]

Grateful to a fantastic broker on the forum - who thought outside the box, and arranged a val through another valuer on the Valex Panel - the val has now come back $30K .

Good result! Can you elaborate on how this worked I don't quite follow do you mean with same lender?