valuations

[fitguy]

hi guys,just wanted to get some thoughts on an idea i had to get a fair val for my property.
I know valuers always value lower and are conservative especially when there is no contract on the property so i figure the best way to get some accurate up to date research is to put it on the market,then present them with the offers i have recieved to let them know exactly what the market is prepared to pay for this particular property.
for example,we have a duplex which was recently valued at 160k by a valuer,the banks valuer.currently these are selling for between 190 to 200k.labrador,gold coast.I felt this was a little to low,esp cause ours is in better condition generally than those ive seen.so heres the plan,sign up to sell with an agent,at say 230k,collect a copy of all offers submitted which should be around 200k,present these to the valuer when he comes back along with any other research,and i should be able to get revalued at 200k,giving me another 40k for next property.apart with putting up with inspections while its on the market it all seems too easy.what do you guys think,esp any valuers out there.
thanks

 

[Rolf Latham]

Hi FG

An offer on your place does not a sale make.

To be fair to valuers generally, they value within the data that is available. eg recorded sales - that is where the sales has settled and is available as data of the VG/stamps database.

If you want a current val in a moving market then its in your best interest to chase the reported sales. These are where the contract has gone unconditional but havent yet settled OR the data is not yet on VG/Stamps database. Requires a little phone and leg work with local agents but is usually worth it

Ta

rolf

 

[Bushy]

Fitguy,
The R/E agent would probably want to be payed for all the work he did as well.

Regards Bushy

 

[Starting out]

Valuation

Hi Fitguy,
We had this problem as well. What we did to lift the valuation was ask all agents in the area for recent sale reports for a similar property to ours. Also keep the "sold houses" listing from the weekend bulliton as the valuer can also contact these agents to validate the sale/date.
Simply fax this too them or a good morgage broker will do it for, infact if your broker was fantastic like ours, he can lift valuations by 10-15k with one phonecall.
Regards
Starting Out

 

[gdeane]

Starting out

Sorry to jump on your thread fitguy.
This is directed to Starting out. I am in Brisbane and have been looking for a good borker. Is it posible for you to give the details of the broker you use. They sound like they are there to help as well.

Thanks
GD