Hi All,
We are relying on equity gain to buy our next IP. Currently have 2 IP's. 1st is a 2 bed unit in Mona Vale, NSW, 2nd is a 3 bed house in Woodridge, QLD. Valued the 1st to buy the 2nd which settled in August, 2014. Broker has advised that we will only be able to value the 1st property again as the bank will rely on their purchase valuation for Woodridge. The major problem we are facing is we weren't happy with the last valuation on the Mona Vale unit. We feel the valuer got it wrong. We were expecting $700,000 to $750,000 and got $675,000. We had a friend (broker with a different bank) do a computer generated estimate that came back at $705,000 prior to the $675,000 valuation. The broker has booked an upfront valuation and the valuer is the same person from CBRE. Any valuable valuation advice from the forum?
We are relying on equity gain to buy our next IP. Currently have 2 IP's. 1st is a 2 bed unit in Mona Vale, NSW, 2nd is a 3 bed house in Woodridge, QLD. Valued the 1st to buy the 2nd which settled in August, 2014. Broker has advised that we will only be able to value the 1st property again as the bank will rely on their purchase valuation for Woodridge. The major problem we are facing is we weren't happy with the last valuation on the Mona Vale unit. We feel the valuer got it wrong. We were expecting $700,000 to $750,000 and got $675,000. We had a friend (broker with a different bank) do a computer generated estimate that came back at $705,000 prior to the $675,000 valuation. The broker has booked an upfront valuation and the valuer is the same person from CBRE. Any valuable valuation advice from the forum?