Valuer and Bank not Disclosing Valution of Property

Just a quick question,

When I got valuations done by a bank before purchasing a property they wouldn't tell me what they were valued at.

LMI was not used.

Is this normal when the bank values the property?
 
Just a quick question,

When I got valuations done by a bank before purchasing a property they wouldn't tell me what they were valued at.

LMI was not used.

Is this normal when the bank values the property?

Hi Ryan, did you go direct to the bank? As a broker i do not know any lender that does not disclose that information to us. As a direct customer i am not sure but some banks in past years would only tell you what 80% was then you have to work it backwards.
 
Yep standard procedure.

I always prefer to pay for the valuation then it is my property.

The banks argue that, as you didn't pay for the valuation (it is just part of the application fee) you don't own it, the bank does
 
Yep standard procedure.

I always prefer to pay for the valuation then it is my property.

The banks argue that, as you didn't pay for the valuation (it is just part of the application fee) you don't own it, the bank does

This was common place when i first started broking (2003) but over the years most lenders have relaxed and will at least disclose the amount.

Which lender is it?
 
Value is none of your business. Bank commissioned valuer to do it, paid them for such and received a result from them. You're not part of that transaction.
 
During the time I have been investing I have never had any banks disclose values as I assume I am not paying for this.

I certainly tried hard though, started off with coffee, cake then wormed my way into questions about listings and comparable sales and my property guestimate - higher of course, hint ... hint ...

Finally, I asked the question "what's the value", was politely told on a number of occasions that they could not disclose this.

I give up.
 
Have never had a problem, my broker gets the value and discloses to me.

I have been in LMI territory, maybe that makes the difference.
 
During the time I have been investing I have never had any banks disclose values as I assume I am not paying for this.

I certainly tried hard though, started off with coffee, cake then wormed my way into questions about listings and comparable sales and my property guestimate - higher of course, hint ... hint ...

Finally, I asked the question "what's the value", was politely told on a number of occasions that they could not disclose this.

I give up.

Sounds like your xcolled / in a very one sided relationship there? How they would refuse to tell you is staggering in my mind.

That is pretty vital intel to deciding investment decisions ongoing.
 
I know the exact bank value of all my properties and even have a printout of how they are xcoll within the bank (yeah, yeah, I know but nothing I can do about it at the moment:(). It was given to me by my relationship guy.

This at least has given me the information to plan ahead to when I can start to unravel it all.

I also believe it is my right to know this information, how on earth can you plan if you don't know what value the bank puts on a property??
 
As a banker I'm happy to disclose the valuation amount, but not the actual valuation unless it was an upfront paid for by the customer.

As others have stated it's hard to plan without.

I can't see why they couldn't tell you especially if you have paid LMI as you could work it out from the LMI paid.
 
This was bankwest.

I went straight with them as I work for them and get some good perks.

If you work for them, can't you just look it up yourself?

Value is none of your business. Bank commissioned valuer to do it, paid them for such and received a result from them. You're not part of that transaction.

It is absolutely your business, they are selling you a product (mortgage) with fees, interest rates and costs based on this valuation. You are absolutely entitled to know what they are basing their decisions on. Keep asking for the number, don't hold you breath about seeing the piece of paper, though.
 
I've never had a problem with getting a lender to verbally disclose the valuation amount, not even BankWest. This is very odd. Unfortunately my observation has been that most lenders treat their own staff far worse than they do the rest of their customers. I think they take it for granted that their own staff will come to them for a mortgage.

Jake every lenders systems are heavily monitored and audited. An employee of a lender is unlikely to have access to their own application.
 
Jake every lenders systems are heavily monitored and audited. An employee of a lender is unlikely to have access to their own application.

Yeah, but there's always a way, a manager or co-worker or someone will have the right access and be able to read a number off a screen.
 
Yeah, but there's always a way, a manager or co-worker or someone will have the right access and be able to read a number off a screen.

At what risk though? I doubt they'd be willing to do a favour for someone at the risk of their job.

If I were in that position I wouldn't want to ask someone to do it either as I wouldn't want to put them in an awkward position as well.
 
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