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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?
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 bankwest.
I went straight with them as I work for them and get some good perks.
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.
This was bankwest.
I went straight with them as I work for them and get some good perks.
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.
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.