Valuers and Valuations

[dags]

Hi peeps

what steps should I take to acheive the highest valuation on my newly reno'd PPOR so I can have maximum funds to purchase my first IP?
Are there certain valuers that are more sympathetic towards the investor?
Our lender is Liberty Financial Melbourne, postcode of 3015.
all replies welcome

dags

 

[Rolf Latham]

Hi Dags

Vals are an inexact science and its not unusual to get 5 % between 2 different valuers for the same property.

Id chase Liberty and ask what panel valuers they use for that area.

Id then make sure I had some good sales data to back up what I want, and choose a valuer from that list. While there arent going to be any that consistently over value, there are often thse that are very conservative

ta
rolf

 

[the_captain]

Hiya Dags,

Your name reminds me of Snatch........"Dags Dags......do you like Dags"..........anyway - its late.

What I normally do is approach my local realestate agents and get them to provide me with a list of recent sales. I have a good relationship with an agent in my area that is happy to do this for me.

I would also get some appraisals from other real estate agents in the area.

Compile all this into a report and have it ready to give to the valuer or your broker.

I have asked for a list of panel valuers before and been told that the lender would not discolse this information.

Also be prepared that you still may not get the bank value you want......even after doing all the above.

Best of Luck

 

[Aimjoy]

Yeah,

I also have been told by a bank that they could not disclose the valuer's name that did the original val when I first purchased the property and now wanted to get the same valuer out for another val post reno.

You just have to challenge this type of crap. I don't stand for it anymore.

The last guy that told me this - I just said - "Hey mate it is not a secret - it is the name of a valuer" and he went and got me the name.

I think they (banks) think most people are going to just take what they give - hey but not this fella.

I also go talk to my friendly real estate agent - and they subscribe to rpdata or justlisted or others and they tell me. I have also looked up the sold houses on realestate.com.au - and found comparables from the pictures. They always have the listing agent - who you can call - and just ask the property address - say you are doing some research for xxxx valuers if you want - works for me....then put the comparables in the report you present when engaging the valuer - you've done all the hard yards for them and they (in my experience) get intimidated by your knowledge and research and agree or give you reasons why they disagree and appreciate your efforts for making their life easier.

I'll never let a valuer at another one of my properties without doing all this again - I've learnt my lesson. The comparables the first valuer came up with were nothing like the subject property he was valuing for me. Mine was a doulble storey with good waterviews. He used single storey down back of battleaxe block with no views, double storey with distant views etc as comparables - it was a joke. So I did research and engaged a different valuer and got another $10K in the val. It yielded an additional $8K (80% of the $10K) so it was worth the 4 hours work..... hourly rate = $2K per hour. Not bad if you can get it.

Cheers,
Aimjoy

 

[dags]

thanks guys

yeah I have also been told a few times that"we cannot disclose the valuers to you" its very frustrating.
I shall keep you all informed on the valuation I do get and what steps I took to achieve it
regards
dags

 

[Kiwi Investor]

Guys, something to bear in mind is that most financial houses and banks have a contract with valuers to do vals for the banks, NOT the property owner, hence why the don't disclose this information. The valuers also have code of conduct that means they can only disclose information to the party who gives the instruction to value, mostly the banks, it's all about each party protecting it's interests, which you can understand. There is always the option for the owner/investor to pay around $300 and give there own valuation to the bank. I have also noticed in my dealings with banks etc, that they are very reluctant to give what the value of your property is !!

Residential valuations are mostly based on the direct comparison method, as this is the most effective way the courts have decided property should be valued.

Good luck !!

KI

 

[Bandita]

Hi all,

This thread has got me thinking....who do you rate as the "best" valuers - (in Melbourne, for eg.) - and what is the charge?

I'd always figured we'd go through the bank - but if I asked the bank if I paid for the valuation myself from their "approved" valuers - I would have NO idea who the best would be??

Cheers,
Jen