Valuers used by the big banks

[The Project Mgr]

Hi Folks,

I was trying to find a thread that would inform us of the panel of valuers that are used by CBA, ANZ, WBC, but I could not seem to find it.

Sorry if I pose the question again: which are the major valuers for these 3 banks?

Thank you kindly,
TPM

 

[Aaron_C]

It really depends on postcode. The only firm that would know that information is valex/VMS and they keep their list of valuers confidential I'd assume.

 

[Peter_Tersteeg]

I don't believe such a thread exists and if it does, it's not accurate. All the major lenders use a combination of APM reports, Residex & RPData reports, ValEx and specialist valuers. The method and actual valuer used depends on variable such as property value, LVR, location, security type, existing holdings, loan structure...

There's no simple answer to your question. The chance that you'll be able to manipulate the valuer used by choosing the right lender is negligible.

Brokers can order valuations with several lenders prior to submitting an application. A better outcome might be to talk to a broker, get a valuation done. If that's not suitable don't lodge the application and then look to another lender for an alternate valuation.

 

[Singo]

To date, all our valuations were desktop ones and/or possibly curb side ones. As they were purchases with LVR around 80%, they may not have needed a walk in valuation.

Now we want to borrow the maximum at one IP which is renovated and I reckon a walk in valuation would be done. Can we meet the valuer when s/he visit and explain the Reno details? Can we also present a comparable sales details, comparison notes and a figure we reckon the value?

 

[Peter_Tersteeg]

If you're purchasing, the valuer will likely meet with the Real Estate Agent. You could ask the agent if you can be present at the appointment and for them to let you know when it is.

 

[euro73]

With ANZ, you know who the valuer is - the information is available from the broker toolkit
AMP - they only use CBRE and Opteon. If both are outside SLA's, they use Propell as backup
Firstmac , resimac and some mortgage managers will make their panel valuer list available to key brokers- and they can nominate their preferred valuer to their BDM, who can select it for them when the job is ordered on Valex.
Everyone else - pretty much a game of Russian Roulette

 

[Singo]

If you're purchasing, the valuer will likely meet with the Real Estate Agent. You could ask the agent if you can be present at the appointment and for them to let you know when it is.

Not purchasing, but to access equity gained through valuation. I reckon we can be present there. But is it ok to give a couple of pages with some details?

 

[Peter_Tersteeg]

Not purchasing, but to access equity gained through valuation. I reckon we can be present there. But is it ok to give a couple of pages with some details?

This makes it even easier. The valuer can get in touch with yourself or a managing agent to arrange the inspection.

Providing comparable sales can be useful. I'd suggest at least 3, preferably more, along with a basic info:
* Date sold (within the last 6 months, preferably with the last 3).
* Sale price.
* Summary description of bedrooms, bathrooms, living areas, land area.
* Comments about how the property compares to yours and why.

Include better properties (if they sold for a better price) as well as similar and inferior properties.

Don't bother indicating properties that are on the market and haven't been sold. This information will be ignored and reduce credibility on the valid comparisons.

Be prepared for the valuer to completely ignore the information you've given them and come up with their own supporting data, even when the result is the same as what you wanted.

 

[Singo]

Thank you very much for the details PT

 

[Colin Rice]

To date, all our valuations were desktop ones and/or possibly curb side ones. As they were purchases with LVR around 80%, they may not have needed a walk in valuation.

Sub 80% in many cases will be desktop or kerbside (aka drive by ).

ANZ will do desktop or modeled estimates to 90% LVR.

Anything over 80% LVR will likely be a full walk through val or can be tweaked to make it so if required.

 

[tobe]

full valuations are NOT more likely to give you a better result in my experience. No more likely than desktops in any case.

My two cents, dont annoy the valuer. 2 pages AT MOST. Leave them to do their work and just hand them the pages afterwards. On the first page list some comparable sales (15% variance, sold within 6 months preferably 3, the same number of bedrooms living land area etc)

You dont need to outline the renovation work you have done. the valuer can pick it up on their inspection. they will ask you if they are unsure of anything.

 

[Rolf Latham]

You dont need to outline the renovation work you have done. the valuer can pick it up on their inspection. they will ask you if they are unsure of anything.

dunno bout that..............

recent reno with Gaggenau Kitchen, VB bathrooms, high qual porcelain tile throughout was rated as functional on a recent val .

ta

rolf

 

[tobe]

classic valuer joke. the overcapitalised kitchen. they should bring out a coffee table book.

 

[Colin Rice]

full valuations are NOT more likely to give you a better result in my experience. No more likely than desktops in any case.

I have seen variances 10+% with both Desktop v Full val and vice versa.

 

[jonmardell]

Hi Folks,

I was trying to find a thread that would inform us of the panel of valuers that are used by CBA, ANZ, WBC, but I could not seem to find it.

Sorry if I pose the question again: which are the major valuers for these 3 banks?

Thank you kindly,
TPM

There are lists available per post code for each lender, some release it to brokers and other banks we might have to get it from our BDM. ANZ valuations let us know which valuer has been allocated but CBA does not release the information but Valex will let us know if we are nice enough. CBA generally has multiple valuers per postcode where a lot of lenders only use one valuer per post code. To get the bet results i would itemise any recent renovations you have done and provide receipts if you have them and also provide some recent comparable sales that have only just been sold in the last couple of months that might not have hit APM or RP Data. If you are after a particular valuation company then you might need to look at a lender that allows you to choose your valuer from their approved list.

 

[Corey Batt]

I have seen variances 10+% with both Desktop v Full val and vice versa.

Oh is that all? One of the best I've had was a 35% swing.

 

[Rolf Latham]

Oh is that all? One of the best I've had was a 35% swing.

mine is shorter at 28.5 %

ta
rolf

 

[Corey Batt]

IIRC ANZ states that less than 40% of contested computers vals come back higher than the original modelled estimate.

 

[delfredo]

Brokers can order valuations with several lenders prior to submitting an application. A better outcome might be to talk to a broker, get a valuation done. If that's not suitable don't lodge the application and then look to another lender for an alternate valuation.

Are these valuation orders done at the cost to the broker (assuming that the application does not proceed with the specific lender for which the valuation was ordered)? Or would a broker have an arrangement with the lender for free valuation requests?

 

[Peter_Tersteeg]

Depends on the lender. Quite a few allow brokers to simply order a valuation and the lender pays for it. Others charge a nominal fee (CBA charges $49 in some circumstances). Some will want the full cost of the valuation up front. There's still a few lenders that want to see an application before they allow a valuation.

I've seen a 20% variation between two modelled estimates for the same lender within a week of each other.