Valuers

From: Fredo J


Not only roundabouts I question valuers opinion in general.

I recently commissioned a valuation on a wool store in Teneriffe and guess what the value came in at 205 the exact price the developer wanted and who gave him access to the site and walked him through you got it
Ambition is the lock motivation the key
 
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From: Fiona H


We had a valuation recently for the bank.... they did a "drive buy" and came up with a figure that was absurd. There would be carnage in the street if we tried to sell it for that much. Someone would make a real quick $100k+ just by buying it from us and on selling immediately.

The bank then agreed to do a full val, and this guy said drivebys were always 30% undervalued???? My broker used a word I cant repeat on this forum about that.

Has anyone else had this experience?? How good are drivebys?

(P.S. We are still waiting on the full val. Seeing as its the same company who did the drive by, I cant really see it going up 30% can you? Unless they "find" they did the wrong house or something...)

Fiona
 
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From: Glenn M


Fiona,

Had similar problems with a drive-by valuation. Earlier this year, had a valuation done on a 4 bedroom, double storey apartment with 3 bathrooms and includes 2 car-parks on Queens Rd in Melbourne (opposite Albert Park lake). The apartment block itself is early 80's. The valuation......wait for it.......

$220,000 to $240,000

Even at that stage, 3 bedroom apartments were selling for $350,000.

Hmmm, drive by valuations for me DEFINATELY were not worth it!!!

GlennM.
 
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Reply: 1.1.1
From: Tibor Bode


Fiona,

I went through recently a valuer nightmare. First gave 415K, second, 420K then I got the S... and called 2 r/e agents and also asked for recent sales to support their valuation.
I provided this to the 3rd valuer (3 different firms) value is $460K. Its worth to get some comparable sale figures from R/E agents and hand them over to the valuer. A good R/E agent will provide address, picture of property, features, how much was it sold and after what period of time. It is very hard to argue with and YOU have done half of the valuer's job. To me it worked.

Tibor
 
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From: Troy J


My wife and I have also recently had our PPOR revalued and were disappointed with the figure that the valuer put on it. I spoke to the bank manager about it yesterday and he said that in a situation where there are no real comparable sales in the area the valuer will just pull a figure out of thin air and make sure it's below what he really thinks it's worth. He said that he is in the process of getting another loan himself and he refuses to get his own place revalued as there have been no comparable sales in his area and therefore he doesn't want to be disappointed.

Two other things that the bank manager mentioned:
1. He said we can get another valuation but often the valuers talk to one another and it's uncertain that the new valuation will be much different to the first.

2. That valuers are deliberately undervaluing at the moment as the market is on the crest of a wave and they are allowing for the price to drop should there be a correction in the market.

At the end of the day if you are unhappy with the valuation given by a valuer and argue that you can get far more if it was sold, the response of the valuer is expected to be along the lines of "well sell it then and prove me wrong"

Troy
 
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From: Miakat .


I recently had a couple of drive-by valuations done. I was happy with one, and unhappy with the other. The first came in at a good price becuase we had recently painted it externally and you could see the large block with double garage quite clearly from the road.

The other valuation that came in low was because the property was not that great on the outside and you couldn't see the rear lane access and parking from the front. I told that valuer to go inside and have a proper look. The valuation went up another 10% after that and I was happy.

Mia
Newcastle Freestyler Coordinator
 
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