When to re-value?

[Coconutwheels]

G'day All,

Just wondering how the process works when a broker or the bank order a valuation.

Who sees them, can other lenders see previous valuations through this system?
How long do you need to wait before re-valuing?
Is there any recourse if you believe it to be wrong?

One scenario happening with me ATM, had a prop valued in May2012 came in at $285k. Just had it revalued this Jan, came in at $225k. It is a difficult property, in country NSW, but the comparable sales in the second Val are way out.

I'm finding it hard to know if it's worth having certain properties valued, for example I believe there's equity in another we have, but we only purchased in oct 2012.

Cheers,

Ben

 

[Brady]

G'day All,

Just wondering how the process works when a broker or the bank order a valuation.

Who sees them, can other lenders see previous valuations through this system?
How long do you need to wait before re-valuing?
Is there any recourse if you believe it to be wrong?

One scenario happening with me ATM, had a prop valued in May2012 came in at $285k. Just had it revalued this Jan, came in at $225k. It is a difficult property, in country NSW, but the comparable sales in the second Val are way out.

I'm finding it hard to know if it's worth having certain properties valued, for example I believe there's equity in another we have, but we only purchased in oct 2012.

Cheers,

Ben

Find compariable sales and get the bank/broker to challenge the valuation.

 

[Rolf Latham]

Find compariable sales and get the bank/broker to challenge the valuation.

some lenders wont accept a change in val even though the valuer sees that they may have made a boo, and revises their val in light of additional evidence

more common with loans >80 %

ta
rolf

 

[Rolf Latham]

G'day All,

Just wondering how the process works when a broker or the bank order a valuation.

Who sees them, can other lenders see previous valuations through this system?

Hi Ben

Your broker of banker should be able to help with that question.

it does depend on lender and lending channel etc

ta
rolf