Who does ANZ use as Valuers in Perth

paulie

paulie

I think i need to hire or at least get a chance to meet with and discuss with the valuers or valuation company that my current lender ANZ is using, Does any one know who ANZ in Perth uses???

I found when they last valued a development site I own, 1/2 acre block (4 months back) they didn't assign any value to the development potential, instead just compared against other similar sized, but completely different zoning hence dev potential properties in the area.

As this block has also just receive a substantial increase to it's development potential via various applications through the local Shire, I am hoping to fund the part or full cost of building on the site via the increased land value hence equity i now have in the land. So for me to ensure i get a favourable valuation would be quite beneficial.

Any help would be appreciated.


Paulie
 
If no one here knows , you can ask the bank directly, I think they will tell you. My bank (NAB) did tell me when I asked.
 
Paulie,

Here's a tip for you ( and anybody else who doesnt know it) when getting valuations done on Ip and getting a shock of the low valuation when it comes back.

There's no point in getting any licensed valuer in to value your Ip as this person may or may not be on the approved list of valuers for your bank. Find out which valuers are on your banks panel and appoint one of those.

Tell them you want a valuation done of the property based on a Fair and Open Market Value. You will find it will come in alot different to a valuation done for lending purposes ( which is very conservative).

Take this valuation to your bank and show them that this is the valuation done on it. Then if they dont like it kindly remind them that it was done by one of their Approved License bank valuers and it therefore must be a realistic representive of the true market value of the property, isn't it?

Well, what more can they say??

I phoned my bank (WBC) and asked who they commission to do valuations. I spoke to the local branch manager to where I was purchasing and they provided me the details over the phone.

Hope this helps.
 
Sullivans south of the river (in Subiaco) and Christie Whyte More (in West Perth) north of the river.

If you tell me where the block is, I might even be able to give you a name. My significant other used to work at CWM :)
 
Hi Paulie

The development potential thing can be a double edged sword.

I have had vals come low because contract price included speculative development potential. Naturally I was crook with the valuer - what was he thinking.

He then proceeded to awaken me in that the potential cant be realised until the DA is granted and thus he was going to val it at standard res.

This is not an unusual circumstance where there is significant deviation from the median land value of the prop you are buying.

Ta
rolf
 
Its interesting that the perception is that if a bank commissions a valuation it will come in low. I had a good chat to a valuer (that the bank sent out) to one of my properties a couple of months ago and brought up this subject for discussion and he thought the opposite was true and that the banks want to give out as much money as they can (as thats how they make money)...

Anyone got any thoughts on this? To be honest whenever I've had vals done they've just come in as what I wanted anyway. :D

Jason.
 
Hiya JS

My experience is that the major lenders give no clandestine instructions to the valuers for a standard deal.

vals are vals are vals usually, and if they come in low its not related to policy but to the valuers opinion, all of which are human, and opinions differ.

ta
rolf
 
A valuer told me the reason why a RE Agents valuation appraisal usually comes in higher than a Valuers Estimate is due to the way and purpose of the valuation.

A Valuer estimates a property value on past comparative sales figures, whereas a RE Agent is responsible for moving the market higher and achieving the highest possible sales price for their client.

So basically the valuer is commentating on how your property compares to Past Comparative Sales which can be months out dated, where as a RE Agent is responsible for moving the market forward and thereby is responsible for raising the bar.

Ones a Past Sales comparison, and the others an Appraisal for Selling!

Because the Appraisal for selling is higher this figure is fixtated in the owners mind so when the Valuers figure comes in its usually an unwelcome surprise.

Hope this has provided some food for thought.
 
Hiya Rix

Thats right, and theres a bit more to it as well.

Generally, the valuer has to be able to justify his numbers if things go bad, the agents over quoting and buying listings (assuming that still happens) doesnt.

Valuers have PI insurance for this sort of stuff, I dunno if REAs do.

ta
rolf
 
Rolf Latham said:
Hiya Rix

Thats right, and theres a bit more to it as well.

Generally, the valuer has to be able to justify his numbers if things go bad, the agents over quoting and buying listings (assuming that still happens) doesnt.

Valuers have PI insurance for this sort of stuff, I dunno if REAs do.

ta
rolf
Click to expand...

Very true. The valuers are under quite a bit of pressure to get it 'right', and they would rather be under than over if it all goes pear shaped due to litigation concerns.
 
Hi Rixter, your comparing valuers to RE Agents though whish is apple and oranges... I'm talking about the common belief where people seem to think commissioning a valuer themselves (thats is on the banks list of panel valuers) is better than just having the bank send the valuer out.

I agree that RE Agents have a very specific agenda - mainly in trying to win the listing.

Jason.
 
jscott said:
Hi Rixter, your comparing valuers to RE Agents though whish is apple and oranges....I'm talking about the common belief where people seem to think commissioning a valuer themselves (thats is on the banks list of panel valuers) is better than just having the bank send the valuer out.

Jason.
Click to expand...

Correct , thats my point exactly :)

I commission a bank board valuer to do my independent valuations as per my offer clauses. I do it two fold. One for my own copy for refinacing purposes in other areas of my portfolio, and two if the banks valuer comes in under mine I have back up documentation for my case.
 
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