Bank Valuations

Hi Peter,
We have had the same trouble with both of the banks we have dealt with for home loans. They said to us that we were paying for the valuation to get done for them, not for us. You could try arguing the point, but frankly I don’t think you’re going to win.
Luckyone

Hi Peter Mac,
Just to tell you our scenario.
First time dealt with a broker and the ANZ paid for the valuation, the broker gave us a “verbal” of the figure.

Second.. just recent through the bank( which bank) they paid for a valuation, which was very thorough. A few days later I asked the bank for the figure, and was told that that information is the property of the valuer and as such could not be revealed to me.

So I said ( very nicely [] that i intended to invest in quite a few properties, and would need to know my property value so that applying to their institution was a fruitful excercise.And also that I understood that information remained confidential to the bank and to the valuer. But that perhaps she could tell me what 80% figure was.
And Bingo [] []she gave me the 80% figure.

Keep the talk going, youmay be surprised what you eventually get!!!!!

Rita

Rita

CBA are like that. They won’t tell you the figure, but will tell you what 80% is. Strange isn’t it!

Terryw
Discover Home Loans
North Sydney
[email protected]

I am very new to property investing and not even sure if I can afford it so this might seem like a stupid question, but if the banks won’t give you the details of the valuation, couldn’t you get a valuer that’s approved by the banks to value it before you approach the bank and that way you have all the details you need and the banks happy because they have a valuation from someone they trust?

Helena

ive been told that one of the major reasons banks dont allow the release of the valuation is that if clients were to rely on it and decide to sell their homes but recieve a cheaper price;

technically clients can sue the bank for the discrepancy.ive heard this has happened in the past.

hence, banks do not disclose this information to prevent it being replied upon.

plus the valuations that are done are “strictly” for mortgage purposes only which may lead to differences in valuations amounts as opposed to private/normal ones. im sure it wont vary much tho.

hmm time for bed. gotta rest up for the weekend

thanks all.

Hi Peter

Banks have traditionally not given out the valuation figure.
I have found that after dealing with the same bank (CBA) for many years and with a history of responding to unhealpful behaviour by the bank (both verbal and by going elsewhere for funds etc) if you have a good working relationship with a particular person then a verbal valuation would be given ono the quiet. Trouble is the bank ‘reorganises’ their personnel so often it is difficult to maintain a relationship for more than 2 yrs.
Peter

Hi there,
I just a got a verbal valuation from Which Bank via the branch lending manager for our 2nd ip. He explained all things as to why it is under the current sale price and that the banks are very conservative with their figures and also told us that if you are putting more than 20% deposit down, he had no problem revealing the figure. The valuation we paid to the bank was $0, again because of the deposit being > 20%.I think your right Peter, some things depend on your working relationship.