Hi All,
The whole valuation process seems to be rather ad hoc, [angry2]. I was wondering if there is some way of controlling (or at a minumum having some input) into the final decision.
Several years ago I attended a seminar — the presenter mentioned that he used several of his bank’s valuers to assess his properties — over the years he had built up a personal relationship with these guys — also he could via his relationship manager at the bank, request which valuer he wanted to undertake the assessment of his properties. In this manner, he was able to secure high valuations and thereby borrow maximum dollars. [rolleyes2]
Does anyone out there have a similar experience wherein they have some involvement (even if indirect) in controlling the valuation of their investment properties.[eh]
Any advice is greatly appreciated.
Regards
Helen [cap]Originally posted by elika7264:Hi All,
The whole valuation process seems to be rather ad hoc, [angry2]. I was wondering if there is some way of controlling (or at a minumum having some input) into the final decision.
Several years ago I attended a seminar — the presenter mentioned that he used several of his bank’s valuers to assess his properties — over the years he had built up a personal relationship with these guys — also he could via his relationship manager at the bank, request which valuer he wanted to undertake the assessment of his properties. In this manner, he was able to secure high valuations and thereby borrow maximum dollars. [rolleyes2]
Does anyone out there have a similar experience wherein they have some involvement (even if indirect) in controlling the valuation of their investment properties.[eh]
Any advice is greatly appreciated.
Regards
Helen [cap]From experience when the market is moving up, you are likely to score what you consider a friendly valuation, if the market is moving down everyone slips into covering their own butt mode, and valuations have appeared more conservative.
That’s just my perception.
Speak to your bank, ask who their panel of valuers is and ask if they will accept a valuation that you have paid for with one of their panel members subject to the valuation stating the specific reason that it is being done (which is what you would have spoken to your bank about anyway).
Cheers
Leigh K[biggrin]Yes you can control things to a certain degree. For starters you can put yourself down as the contact person, rather than an agent. that way you can be sure you will actually meet the valuer. When you meet them at the proeprty, you can then hand them your research into comparable sales and generally talk up the proeprty.
With some lenders, you can actually choose the valuer from a list. You may also even be able to order the valuation yourself and then later reassign it to the bank if it comes in high enough. You could also posisbly shop around, ordering 2 or 3 valuations (from panel valuers) and then going with the highest – but of course this would mean extra expenses, but it may be worth it.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Thanks for your comments.[cap]
Any other thoughts. I really would like to get a handle on this process [blink]– so any additional information really appreciated. Perhaps you might like to comment on your own experiences.[cap]
Regards,
Helen
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