Hi Everyone,
Over the last 18 months I have been suprised at the varied results of bank valuations I have recieved on my property, not seeming at all in line with what has been happening in the market. Now I know that the results are going to be different to what you are acutally going to sell for but it has got me wondering.
A bit of back ground – I am planning on turning my home into an investment property and buying something a bit smaller to live in, to do so I want to get as much equity out of this house as possible of course..
This might sound like a stupid question, but when I am speaking with a bank, do you think overinflating the valuation on my property is likely to help a more positive bank valuation? Eg, if I were to say it is worth $400k (I should be able to sell for $375 plus), do you think they would take into account the buying price (paid $300k 18 months ago) and meet somewhere in the middle??
Interested to hear if there are any tips on maximising the results of bank valuation?
Thanks!
The banks work with their panel of valuers, what you bought for 18 months ago is possibly more than what is worth today. The bank will not take into account what you believe it may be worth but will rely on the valuer who has access to all recent sales in the area.
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