Hi,
I am looking at a new investment property and have a target of looking at around 100 and making an offer on about 10. As such I have seen quite a few vendor’s statements…! Just got one through and on the rates notices it looks like a classified document where someone has taken a black marker and crossed out the council valuation, the capital increase per year rate and the the unimproved value rate. I have never seen this before. I am guessing the agent or the conveyancer wants to hide a low valuation – I guess if you are asking $180,000 and the council value it at $100,000 it does not look great on the Vendor’s statement- although of course we know council valuation are usually quite a bit under market value. What do you think – dodgy or is it acceptable to cross out information?Cheers!
Hi Jon,
It certainly seems strange – I think you might have hit on it with this :-
I am guessing the agent or the conveyancer wants to hide a low valuation
… and. to add to that, maybe a decrease in valuation from previous (a -10% wouldn’t look brilliant, would it?)
Of course, it may be simply a “nervous seller” too.
Maybe approach the agent to have them come back with a complete rates notice – or to ask for their explanation… Like you, I have never seen that before.
Benny
Haven’t noticed it before – but I don’t worry too much about those particular figures as they don’t change anything in terms of research, I wouldn’t rely on them at all.
It would be worth a casual question to ask the agent what the deal is with redacting it in any case.
Corey Batt | Precision Funding
http://www.precisionfunding.com.au
Email Me | Phone MeInvestment Focused Finance Strategist - servicing Australia-wide
Thanks for the replies. Just got another Vendor’s Statement on a different property with the details crossed out. The last one I asked the agent for the original and haven’t heard back – that was three weeks ago. Seems foolish to doctor the vendor’s statement like this. I know they are wildly off valuations, but there is cause for concern. My mother and law protested about a high valuation on the family farm and was paying very high rates for years. They reassess the value lower and now the rates are much lower. So I personally won’t accept doctored vendor’s statements.
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