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As I said, the bank is unable to provide the valuation to the client and no we don’t value properties conservatively to get repeat business. That would be a sure way to lose business from a bank. Experienced Valuers like myself (15 years) are right on the money ![wink]
Who cares ! Is it positively geared?? Then whoopee good for you ! Don’t listen to the doomsayers.
The reason why you don’t get a copy of the valuation is because although the loan is for you, the valuation is for the bank. To have a copy of your valuation is of no benefit to you except for the fact that you will have a copy at your perusal. You can’t take the valuation to another bank and use it either.
I get asked for copies of valuations all the time. It is illegal for me to provide it to the borrower. It seems unfair because you are paying for it ultimately, but it’s the bank who pays us to carry them out (using your funds). Plus it is actually illegal for the bank or any lender to give out copies of the valuation to anyone not named as a party to it on the valuation.
I had one borrower pull out a valuation from a previous bank and although it was handy for me to note down title details from it, the valuation itself was dodgy and my valuation came in nowhere near the previous value. It is no wonder, the bank smelled a rat and had a professional experienced Valuer as myself do the valuation.[strum]I invest with a partner. Our money goes much further on IP’s. Set up a trust and a company. Buy +cf properties in Oz and Asia then you have two markets covered.See your lawyer for the trust set up. I recommend a ‘partnership agreement’ be set up as well.Then you are on your way !
Pay for another valuation fee, go with a different lender and keep us Valuers in a job !
Go and buy two +cf residential properties with the equity. I don’t advise anyone to sell. Hang on for the long term low tax yield. That’s my professional opinion anyway.
If Broken Hill is so bad, then why are most of the properties SOLD on that web site ??!!Huh.
I have been a Valuer for 15 years. We are on the panel for many major banks and non banking lenders. If you require a reputable company in Sydney, contact me and I will steer you in the right direction.
To answer your question, you would need to let us know where the shop is.
Hope this helps.The information I was selling was not spam. It was my attempt to help out investors. After all isn’t that what this site is all about? Helping each other with as much information as we can. Yes I am legally able to sell the information. Anyways, my message was deleted.[baaa]
You can put an ad in the Sydney Morning Herald real estate section and advertise vendor finance available. I’m sure there are plenty of people out there who would be interested in purchasing this way. I don’t know of any companies that would find you purchasers specifically for vendor finance though.
Hi, I’m a mortgage Valuer. I see contracts that have an overstimated purchase price all the time. The danger is if the bank notices two different contract prices. I know of some lenders that don’t care, they just want the business. I don’t know what percentage of people get away with this, I know it is happening all the time. Especially if you have a very friendly real estate agent (or a fraudulent one), they are out there!
I get valuations all the time with the front page of the contract but if the value looks too high, I value it accordingly. Most Valuers are loathe to decrease a purchase price value because we know that the sale may not go through for the purchaser. Some telltale signs are that the contract is not signed by both parties (vendor and purchaser) but let me tell you, a lot of people are getting away with the 2 contract scenario. I don’t advise anyone to do this although I have not heard of anyone going to jail over it. If anything, the real estate agent would be at fault. Hope this helps.Hi, I’m a bank mortgage Valuer. Unfortunately when the market slumps (which is noticibly happening) in Sydney anyway, there is not much you can do if your 2nd valuation comes in less than the 1st. I see it all the time. One word of advice I would give is, when you apply at the bank to refinance, over estimate the value of your IP then cross your fingers that a Valuer gets your valuation and doesn’t know the area and therefore re-values your property a little higher! Besides that, there is not much you can do except hold tight until the market makes an upturn which will happen eventually. I worked through the last recession in 1991 and I promise you, you can’t buy any property at those prices today. The alternative is, you may have negative equity for a while but hang in there things will improve.Good luck.
