Forum Replies Created
Hi Bender,
Generally I believe I achieve a val that is about 5% better. I had a loan approved last month where, by instructing the valuer myself, I received a val of $700k. I ended up with an excellent rapport with this valuer and in conversation after the event he gave me to believe that under bank instruction he would have valued the property at $650k. I carry out enough research to reach my own opinion of what a property is worth and then set out to obtain the loan amount I need to meet the financial goals I have for the property. Instructing a valuer myself is part of my strategy of eliminating the risk that a lender will not lend me as much as I have calculated I need to borrow as part of my plan. I use a finance broker who is an active property investor and who works in a similar fashion.
Cheers
Hi Benderfile,
Yes, I find I do get stronger valuations by instructing a valuer myself. Generally speaking for spending about $450 – $550 for a val on a residential property I will achieve a val about $30,000 to $50,000 higher than leaving it to a lender to instruct. When one achieves an 80% LVR, the expenditure of $450 – $550 for the val provides a loan of $24,000 to $40,000 higher than leaving to the lender, not a bad return on the price of the val!
Cheers
Hi Benderfile,
I always commission my own val from a bank panel valuer and include it with my application for a loan. I explain to the valuer that I need the val for a loan and do my research re which loan product at what bank I intend applying for whilst the val is being competed. When it is completed I tell the valuer which bank I want the val assigned to.
I meet the valuer on site and have a folder prepared for him which includes comparable sales details, features of my property, the title, planning certificate and a location map on which I highlight all relevant local facilities such as shopping centres, schools, transport, child care facilities, sporting facilities, parks etc.
By taking this approach I have never had a bank not use my valuation and I have never had an application refused for the type or amount of loan I was applying for. If you are having difficulty with one person in one bank on this issue, try another branch of the same bank or another lender. By approaching a bank with your own homework done and your own valuation you are showing the bank that you know what you are doing. Therefore if one bank does not value your custom it won't be long before you find one that does.Cheers
The best way to get the val you want is to commission the val yourself and not let the bank commission it. Choose a valuer who is contracted to various banks to perform vals in the area of your property and have a dossier of info for him including details of recent sales, features of your property and a locality map showing where local features such as schools, shops, transport, sporting facilities are located in relation to your property. When the val is completed you can tell the valuer which bank you want it assigned to once you have decided which loan product at which bank you wish to apply for. Going about things this way you have control over how the valuer is instructed. I have never had this approach fail me in either getting the val I wanted or the loan product and amount I wanted.
Cheers
