Thankyou for everyone’s input, i would like to add that creating this equity on the purchase – as difficult as it may seem – is definately possible and is an area I’m looking into. I have had discussions with lenders who will lend based on a self Commissioned Valuation.

As the market place changes there are even greater opportunities to purchase well below val. a few points worth noting.

A true Market Valuation begins with comparable sales. Using this as our starting point. Comparable Sales in the current climate would still be quite high, So your chances of getting a Val Higher than your purchase price go up considerably.

Timing and the way you instruct the valuer during the valuation process is very important.I have has discussions with Banks that have told me that they are unwilling to value the property before settlement. Why do you think that is? They went on to say that the valuer takes into consideration the List Price, and asks the agent what offers have been placed & how long the property has been on the market.

To me List Price, Offers etc.and the agents opinion for that matter is fundamentally irrelevant for the simple reason that ultimately what people have actually paid for property Type/ characteristics “X” determines true market value!

Suffice to say I now commission my own valuations and I time them before settlement. I also commission valuers that independantly value properties without the agents opinion and/or marketing.

Thanks

The Sco![suave]

Have faith and you will achieve good things happen when you believe