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No worries, let us all know how it goes.
Just for the record If someone comes to me with relevant sales info, i have changed valuation reports before. I dont like doing it mind you, becuase it doesnt look good fo me, but I have done it.
If you come to me with nothing but "I saw these properties advertised for sale and mine is better than them so mine is worth more" you arent getting very far!
Have you talked to the valuer and asked why he put $140,000 on it? This is usually the best step and most overlooked step in the valuation process.
Big tip though, don't be agressive or superior when talking to a valuer, its human nature that they will resist harder than if you are pleasant and have a chat. Dont act like the valuer is an idiot and doesnt know the market.
Trust me when i say this!
"Just get 2/3 real estate agents in and choose the quote you like the best. You don't really care how much to fix etc. you want to know what the actual value of the place is and a real estate agent will know (roughly) how much someone will pay with cracks etc."
No one will give you an accurate estimate of value of this property as the problem is undefined. A real Estate agent won't, a valuer certainly won't. The best case scenario for a valuer is to say what the property is worth if unencumbered by any problems.They will then tag the report with the standard cluase about getting a building report or engineers report to to ensure the property is sound. The implication is that they value it free from problems unless otherwise told. If there are reports they will want to see a quote to remedy by the engineer and would in all liklihood deduct this from the unencumbered market value with a small profit and risk allowance and a stigma allowance. This is all a generalisation you understand!
In order to get an accurate valuation (for your separation purposes) you will need to get an engineer to assess the problem and supply a cost to fix. The major problem here is that you will pay for this assessment and you will need split this cost with the other party. Once armed with that information give it to a valuer and you better believe me he will value it conservatively for you once you point out the major issues!
This is all prob too late however as your original post was sometime ago.
PS: it valuation not evaluation. You cant imagine how much this irritates valuers!
