Hi all,
a quick inquiry for those who have been involved in revaluations to determine equity and capital growth in their properties.
My question relates specifically to getting your lender to accept the valutaion you’ve gone and paid for yourself, if its done by a valuer not on the banks’ panel of lenders.
I’ve noted many of the proponents of revaluations say, if you don’t like the first valuation you get, go get another one. Spend the $350 to make an extra Xamount of dollars sort of thing. All well and good, but having dealt with one bank in particular who said they wouldn’t accept any valuation not done by one of their panel of lenders, (which in my mind suggests undue coercion by banks over their valuers NOT to give away too much), how then can you justify the valuation and then draw down on the extra equity that may or may not be there?
I’ve recently had one revalued in Albion, Brisbane. I know for a fact the area has gone up in the last 6 months, and yet the valuer who did the revaluation (as part of a refinancing deal) gave it a value exactly matching what i’d paid for it in June. This was in fact even less than the bank’s original valuation, which was $8k more (!!!) than this character..I know I paid less than what its market value was at the time. The house next door which is in not much better condition than mine, was valued at $70K more than mine trhee weeks ago. Even taking into account this may have been done by a real estate agency and not a QS, knock $20K off it and I’m still $50K behind the times..
I want to get this revalued as it will give me a whole pile more equity to draw down on to use for further deals.
Any advice on this? I’d be particularly interested in hearing from Brisbane people.
As always if you don’t want to reply here, email me on : [email protected].
Cheers
MattHi Matt,
I’m in Vic, so I can’t really talk for the practice in Brisbane, however we had a similar occurance just recently.
Basically, we wanted to use equity in home to fund some investments. Hence the need for revaluation of our home. The valuer from the bank came and he knew we wanted to get professional package for investing, which means we had to loan approx $350K plus in total at minimum to get the lower interest rate. Anyway the valuer came in with a value that was 10K short of the professional package cut off. Coincidence? I let you be the judge.
My hubby and I both went to a few auctions where houses with 3 bedrooms were going for more than he valued our 4 bedroom house for. So we complained and thanks to advice from people on this forum, I went to 3 different Real Estate Agents and invited them to do a ‘market appraisal’ on our home with 3 comparitive auction/sale results for similar houses in the area. Therefore we had 3 letters with different letterheads of Realators with 9 houses that had been sold higher than the valuer valued our house for.
Then we went back to the bank, noted to them the 10K difference and the realators letters and then we negogiated.
Finally the outcome was that we got the professional discount, and our house was given 10K on its original valuation.
Do the leg work, twist some arms and then ring their ears with tales of refinancing with other banks that will come to the party!…
Try this first before spending the money.
Cheers and hope this helps someSooshie [
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