Hi,
We recently bought a property in the inner western surburbs.(strathfield)Ihe bank made its valuation and told us that the price we paid was the market price.does that mean we made a good deal.[
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pls adviceTo get really pedantic, whatever price a property is bought for is it’s market price, buuuuut…
(putting on a less pedantic hat) it means that it’s unlikely you were ripped off. Bank valuations are usually pretty conservative which in this rare case is a good thing [
]. As to whther it’s a good deal or not, only you can know, as the real answer to that question is to answer if buying it has brought you closer to your goals or not [?]If yes, then congratulations, it’s a bona fide great deal!
Quasimodo
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Funny how action has a way of answering all of our fearful questions…
___________________________________________________________________________yes .As far as goals are concerned we always wanted to buy in a area which is always has high rental demand.and close to all amenities.
Hi kutty,
Which bank did your valuation? I ask this because some institutions do full valuations, some institutions do restricted access valuations, others do residex and some have been known to take contract price as long as the purchase is arms lenght.
Lastly did you deal with the bank direct or through a broker etc? I ask because you may be able to request a copy of the valuation report (asuming it was drawn up).
Cheers,
Nathan.[
]One of the books I’ve been reading (Anita Bell I think) said that banks wouldn’t disclose their valuation, even though you paid for it.
I asked this question of the mortgage person I spoke to at ANZ and she said that ANZ do give you a copy of the valuation.
BTW ANZ was the only bank I spoke to that wouldn’t tell me if I’d qualify for a loan or not. Apparently ANZ make the decisions at central office.
The others I spoke to (Westpac & NAB) gave me answers straight away. I easily met the critetia for both, so ANZ’s position seems to be company policy rather than anything with me.
NAB also provided a ‘pre-approval’ certificate. This required you to sign stuff re Privacy as they asked you for details of your finances and entered these into the credit database. Having to sign something so early on made me touch nervous, remembering Neil Jenman’s motto of ‘Don’t Sign Anything’!
Peter
Gday Kutty 70,without sounding harsh,l think if your putting faith in a bank valuation to support the purchase price of an investment property (you didnt specify renter or PPOR) then you should have looked around more,lf you bought your new PPOR and you love the place then congratulations, loving the place is more important than a great price. MITCH
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