All Topics / Help Needed! / Re-Evaluation

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  • Profile photo of TranceTrance
    Member
    @trance
    Join Date: 2008
    Post Count: 37
    February 4, 2008 - 9:04 am

    Hey all,

    We just finished building our house at Coomera near Gold Coast and would like to re-evaluate the property to see how much equity, if any we have on the house.

    Can anyone please recommend a reputable person/firm thats quite good and unbiased to get our property re-evaluated?

    thanks very much,
    Al.

    Profile photo of trakkatrakka
    Member
    @trakka
    Join Date: 2004
    Post Count: 257
    February 4, 2008 - 8:28 pm

    Do you want a valuation that you can use to refinance, or an appraisal for your own interest?

    Profile photo of TranceTrance
    Member
    @trance
    Join Date: 2008
    Post Count: 37
    February 5, 2008 - 12:00 am
    trakka wrote:

    Do you want a valuation that you can use to refinance, or an appraisal for your own interest?

    Both but mainly to refinance but does it matter? if so how??

    thanks

    Profile photo of Jon ChownJon Chown
    Member
    @jon-chown
    Join Date: 2007
    Post Count: 254
    February 5, 2008 - 2:35 am

    A Real Estate Agent will tell you what you house would be likely to sell for now taking into current market activity (that is Supply over Demand).   This figure is highly likely to be more than a Valuers opinion which will be solely based on past sales records.

    Jon

    PS.   Not meaning to place any doubt on the exacting job done by Valuers whose job goes deeper than I have intimated above.   They do however, have to cover their but as they can be sued for incorrect valuation and so would naturally err on the side of caution.   (may be wrong, but my experiences)

    Profile photo of Scott No MatesScott No Mates
    Participant
    @scott-no-mates
    Join Date: 2005
    Post Count: 3,856
    February 5, 2008 - 2:51 am

    A little more cautious than stock market advisors Jon.

    Profile photo of Jon ChownJon Chown
    Member
    @jon-chown
    Join Date: 2007
    Post Count: 254
    February 5, 2008 - 3:25 am

    Hi SNM,

    Funnily enough, I was thinking of you when I wrote the post script.

    Jon

    Profile photo of TerrywTerryw
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    @terryw
    Join Date: 2001
    Post Count: 16,213
    February 5, 2008 - 11:33 am

    You should probably get your bank to do the valuation. If you get one yourself, you may find hte bank/lender will not accept it for the increase and have to pay for another one.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of TranceTrance
    Member
    @trance
    Join Date: 2008
    Post Count: 37
    February 6, 2008 - 9:40 am

    Thanks for your opinions & thoughts guys. Much appreciated.

    Profile photo of TranceTrance
    Member
    @trance
    Join Date: 2008
    Post Count: 37
    February 6, 2008 - 7:14 pm

    Thanks for your opinions & thoughts guys. Much appreciated.

    Profile photo of TranceTrance
    Member
    @trance
    Join Date: 2008
    Post Count: 37
    February 7, 2008 - 9:42 am

    Thanks for your opinions & thoughts guys. Much appreciated.

    Profile photo of RockianRockian
    Member
    @rockian
    Join Date: 2008
    Post Count: 85
    February 7, 2008 - 10:16 am

    I am about to do some refinancing and have had two Real Estate agents do written appraisals of my properties. This will be given to the Valuer (whoever it is ) to provide evidence of the estimated market value and may influence them to get closer to the accurate market price. I usually pick the brains of valuers when they assess my property and one admitted last year that they tend not to value over 95% of what they think the market value is. This was proven correct recently when I had a valuation of 380k on a standard brick veneer home (easiest to value ) which I sold about 3mths later for 403k.

    Cheers, Ian  

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