Shahin, how do I know it a full valuation has been done? The valuer took photos of each room etc.
Thanks Johann, I will put a report together log with recent sales that I feel are more relevant.
I am aware I might seem like I don't understand the numbers – but that isn't truth. I've based everything I've done on this property with my numbers based on the realities.
I believe what it comes down to in the end is comparable sales and I think he's missed the mark. Comparing my place with a property that has less living space and overall less structural content.
If the valuer took photos then thats a 'Full Valuation'. If you also went through Maquarie – your broker should have/be able to send you a copy of the Full Valuation.
When the valuer came out did you go through what renovations you did to the property? The amount of money you spent on the reno? Go through the things that were visually not evident?
Where is the property located?
Has the broker ordered the upfront vals yet?
Regards
Shahin
TheFinanceShop | Elite Property Finance
http://www.elitepropertyfinance.com
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Hi Hannah,
I recently did an extension to my house which cost $170K (still rising too). When I went back to my bank for some more money the valuation only increased by $70K. I disputed it and told them to get the valuer to at least walk through my front door. The valuer refused and said the valuation would not change. I then spoke to my girlfriends bank and their valuer did an independant valuation (including photos and a guided tour) which came in $60K higher. I changed banks (which wasn't that hard) and had the pleasure of telling my old bank all about it.
My example is on a PPOR and a bit extreme but the principle of exploring all your options is universal. Good luck and stick it to 'em.
The valuer didn't want to speak with me. I said I had before pictures and he said "yes, I can tell you've done a lot".
So I didn't get a chance to tell him how much money has been spent.
I bought the house in a down market for a good price. Like I said, I work in real estate – I watch property trends.
I can't understand how he valued it $5K less than valuation after all the work that has been done.
My broker has now gone quite. I asked her if a credit check had been done. She said no and was I concerned about the result. What the??? I told her no, that I was concerned about how many credit checks my name would get.
So now I'm dealing with another broker and another valuer.
When I book a date and time with the valuer, I will ask if they're going to look over the pictures etc.
Fingers crossed!
Speak to Jamie on this site he we will help you out, remember loan structure is just as important As rates or lvr
Valuations will very from bank to bank,
Cba valued my home at 420 and nab at 360 lol
Jpcashflow | JP Financial Group
http://www.jpfinancialgroup.com.au
Email Me | Phone MeYour first port of call in finance :)
The broker should be disputing the amount with the valuer not you. You need to talk their language.
Good luck and keep us posted. Remember whatever you do next – do not apply for another loan unless you are 100% sure of approval.
Regards
Shahin
TheFinanceShop | Elite Property Finance
http://www.elitepropertyfinance.com
Email Me | Phone MeResidential and Commercial Brokerage
Jpcashflow wrote:Cba valued my home at 420 and nab at 360 lol
Yeah we just had a similar thing recently for a forum client where one lenders full valuation came in a fair bit less than another lenders desktop valuation.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Thanks everyone, appreciate it.
Paid $280K.
Minor reno.
Values up at $320K
Doesn't seem unreasonable to me.
It's always worth noting that the value you NEED has no bearing on the value IT IS.
Just sayin'
Yossarian wrote:Paid $280K.Minor reno.
Values up at $320K
Doesn't seem unreasonable to me.
It's always worth noting that the value you NEED has no bearing on the value IT IS.
Just sayin'
The house was valued on 1st January 2012 for $325K.
So it doesn't seem unreasonable to expect what I've calculated.
It's not a matter of need.
How did you go Hannah?
Regards
Shahin
TheFinanceShop | Elite Property Finance
http://www.elitepropertyfinance.com
Email Me | Phone MeResidential and Commercial Brokerage
What we know to a certainty is that someone estimated the market value in January to be $375K and that the actual market value was established by you 7 months later at $280K.
Why do you think, given the above, the January valuation has any relevance at all?
Because she works with property and understands the trends, sounds all she needs is to employ a great broker, I would go through Jamie or Shahin and get another valuation sounds quite pleasant when working with a good team.
good luck Hannah wish you all the best
I must admit really does sound like your Broker is new because i can't think of too many occasions where I would look to use Macquarie for a loan (SMSF loan might be different) even a 95% lvr.
Just get her to order a new upfront valuation with another lender and don't lodge the application until you have the report back.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Yossarian wrote:What we know to a certainty is that someone estimated the market value in January to be $375K and that the actual market value was established by you 7 months later at $280K.Why do you think, given the above, the January valuation has any relevance at all?
The median for 2012 was $370K in this suburb.
My house was valued at $325K in January 2012.
It was an unfortunate situation for the previous owners as to why they were selling and their property sat on the market for 5 months before myself and two others put in offers.
Very few people want to buy a property that needs work.
So thanks for your post but you're offering no help. If everyone thought like you, or took on your advice, we'd get no where with investing.
Please don't reply to my thread.
My broker initially said she didn't have the valuer's report but when questioned further, she revealed that she did have the report.
I did say I was going to put together a report to contest but she hasn't contacted me since.
However, I've decided I won't continue with her services because I don't feel she's being fair and reasonable.
I'm now speaking with another broker.
I've also got the number of a good valuer through my real estate contacts.
You can't pick the valuer unless its on the lender's panel. It's important that you find out who valued the current property so you potentially avoid them with the next lender. Are you able to get the report from her?
Regards
Shahin
TheFinanceShop | Elite Property Finance
http://www.elitepropertyfinance.com
Email Me | Phone MeResidential and Commercial Brokerage
As Shahin mentioned you can't choose 'A good' valuer as in most cases the selection is random thru the lenders automated valuation system.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hannah998 wrote:I've also got the number of a good valuer through my real estate contacts.
Hi Hannah
Unfortunately it's not who your appoint – but rather who the bank appoints.
Ask your previous broker for the report – or at the very least, the company that carried out the last valuation. I can't see why your broker wouldn't provide the report if they have a copy of it.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Thanks for everyone's advice.
I had a second valuation and it came through at $360K.
The valuer said "perfect house" when they left.
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