in 2008 we had finance approved with our current lender – to complete a new Architect designed home – had to come in at $910,000 but the Val arrived at $850,000
I had 2 other done that arrived at that time 1.1 mill and 1.2 mill but the bank was not going to used them.(3 level 5br home with panoramic bayviews). So we had to take out a mafia loan and other cost associated with this low Val – a huge pain needles to say.
We paid this price for 5 years and thought lets try again – again loan is approved – need to come in at $1,070,000 – but same valuer as 5 yr ago now puts $960,000 on it.
Crazy stuff – but we get it -its a bank Val so needs to be conservative.
Funny thing is that an older house 2 doors up sold for 1 mill last year – same Architect but 1/3 the size of ours – and another one down the road recently sold for $1,030,000 a very old and date home about 1/2 the size of ours. so this puzzles me – why are houses, older, much smaller with inferior views – in the eyes of the valuer worth more than ours –
Its like saying 1 apple is worth more than 3. Apparently we just are just not seeing it.
Crazy because I am a licensed Estate Agent and sold most home in this area. i know I can sell my home for 1.5 mill as this would be just about the replacement cost to build a 32sq Architect designed home – with 3 decks on a cliff.
So we're kinda pissed-off is the word – and I suggest this valuer should apply for a restraining order against my wife.
She is a Psychologist turning mental !!! – trust me, its lethal ! (not to mention menopause)
We are looking at other options – but I would really want to get the working of this valuer. I am an Estate Agent and I owe a duty of care to my client when I appraise their homes.
I certainly can't grab numbers from thin air. So I really like to confirm if this value was based on fair, conservative information or maybe but just maybe because this valuer is shit scared of banks and loosing his job. The damage those valuers do to people is substantial, irresponsible and they should be held accountable – not just by the banks.
I guess the cost would be huge – but I reckon I might have a case and might help some others on the way. Or am I just crazy !
This is why upfront valuations are key however be careful you dont have the same valuer inspecting the property. Also when they did the valuations – did you provide all the outgoing costs to the valuer?
TheFinanceShop | Elite Property Finance
http://www.elitepropertyfinance.com
Email Me | Phone MeResidential and Commercial Brokerage
Why didn't you use a different bank first time around that would accept the higher valuation?
In the end it was the same company – different valuer – however I found out that they worked things out with the old valuer – if this makes sense.
I did provided recent sales – 20 construction drawings and 25 pages of engineering.
even with the low Val 5 years ago you reckon they include some capital growth and further works being done from 5 years ago.
fair point – I guess we had already had the bigger portion of our loan with Westpac and just needed to re-finance / consolidate some card and a mafia loan.
As I am waiting for Westpac valuers to come to me, (and they appear to take a week or so to do this) we have now gone full steam ahead the with a gun broker.
As my main fixed mortgage with Westpac expires in 3 months – they seek to take over the whole lot.
I reckon this is still cool on my VEDA rating as I am just shopping around within a 1 month containment area.
All up my point was to consolidate, get some extra cash to some cosmetics on the house and save $2000 per month in payments.
You must be logged in to reply to this topic. If you don't have an account, you can register here.
