Who does westpac and anz valuations?
Commonwealth bank uses Valex do anz and westpac use a hub like that?
Dear WestnBlue,
I am Hari Yellina Property Investor.
I had privilege to get ANZ Valuation reports, which are done in house. They use APM Home price guide. I am not sure about commbank.
Thank you
Hari Yellina
Property Investor.
Hari Yellina
Email MeKeep Investing - Grow while Resting.
yellina wrote:Dear WestnBlue,I am Hari Yellina Property Investor.
I had privilege to get ANZ Valuation reports, which are done in house. They use APM Home price guide. I am not sure about commbank.
Thank you
Hari Yellina
Property Investor.
Cool. Just want to suss them out.
Do they allow customers to do thier own valuations through APM?
Dear WestnBlue,
I am Hari Yellina Property investor. No house to sell, un biased researcher.
If the property is located in Capital Cities, They do a computer Valuation. Even before you apply with them, Please get your own Valuation done from APM Home price guide. Request them to come to the house and show them all the benefits. Please don't mention to them you are looking to buy or Finance from ANZ.
Once they hear you are getting a finance from ANZ, they typical valuations are below market value or else, they will give you a right market value and update on their system.
When the bank does their valuation, you will get the updated data or you have a Valuation done by APM already.
Hope this helps.
Thank you
Hari Yellina.
Hari Yellina
Email MeKeep Investing - Grow while Resting.
Dear Corey,
You are absolutely right. I have a property which was Valued by other independent valuers very high and when ANZ done it on their computer it came 5% less then the market. Thats when I thought, they Valuations are not properly done.
Valuation before and property renovations comes same on ANZ computer. Hopefully they will fix this soon.
Thanks
Hari Yellina
Hari Yellina
Email MeKeep Investing - Grow while Resting.
May I just ask…what difference does it make?
I thought you do't get control over who the valuer is anyway? It is up to the bank to choose their own valuer
Ryan McLean | On Property
http://onproperty.com.au
Email Meryan mclean wrote:May I just ask…what difference does it make?I thought you do't get control over who the valuer is anyway? It is up to the bank to choose their own valuer
Well commonwealth bank allow customers to do their own vals, i had a property valued in September in Milton QLD for $140k via commonwealth bank valuation request.
Only 2 weeks ago I used Valex to revalue the property, the valuer phoned me and asked the purpose for the val, i said it was for stamp duty AND loan purposes. The value came in at $180k. Same valuer CBRE, same property condition. Cost me $220 but i got $40k equity which was the real value in the first place.
Valuers are scared of the bank, but even more scared of the government undervaluing property for stamp duty purposes.
Generally everyone hits the Valex clearing house, however this is only if a kerbside or full val required. For most deals sub 90% ANZ will use APM. As it's not a very robust engine, a below median val property can receive quite generous val's with the modelled estimates. Likewise higher median properties can suffer, but there is a dispute process which will upgrade the valuation to kerbside/full val if it's distorted enough.
Corey Batt | Precision Funding
http://www.precisionfunding.com.au
Email Me | Phone MeInvestment Focused Finance Strategist - servicing Australia-wide
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