Property Valuer

Viewing 7 posts - 1 through 7 (of 7 total)

preethy10
Member
@preethy10
Join Date: 2014
Post Count: 4
February 9, 2014 - 11:02 am
Hi
I am a complete novice in property investment.
We currently hold one PPOR in Sydney and one IP in Brisbane. We would like both these properties valued. Can someone suggest who is the correctly placed to value?
When we bought the IP; the bank valued our PPOR and valued it slightly lesser than the market rate. Real estate agents valued it more than expected..
Thanks in advance
Preethy
Scott No Mates
Participant
@scott-no-mates
Join Date: 2005
Post Count: 3,856
February 9, 2014 - 12:06 pm
You will need two different valuers – one in each state as it is a state based registration system.
Real estate agents don't value, they put forward an opinion (unless they are qualified valuers & provide a paid valuation for you).
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
February 9, 2014 - 12:32 pm
Hi Preethy
For what purpose do you want the properties valued?
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Colin Rice
Participant
@fms
Join Date: 2011
Post Count: 338
February 9, 2014 - 4:51 pm
Valuations are essentially channeled through two sources that the banks use, VMS & Valex, so it is likely you will have no say in who values your property when it comes to finance.
Some smaller lenders will still allow you to choose a valuer on their panel.
Colin Rice | CDR Finance
http://cdrfinance.com.au/
Email Me | Phone Me
Perth Based Mortgage Broker - Investment Property Finance Specialist | E: [email protected]
Jamie Moore
Participant
@jamie-m
Join Date: 2010
Post Count: 5,069
February 9, 2014 - 11:45 pm
Hi Preethy
What's the purpose for the valuations? Are you looking to access equity?
If so, the bank will want to order their own valuation. Often these can be ordered upfront by a broker.
Which bank(s) are the loans with?
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
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Mortgage Broker assisting clients Australia wide Email: [email protected]
preethy10
Member
@preethy10
Join Date: 2014
Post Count: 4
February 20, 2014 - 1:19 am
Thanks for your comments.
Jamie and Richard; I wanted to check if i can access equity to buy an IP for ~200K.
Unfortunately; we were completely new when we entered the Oz market and we ended up cross collateralising… So i have to also see how i can Un-cross collateralise(if there is such a word;))
Cheers
Preethy
Jamie Moore
Participant
@jamie-m
Join Date: 2010
Post Count: 5,069
February 20, 2014 - 2:12 am
preethy10 wrote:
Thanks for your comments.
Jamie and Richard; I wanted to check if i can access equity to buy an IP for ~200K.
Unfortunately; we were completely new when we entered the Oz market and we ended up cross collateralising… So i have to also see how i can Un-cross collateralise(if there is such a word;))
Cheers
Preethy
Don't worry – you're not the first.
I'm always uncrossing loans due to poor structures.
Consider getting someone that has a clue to sort this out for you. Chances are your local branch manager will give you a blank stare.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone Me
Mortgage Broker assisting clients Australia wide Email: [email protected]