I’m a Buyers agent who just purchased a property in Marrickville (Sydney) for a client. Top floor, nicely renovated 2 bedroom, 3 storey walk up, garage.
CBA doing loan, HTW doing val.
The valuer didn’t inspect the property and did a kerb side $35k under contract price.
My question is:
Should the valuer actually inspect the property rather than assuming from a kerb side?There has been no top floor units sell for his val in the last 6 months let alone 3 months.
Thanks in advance
michael@propertunitybuyersagents | Propertunity Buyers Agents
http://www.propertunity.com.au/
Email Me | Phone MeReal Estate Buyers Agent for Sydney & Central Coast
Hey Michael,
After loan application, the file will be passed on to the credit assessors which will determine what type of valuation needs to be conducted.
Also, your broker can order a full valuation for you. You can also challenge the val if you really think that the valued price is incorrect. Just gather all the supporting documents to prove your proposed price. Have you checked the comparable sales around the area?PHP | Mortgage Station Pty Ltd
http://www.mortgagestation.com.au
Email Me | Phone MeGive us a call or send us an email for a free residex report.
Thanks for your reply.
I completed my due diligence in regards to comparable sales and can easily stack the property to $630-$650k
You just can’t and haven’t been able to buy a top floor unit in this area for $600k for quite a while. (I buy dozens in this area every year)
It seems odd that the valuer booked a time with the selling agent to do an internal valuation and just didn’t turn up and resorted to a kerbside.Ive never had a val come up short so i’m taking it to heart a bit. :)
Thanks again
michael@propertunitybuyersagents | Propertunity Buyers Agents
http://www.propertunity.com.au/
Email Me | Phone MeReal Estate Buyers Agent for Sydney & Central Coast
Hi Michael
I think I responded to Alan on a similar deal yesterday.
Easy way around it is to get the broker to order another up front valuation before submitting it to any lender.
That way it avoids another credit hit on the customers file.Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Thanks Richard
michael@propertunitybuyersagents | Propertunity Buyers Agents
http://www.propertunity.com.au/
Email Me | Phone MeReal Estate Buyers Agent for Sydney & Central Coast
Hey Michael
You know you could have hit up your own broker directly about this right ;-)
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]
This is true……
thought i’d throw out some ideas on these forums. May aswell get amongst it. :)I’ll call you this week about what we were talking about recently!
michael@propertunitybuyersagents | Propertunity Buyers Agents
http://www.propertunity.com.au/
Email Me | Phone MeReal Estate Buyers Agent for Sydney & Central Coast
Cool – sounds good.
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]
Kerbsides can be so hit and miss because of this! Likewise I’ve had some very generous results come in for kerbside vals up to 10% above expected for refi/topup deals.
As mentioned above, upfront val through another lender, upgraded to full val if necessary.
Corey Batt | Precision Funding
http://www.precisionfunding.com.au
Email Me | Phone MeInvestment Focused Finance Strategist - servicing Australia-wide
You must be logged in to reply to this topic. If you don't have an account, you can register here.
