All Topics / General Property / Are bank valuations really market value?

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  • Profile photo of Mortgage HunterMortgage Hunter
    Participant
    @mortgage-hunter
    Join Date: 2003
    Post Count: 3,781
    October 22, 2003 - 10:53 pm

    That is wrong. He shouldn’t be taking his own private crusade out on your valuation.

    His job is to advise on the current market valuation supported by comparable sales. If you look at a valuation you will see that it has a seperate section for market volatility. This is where he can highlight his perceived risk of an inflated market.

    A valuation is for the day it is valued. It is not the valuers job to predict the future.

    Your broker will be able to advise you which lenders are preferred for valuing different types of properties.

    Cheers,

    Simon Macks
    Mortgage Broker
    [email protected]
    0425 228 985

    Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

    Profile photo of bcbc
    Participant
    @bc
    Join Date: 2003
    Post Count: 85
    October 22, 2003 - 11:25 pm

    >While on the subject, is $550.00 a normal type of price to pay for a valuation.

    I think that is grossly overpriced, I recently paid $230 and via my bank (stg) they charge $185.

    I would have thought for $550 he should have let you put your own price down, because I dont think he has morals anyway!

    BC

    Profile photo of SSLGBSSLGB
    Member
    @sslgb
    Join Date: 2003
    Post Count: 8
    October 23, 2003 - 12:13 am

    We are about to organise a new valuation for our PPOR.We are with the “Happy Dragon”.Are others experiences that the dragon is happy for them?,particulary a central coast one[:)]

    thanx Steve&Sharon

    Profile photo of AdministratorAdministrator
    Keymaster
    @piadmin
    Join Date: 2013
    Post Count: 3,225
    October 23, 2003 - 10:29 am

    Hi Sunshine,

    You must be up north by sounds?

    I’d be happy to share a recent experience, highlighting the diff between market value and bank valuation.

    Regards, Phil

    Profile photo of C2C2
    Participant
    @c2
    Join Date: 2002
    Post Count: 518
    October 23, 2003 - 3:30 pm

    Hi NATS 12, I’ve just had 3 valuations done this week and I didn’t have to pay anything for them. They were all done with the lender who the present loans are with. 2 Valuations were about 15% under what the REA has said they would sell for 6 months ago and the other was 20% over. How they work out the valuations beats me.

    C2

    “Is it true the more you owe the more you grow until the bank steps in?”

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