We have just tried to rearrange our loans on some of our places which included 2 new ones. Our broker ordered vals to be done on all and our ones in melbourne came in spot on the money but our places in QLD came in on contract price! Now considering we have had 2 of them for 2 years you could say i was a little surprised and the others for around 12 months and 2 were very good pick ups. Acording to my reserch the last 12 months have been pretty good in se QLD so i ask the question what did this guy do? My agent had not been contacted for viewing inside the places so i can only assume this guy just went into rpdata and went with contract price mind you the mob he works swear that he did go inside. Needless to say i am very p**** off about it all. Is there a plce to complain about the valuer? My broker has ordered new vals but i am not sure as doesnt return calls!!! The brokers on this forum are most welcomed to contact me via email. Ummmm
Hi Chefman,
I understand where you are coming from. I like to control as much of my own destiny as possible and that is why I contact and pay directly for the valuation myself as I like to know the valuer has looked after me – rather than the bank.
For example I recently got some revaluations done so that at best I can buy something else or at worst lock in equity at this stage of the market. I monitored property sales in the suburbs involved and have been in direct contact with the agents who sold identical properties in the same complex, got the sale price from them, their names, phone numbers, an indication of what else is currently available in the area and the asking price of these properties.
I then contacted valuers from my lenders panel and contracted them to provide a valuation fro me – I also inform them the information will be provided for financial purposes. At the same time I gave them all the details from my research. This shows the valuer that I know the area, comparable sales and does not leave anything to chance.
I also had some long conversations with the REA and asking if it was OK for a valuer to contact them about the information they had provided me.
But was all to no avail as the value I obtained was a little HIGHER than the value I had put on my property.
Just shows I know nothing about values [
].I also embarked on a similar project with our own home. The difficulty this time was the narrow market and limited (one comparable sale in the local area) and the other local sale was approximately 5 years ago.
Derek
Hi derek! And i thought it was just me!!! Like you i keep an eye on things as well and when the valuer came to our plce in melbourne it came in spot on. i will be taking this further with my broker.
David
Hi Chefman
Let us know how you progress..
Did you buy ‘sight unseen’ in QLD ?
seems strange regarding no increse in CG as the last 2 years should’ve been great..
Interested in the area your investing in also, S-E Qld and that general area seems to be a good market, be interested in any info you can provide..
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Yeh, bad luck, Chefman, that you bought in a pocket which didn’t go up in value.
As it happens I’ve got some spare cash at the moment and I am happy to take the properties off your hands if you like. [biggrin] [biggrin]
Pisces
Values from the bank are nothing to take to heart!!
These are conservative values that the bank can use to sell your property the next day with ease.
For Sale: Iraqi rifle, never fired, dropped once.
Hi there, well this topic comes up a fair bit so maybe to get some more info do a bit of a topic search too.
I can say my bank used a valuer that also came in well below when I was purchasing in SE QLD, however I got the real estate to give me market values later on and they had risen considerably, I am taling 50k in less than 6 months.
Well if they have dropped I dont care as I plan to hold for a while anyway.
But suffice to say I was not impressed with bank valuers price, my bank manager explained it was just a drive by, he sent me the copy (which most dont get from them even if it is part of the process) I questioned some of the info on it, got the real estate to give me their opinion as well. I got the loan anyway, but it pays to shop around.
Elves
Hey Pisces you got some spare cash…hmmmmn i’ll share it with you[biggrin]
” a blind man may see what a sighted man may not”
Hi guys,
I am too having issues with valuers.
I estimated my PPOR to be worth 330K (and I thought conservative) but it came in at 295K.
I am trying with a different lender, but this time I went an organised my own valuation from a well respected valuer on the bank’s panel.
This new lender is refusing my valuation, despite them being on their panel!!
What can I do guys?
thanks
HHH
HHH, someone mentioned about appointing the valuer yourself and of course that isn’t acceptable to most lenders as they want to instruct the valuer themselves.
Their instructions may be a little bit different to yours, thus a lower valuation.
Pisces
>>Hey Pisces you got some spare cash…hmmmmn i’ll share it with you<<
Single Elves ? If so, too bad.
Married ? Perhaps. A married woman may not be quite as demanding as a single one.
Anyway I don’t think it would work for two good reasons.
Firstly, it isn’t that you are too young for me so much as that I am too old for you.
Secondly, it is my wife’s money, not mine. [wink]
Pisces
LOL Pisces
One, I am very picky with men, they leave the loo seat up! UG! No honestly that doesnt worry me at all.
I wasn’t even contemplating single or married aspects, more that if you have some spare and going…lol I’d be happy to take some off you.
As for your wife’s money, I heard the wife holds the purse strings…but you can say its for tax purposes [whistle]
My accountant says” if there is one thing I have learnt…you can’t argue with a woman!
” a blind man may see what a sighted man may not”
>>One, I am very picky with men, they leave the loo seat up! UG! No honestly that doesnt worry me at all.<<
Fair enough. However it would be worse if they never bothered to lift it up.
Please note, Elves, that all my wife’s friends have asked me whether I’ve got a brother.
I think that must say something about me Elves. [party]
Pisces
Hi Everyone,
My update is that i lodged a complaint with the valuers board regarding the values given and after some not so hard paperwork the valuers have been asked to ‘please explain’!! I provided the back up needed to show why i believe that they are worth more than what they put down and the board have agreed with me that we should have get more than what was given. I did do one val thru a contact and it came in more than $40,000 than the original value which i gave to the board. I wont know the outcome for a week or so but one valuer has offered to forgo his fee on one of the vals so what does that say. No i am not selling!!!! To good to sell and yes i have bought sight unseen but that is i have got to know some agents up there and they give me a call to say what they have got and as i know the area pretty well i can say yes to something. Last week i got 2 properties for other people which were at least $15,000 under what they should be returning 9%. It is good for the agents and for me to be in this situation as then when i go up there we meet at the local irish pub late afternoon and get out the voodoo doll and start sticking pins into it and depending on who we hate on the day it might be valuers or lenders and we release our fustraion!!! Gee, it makes us feel better!!! Will let you all know the outcome.Chefman
Hope All goes well Chefman [thumbsupanim]
Voodoo[evil3]
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
thanks redwing!!! I will let you know when i crack the champagne!!
Chefman,
If all your ones in melbourne came up well in terms of valuations, do you need to rely on the se QLD ones? If you’re using the vals to buy more, then can you go on the good vals to work your LVR and borrow more?
Bank vals mean little anyway. If you decided to sell your properties, you can sell them on the price YOU value them at. As for me, I can’t be bothered valuing my properties all the time. I just use the laast valuation I was given, and calculate from there. Better to revalue every few years and be nicely surprised
kay henry
Hi Kay,
I prefer to monitor market movements every 6-12 months (certainly in todays – or is that last years? – market) so that I can contract a new valuation when my research shows it will be ‘worth it’.
This way I can maximise my line of credit facility so that all systems are ‘go’ should I see something that matches my criteria.
This approach also enables me to leverage my assets into other assets on an ass needs basis too.
Derek
[email protected]Read my comments? Think I can help you? PM or email me.
heya Derek
I see where you’re coming from. But say one had 10 properties and one did revals every 6 months @ $350 a pop. That’s 7k extra per annum that one is adding to one’s mortgage. And whilst I know that’s tax deductible, my way is to pay the mortgages off, not keep adding additional expenses. The 7k will get you back 3k in your tax return, perhaps, but for me, it isn’t worth it.
IP’s cost so much to maintain that I like to be really minimalist in my approach. I also feel that if anyone is buying an IP today, the market is somewhat flatter is oz, and therefore, the CG’s of yesteryear won’t be there immediately. So revals won’t be as necessary as often as they were.
This climate is a good time to keep one’s LVR low, to keep opportunities open.
kay henry
Hi Kay,
You’re spot on and that is why I monitor the market movements and will only contract a valuation if my research shows it to be worth it – after all there is no sense throwing away money when I could use it more effectively somewhere else.
At the end of the day if what you are doing works – then why fix it.
Derek
[email protected]Read my comments? Think I can help you? PM or email me.
Hey I know we are off topic here, but it started a few posts back, and best place to continue. Sorry
[offtopic]Pisces: would it really be any worse with the lid down? [lmao]
Well Pisces what can I say to the “have you got a brother routine” could be that they want to avoid him? lol (no offense)
Back to topic.
” a blind man may see what a sighted man may not”
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