this forum is just fantastic.
thanx everyone for the wealth of information.i have a quick question – if i’m getting the equity in a house to buy another – can i get the property valued independantly or do i have to get the bank to do it via whomever they choose? if the latter is the case, do i have any say in it at all?
i’m asking because i need to get a valuer to value my property at a high amount for me to be able to get more out of the equity.
thanx heaps
[smiling]The bank will order the valuation themselves and they will choose a valuer from their panel. You will have no say in the process.
However, if you feel the value is too low then you can ask the bank to discuss this with the valuer. You will have to provide strong evidence (i.e. recent sales of comparable houses) to support your estimate of value. It is possible that the valuer may not be aware of all past sales (possible but unlikely).
By the way, a real estates opinion is not good evidence. It needs to be completed sales of comparable properties in your area.
In some situations brokers order valuations on behalf of the lenders (ANZ) and therefore we have more access to the valuer.
Hope that helps.
Cheers
Stu
Hi Afghangirl,
I have had some success by ordering the valuation myself from valuers who were contracted to my bank.
My broker supplied me with details of the relevant valuers in the area, I did some thorough research of the area by getting recent sale details from local REA and provided this to the valuer.
A little bit of extra work on your part but it has paid off for me in the past.
If you want to go down this line then make sure the valuer is on your banks panel and make sure the valuer writes his report up suitable for finance with your lender.
Derek
[email protected]Property Investment Support Available. Ongoing and never stopping. PM welcome.
Usual bank val: They select the valuer, they charge you, however you don’t actually see the report. Bankers…..
I had to get my PPOR valued recently and it came in $100K over what I (and a local agent) estimated its value at. My bank ordered the val.
The good thing about getting your PPOR valued is that you’re invariably there to meet the valuer.
I was terribly nice to the valuer (and he of course knew I was being terribly nice).
I provided him with a plan of the property to save him having to measure it up. He liked that.
I listed on paper all improvements I had made to the property since purchase and totalled the cost. He was happy to get that.
I provided information on recent relevant sales that I’d been collecting for a couple of months. he didn’t know about some of them.
I gave him on paper a list of selling features for the property.
I tidied the place up the weekend before and got rid of some rubbish and clutter.
Did any of this have any impact on the valuation? I have absolutely no idea. But at least I felt that I did everything I could.
Scott
Some banks allow a valuation from one of their panel valuers to be reassigned to them (eg Bankwest). So you could find out who is on their panel for your area, order the valuation youself and then if it is an acceptable amount you can proceed with the loan application and ask the valuer to re-assign the valuation to the bank. They will charge another fee for this (up to about $150). You may also be charged a slightly higher amount for the valuation as the banks get a discount for high volume.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Wow Scott,
I’m impressed.
I just want someone to have the exterior of the house already measured and drawn up for me.
Ahhhh, one can dream.afghan,
It’s a bit different getting a valuation on an existing property, say a PPOR, and an IP you are going to buy. My experience is that when you atre buying an IP, the valuer knows what it is being sold for, and the val comes in at that price. Ban valuations are often conservative though, so you could sell it for more than it was valued at.
If you wish, let us know how the valuation comes in- at sale price or much higher.
kay henry
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