Valuation 2

Viewing 8 posts - 1 through 8 (of 8 total)

gregjen
Participant
@gregjen
Join Date: 2004
Post Count: 9
July 24, 2004 - 11:20 pm
Futher to afghangirl’s post, I have been confronted continually over the years with
banks charging me for a valuation on my
properties when arranging new loans.That makes good commercial sense I agree, but I have never once been given a copy of the valuation (I have never had an application fail).I believe that if
you pay for something, you are entitled to receive
the said material in full. I have even had managers extend (in their mind) me the favour of a verbal confirmation. However having said that it was made quite clear to me that the written info would not be forwarded. I u/stand some aspects of their position in terms of legal predispositions (blah/blah), but should this providing what your paid for, be a basic legal requirement.
kay henry
Member
@kay-henry
Join Date: 2003
Post Count: 2,737
July 25, 2004 - 1:55 am
gregjen,
It would probably be possible to run a test case through the Banking Ombudsman, or challenge the absence of the written evaluation through the Trad Practices Act, under the Provision of Goods and Services section. I dunno- just a suggestion.
If you have a relationship with your Bank, you can just ask them what the valuation said. Mine tells me that the valuer has written things like “market continuing to rise” or any other comments. I’m really interestede in the $$$ val, rather than anything else.
kay henry
gregjen
Participant
@gregjen
Join Date: 2004
Post Count: 9
July 25, 2004 - 8:17 am
Thanks for the reply kay henry, do have good
relations with bank manager, he would verbally
quote valuation but would not forward a copy.
I am mainly interested in the $$$ val.. however
paying for part/service has never made me happy.
Will pursue the avenues suggested!!!
Regards[biggrin]
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
July 26, 2004 - 4:40 am
I tend to agree, but banks argue that they are the ones paying for the valuation, you are only paying an application fee to them!
Terryw
Discover Home Loans
North Sydney
[email protected]
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Yorker
Member
@yorker
Join Date: 2004
Post Count: 306
July 27, 2004 - 1:46 am
I just managed to get a copy of my valuation from the bank. It took a great deal of schmack talking, but they finally agreed. A little victory to the investor for a change.
Chris100
Participant
@chris100
Join Date: 2004
Post Count: 22
August 2, 2004 - 8:24 pm
Certainly a grey area. The banks argue that the valuation is for internal use only, however you are the client that has created the transaction, and they are effectivley the hanger on!
Also, the values placed by the panel valuer(s) may not reflect the advertised asking price of the property. Banks will under vlaue properties except at settlement where the sale price is the only time the true valuation is known.
Chris Durman
Commercial Capital Finance Pty Ltd
B 07 3853 5221
F 07 3853 5256
M 0427809858
C/- Brisbane Technology Park, 1 Clunies Ross Court, Eight Mile Plains, Queensland 4113
ACN 110 082 347
CAUTION – This message may contain privileged and confidential information intended only for the use of the addressee named above. If you are not the intended recipient of this message you are hereby notified that any use, dissemination, distribution or reproduction of this message is prohibited. If you have received this message in error please advise the sender by reply email. Any views expressed in this message are those of the individual sender and may not necessarily reflect the views of the Commercial Capital Group.
brahms
Participant
@brahms
Join Date: 2004
Post Count: 485
August 3, 2004 - 11:14 am
hi chris, outside of ‘banks arguing the val is for internal use only’ ie. theirs not yours – your post is a grey area…what do you mean?
a. he/she who provides the hard and foldings is NOT a hanger on..
b. advertised asking price does NOT = value
c. ..undervalue…settlement time…sale price…true valuation… what???
help me, i am not following this at all.
Chris100
Participant
@chris100
Join Date: 2004
Post Count: 22
August 3, 2004 - 9:05 pm
Brahms- the bank/funders calls for the valuation – they wont accept, by and large, your own valuation/valuer. Except when purchasing the property (in a lot of instances) where your purchase proice reflects the market asessment/value of the property.
a) You have the right to seek out who will write your business- funders therefore bid for your business
b) the true value of an asset is reflected when it is sold- the asking price is just that- what the vendor perceives the value to be.
c) The bank value of a property is assessed based on the quick sale component in a number of cases (not all funders do this however). At settlement you have the true value of the property- ie this is what the market and you agree the worth of the property to be.
I hope this helps.
Chris
Chris Durman
Commercial Capital Finance Pty Ltd
B 07 3853 5221
F 07 3853 5256
M 0427809858
C/- Brisbane Technology Park, 1 Clunies Ross Court, Eight Mile Plains, Queensland 4113
ACN 110 082 347
CAUTION – This message may contain privileged and confidential information intended only for the use of the addressee named above. Any views expressed in this message are those of the individual sender and may not necessarily reflect the views of the Commercial Capital Group.