I am wondering if there are any other people out there with bad valuation reports from valuers.
Recently it seems that we are doing all the prep work for the valuer to get the best or fairest valuation done.
In the past we received some valuations that we felt were way off, in fact on one property, we sold a property (not at auction) 400k more than what the valuer estimated it to be worth.
Any stories?
D
Sold for 400k more than what the valuer estimated? How much did the house sell for? That is a HUGE gap, unless we are talking multi-million dollar properties here!
If it was me, I would be asking the valuer for a refund.
Regards,
OziHi WFL,
We just had our unit valued in which had a renovation only a year ago.
All the valuers really cosider is the recent sales in the area.
It seems it doesn’t matter if the place has been rejuvenated or not.Even though before reno rent would have been 210 now 240 after.
Obviously this would be different in a house depending on what it is
The first valuation I had done on my owner occupied property was very low. Since that time I have investigated how valuations are done and have found out a lot of interesting information.
The bottom line is that to be assured of a reasonable valuation you must organise to meet with the valuer and have information ready to show them. If you can prove to the valuer that you house is worth ‘X’ amount they will usually give you a valuation that is close to the mark.
If your lender is the one organising the valuation, ask them to get the valuer to contact you or find out who the valuer is and contact them. I would even offer to pay the valuer more if they would personally visit the property and look through it rather than do a drive by or a valuation from the office.
The second time I had a valuation on my Owner Occ property, I was prepared with similar recent sales information, house measurements and a list of features. I gave him a tour of the house and at the end he said, “What do you think it’s worth?” When I gave him my answer he said, “That sounds about right” and I got the valuation that I was hoping for.
Remember that a Valuer is liable for the valuation that they give and they don’t want to get offside with the banks in case the banks ever need to foreclose on you and can’t get the money back out of your house. So they will tend to err on the side of undervaluation. However if you can put a good case forward and make them feel comfortable that there is good supporting evidence for the valuation you want then they will usually give a much higher result.
I have seen a product that guarantees you at least 10K more on a valuation. It’s part of a bonus package for another product and I am not sure if you can buy it separately. I have never used it but I have posted a link to it on my website if you want to read more about it. Click on- “Beat the banks” and scan down the page to bonus 2 ” Equity magic”.- http://www.freepropertyhelp.com.au/homeloans.html
I would be interested to know if anyone has ever used some sort of valuation preparation service or software.
Todd Burns
http://www.freepropertyhelp.com.auI spoke to a loan assesor at a major bank last week and he said that approx 80% of valuations had been coming in under recently.
Terryw
Discover Home Loans
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To Ozi,
Valuation was 1.4mill sale price not at Auction was 1.835mill – no mortgage.
Regards D
About five years ago I was getting ready to sell a property in a Vic regional centre . I had two appraisals done by different agencies and from memory they were both about 215-220k. Both agents had a good look around and sent me written reports bla bla..
I was pretty disapointed at the time and decided against selling . A few days later I decided to leverage my equity and the bank organised a valuation , as they do .
It came in at 260k !
Now here is the interesting bit . The valuer works out of the same office as one of the agents who had appraised my property .
BS like this goes on all the time in realestate of that I,m sure .
Anyone who hasn’t read Terry Ryders books on realestate scams needs their head read I say. And as crusher says you should make an effort to be there when the valuer turns up if possible .
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