Hi Guys,
Some more help needed here please! I’m looking into two properties pretty seriously, and they’re both going to auction around the same time, so I want to get a property valuation from an independent source, one of the properties I was able to get HTW to do a Property Valuation, however, with the other property they have said they couldn’t help with it as it would be a conflict of interest (I’m guessing another buyer has asked for a report, and they don’t want to sell the same report to various buyers?). Any way I had contacted a buyers agent who would represent me at the auction/s and she said they do a Comparable Market Analysis, which at first I thought was the same thing as a Valuation however they are charging quite a bit more for it, so I was wondering what the difference was and if it is better to get that instead of the HTW report for the other property?
Please let me know your thoughts and thank you
A CMA is a computer generated report from rp data or other supplier, it should cost less not more than a val.
Htw may have done a mortgagee val or finance val, another valuer may be able to assist.
Depends on the area I may know someone who could give a more competitive CMA.
Without being funny absolutely no point in doing a valuation thru say HTW or CBRE and then finding they are not and accredited valuer with the Bank / lender you intend to use.
Big difference between a Bank valuation and CMA as SNM as suggested however you would be concerned if the figurs were miles apart.Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Guys,
Thanks for the replies, OK now I’m a bit confused, I’ll post what the buyers agent had said to me:
We also provide – if you require – a current, detailed Comparable Market Analysis that involves attending, inspecting and photographing the entire property, a full investigation into the property including Council, Main Roads, Energex etc services study, recent sales figures within the street and suburb, recent auction clearance rates and actual results along with our opinion of the market price of the property in today’s market.
Do you think they’re just going to get a computer generated one off the internet that I can buy myself???
Richard- Do you think I should ask my bank who they would use to value the property? They’re going to auction and I have an idea in mind of what I want to pay, I’ve already bought one from api but wanted to get someone to actually go and check it out and had heard HTW were quite reliable?
The area these properties are in is Pelican Waters
If anyone knows any building inspectors, buyers agents, valuers etc in the area i’m all ears
thanks
Tiffany
Yes get your mortgage broker to order a valuation from an acceptable valuer of the Bank with whom the finance is being arranged. Almost imperative on any Auction deal.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
a CMA is only a computer modelled analysis. The buyers Agent’s CMA is no more than an appraisal dressed up as a worthwhile exercise, unlike a valuation it holds no water. The computer models recent sales data and provides a sale range, physical inspection guides the Agent’s guesstimate but backs up/validates their figure.
RP Data & APM both provide CMA’s as part of their subscription services.
Thanks for that Scott, I won’t go with the buyers agent on the CMA then as they’re charging $1100 which seems a bit much for what you’re saying she’d be providing… the valuation with HTW is going to cost $440 which seems reasonable….
Richard, I’m having a hard time, I actually am not using a mortgage broker, but dealing directly with my bank NAB, and they’re being a little bit difficult. I asked them if they could advise any valuers which they would find acceptable, I mentioned HTW, but the guy just wrote back saying, I’m sorry I can’t help with this. Are banks not allowed to disclose which companies they think are acceptable? or am I just speaking to the wrong person? I’m stressing out a bit now because the auctions are coming up and I don’t really want to miss out, but don’t want to go in and bid unless I have the valuation sorted… in auctions in QLD are you able to bid and then say “subject to finance”?
Thanks,
TiffYes sounds like your man at the NAB is being awkward.
We use the NAB a lot and could find out an acceptable valuer from them with a phone call. (Suggest you push your Banker on this).
No in Qld if you bid and are successful then you are unconditional and have 30 days or whatever the Auction Terms dictate to Settle the purchase.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
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