Hi all I'm very new to all this so i thought it would be best to ask this in a scenario….
when you get a pre-approval from a mortgage broker through say ANZ bank (for etc) will that mortgage broker have connections to that banks valuer? would he be able to get in contact with that valuer? and or does the mortgage broker normally speak to the valuer directly about getting a house valuation prior to unconditional approval, or is that handled through the bank?
how can you find these bank panel valuers? because I'd want to get a valuation from a bank valuer and then get a loan through that bank so there would be no problems.
any feedback would be greatly appreciated.
Dear Tom,
My name is Hari Yellina and keen property Investor. I had same experience with ANZ bank loans and gone through the Brokers.
I have purchased 6 Properties through ANZ through a Broker.
1) Getting pre – Approval.
Ans : It is the easiest process. Based on your information they will approved.
2) Do brokers have contact to Valuers?
Ans : In the past yes, Now the bank computers will assign a Valuer, even the broker doesn't know. Usually banks has 5 different Valuers, Once you property assigned it will go through a Valuer, which is not know by anyone. So, no one can influence the valuation.
3) How can I know the Valuation prior?
If you are purchasing in Capital Cities, ANZ usually don't send the Valuer to the property. That's the reason they will give you free valuation on properties. They do computer Valuation. Brokers don't have access to this. I recommend you to take an appointment in the bank, Please don't mention you are going through the broker. Tell them you are interested to apply for the loan. At the appointment, request them what would be the Value of the property. The lending manager will get a computer based valuation in front of you. It is free service. mostly of the buyers has no idea there is free service from ANZ. If you dont have appointment, they usually don't send the Valuation.
4) Valuation on Country Side Properties ?
If the property is Country Side. they will send an Valuer, who does a Kerb side Valuation, Usually, they drive past the area get you the Valuation and they even go by most recent sales data.
5) Can I still continue with my broker ?
After you have taken the Valuation, You can still go through your broker. Dont sign anything at the appointment, Just say you will be back. ANZ Valuation are very very conservative. This is 10 – 15 % below the market Value. to be on safe side.
Tom, I am Hari Yellina and property Investor, I don't sell house. So you need more information. Please post your questions in the forum.
6) Can I get recent sales information ?
Ans : You can buy the data from RP Data or Home Price Guide, this will give you a complete analysis of your property.
Thank you
Hari Yellina.
Hari Yellina
Email MeKeep Investing - Grow while Resting.
Hiya
Generally speaking we don't have access to valuers.
However, with a bit of creative thinking and investigative work we can sometimes track down the valuer and contact them directly (which I'm sure the bank wouldn't appreciate) – but I've done this quite a few times.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Dear Jamie,
I am Hari Yellina property Investor, If ANZ want to send an Valuer, The Valuer will call you and take an appointment when he can check the property. Even though he might not go inside. He will call to make an appointment.
They will leave their details with you, therefore you can contact the company and see if you can put your case forward. usually, this not add any value, unless if you want them to show some thing unique inside the house.
Thank you
Hari Yellina
Property Investor
Hari Yellina
Email MeKeep Investing - Grow while Resting.
I am a broker and do a fair few loans with ANZ. The broker has a toolkit which will tell us who the valuer is for a particular area. There may be 2 or more sometimes.
But when the valuation is ordered it is automaticly assigned. ie the broker cannot choose. The broker also will not contact the broker directly. If contact has to be made it is generally done online – updating details etc.
SO if you want to get your own valuation done first you could use a ANZ panel valuer and then hope it will be the same one who the valuation is assigned to – and hope they keep the valuation at the same amount.
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
It's been pretty well covered but just wanted to note that sometimes (especially when the market is hot) valuers will simply do a computer valuation.
This means they won't drive by or even visit the property. There is enough recent sales data to value it using only the internet.
You can find previous sales prices through a property like Real Estate Investar (yes it's spelt wrong on purpose). They give you access to another tool (forget what it is called) which gives you past sales history and also comparable sales.
Its $250/month but you can get access to 7 days for $29 if you attend one of their webinars.
Ryan McLean | On Property
http://onproperty.com.au
Email MeValuers will only do a desktop val if instructed to do so. For a full valuation – they'll always inspect the property.
Desktop vals are usually restricted to sub 80% (sometimes 90%) deals – usually in metro locations.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Thanks guys. much appreciated. ANZ was just for etc. in general was asking about all banks. basically i want to be in a position where i have a pre-approval (for 400k etc) and then go to a house i like, and get a bank panel valuer to do a valuation on it (the same bank panel valuer from the same bank I'm get the loan from) and then give this to my broker with my pre-approval and ask to get a unconditional approval (for 400k value of the house). so i can make a unconditional offer / be able to buy it there and then as a negotiating technique.
i did speak to 1 broker and he said that this was not possible. any advice as to how i could maybe word it better to a broker such as your self's?
Dear Tom123,
ANZ will not allow you to submit your Valuation. It will have its own Valuation. If you think it is wrong, Please contest it. They might look into it.
But, Why do you need to buy property which is over valued. If you have a finance clause signed with the seller. Tell him, your finance hasnt been approved and cant buy the property.
This way banks are protecting the buyer.
Thank you
Hari Yellina
Property Investor
http://www.australinaexporter.com.au
Hari Yellina
Email MeKeep Investing - Grow while Resting.
No lender will accept a valuation you do yourself. Even if the valuer is on the panel. The valuer will do a new report even if you had just ordered one – they will probably even visit the property again. The valuation amount will usually be the same, but not always. When you order your valuation you have to tell the valuer what it is for – mortgage with ANZ etc and they will then value it accordingly.
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
Sorry Hari I have to disagree with a lot if you comments and can only assume you are a fairly in experienced investor.
Lenders never protect the Buyer they protect themselves and their own risk.
In the majority of cases the lender appoints a third party agency to instruct and co-ordinate the valuation so the Broker gas no contact with the Bank on regards to the valuation.
The report is returned to the broker and is them submitted to the lender together with the balance of the credit submission.
Tom,
Yes a decent Broker can provide you with a RP data report or similar on the property as well as order an upfront valuation for you. We certainly do it for all of our forum clients.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Thanks Jamie M for clearing that up for me,
Didn't realise that desktop valuations were only done on sub 80% loans.
It makes sense though. When there isn't as much risk for the banks why would they pay more for a full valuation when history has probably proven they don't really need to.
And when the loan is over 90% they are taking much more risk so they probably want to cover their bases. Plus you are paying LMI so they probably can afford to pay more for a better valuation.
Ryan McLean | On Property
http://onproperty.com.au
Email MeDear Qlds,
Thank you so much, We need brokers like that. I have invested in properties in double digits. Always, was left to do all the work. Every broker I met would apply to any Bank and they just wait for the Bank to come with yes or no.
Not once any broker offered me RPData, We purchased our selves and order independent Valuations. But funny they are not accepted by the Bank.
While I was purchasing a 999 sqm house in Hoppers, I got a Valuation from a Valuer which bank uses. I got a good Valuation. Once I went to the Bank, they used the same Valuer. Because I got a call from them. It came 10,000 less than the original Value. It was 10 days apart from the Valuations.
Hopefully, one day whole process will be streamlined.
Most of my loans are below 80% or 70%. Maybe thats the reasons, Banks done a desktop valuation on all the properties which are 80% oe less, but not country side properties.
I would always recommend the brokers. They are more switched on than the Bank internal Managers.
At the moment I am applying a loan through ANZ Altona North Branch. I want to transfer from other bank to ANZ. We approached on 2 November 2013. Just now they came back with 7.36 % for commercial. I already told them it should be less the broker. It took them 2 months to tell me the interest rate. I got a call telling me Valuation will be done in middle of January.
When I spoke to my broker, I got better rate and Valuation will be done some time next week.
Bank employees can destroy you credit application, Please makes sure you always goto to a broker.
I am Hari Yellina, no houses to sell. Just a Property Investor.
Thank you
Hari Yellina.
Hari Yellina
Email MeKeep Investing - Grow while Resting.
As others have mentioned, banks wont accept valuations you went and received on your own accord.
However you will find that in almost all cases for established properties any valuation that a lender does for an application will come back at purchase price (construction and off the plan are different beasts). Obviously there are exceptions to the rule but if you bought a property in a city metropolitan area you should be very confident in the valuation meeting purchase price.
Cheers
Tom
Just to add a bit of variety to the conversation, you can order your own val report with many commercial lenders and have them assigned. A lot of borrowers like doing this because they feel more in control, but in reality it is not a great idea as the valuer is not going to put themselves at risk by valuing the property higher than they would if they were instructed directly by a bank. Further, the bank generally have set prices and time periods that the valuers must meet, so generally customer ordered val take longer and are more expensive.
You must be logged in to reply to this topic. If you don't have an account, you can register here.
