I’m a Buyers agent who just purchased a property in Marrickville (Sydney) for a client. Top floor, nicely renovated 2 bedroom, 3 storey walk up, garage.
CBA doing loan, HTW doing val.
The valuer didn’t inspect the property and did a kerb side $35k under contract price.
My question is:
Should the valuer actually inspect the property rather than assuming from a kerb side?
There has been no top floor units sell for his val in the last 6 months let alone 3 months.
Thanks in advancePHPParticipant@phpJoin Date: 2014Post Count: 111
After loan application, the file will be passed on to the credit assessors which will determine what type of valuation needs to be conducted.
Also, your broker can order a full valuation for you. You can also challenge the val if you really think that the valued price is incorrect. Just gather all the supporting documents to prove your proposed price. Have you checked the comparable sales around the area?
Thanks for your reply.
I completed my due diligence in regards to comparable sales and can easily stack the property to $630-$650k
You just can’t and haven’t been able to buy a top floor unit in this area for $600k for quite a while. (I buy dozens in this area every year)
It seems odd that the valuer booked a time with the selling agent to do an internal valuation and just didn’t turn up and resorted to a kerbside.
Ive never had a val come up short so i’m taking it to heart a bit. :)
Thanks againRichard TaylorParticipant@qlds007Join Date: 2003Post Count: 12,024
I think I responded to Alan on a similar deal yesterday.
Easy way around it is to get the broker to order another up front valuation before submitting it to any lender.
That way it avoids another credit hit on the customers file.
Yours in FinanceJamie MooreParticipant@jamie-mJoin Date: 2010Post Count: 5,069
This is true……
thought i’d throw out some ideas on these forums. May aswell get amongst it. :)
I’ll call you this week about what we were talking about recently!Jamie MooreParticipant@jamie-mJoin Date: 2010Post Count: 5,069Corey BattParticipant@cjaysaJoin Date: 2012Post Count: 1,010
Kerbsides can be so hit and miss because of this! Likewise I’ve had some very generous results come in for kerbside vals up to 10% above expected for refi/topup deals.
As mentioned above, upfront val through another lender, upgraded to full val if necessary.