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  • Profile photo of michael@propertunitybuyersagents[email protected]
    Participant
    @michaelpickham
    Join Date: 2014
    Post Count: 6

    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 advance

    [email protected] | Propertunity Buyers Agents
    http://www.propertunity.com.au/
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    Real Estate Buyers Agent for Sydney & Central Coast

    Profile photo of PHPPHP
    Participant
    @php
    Join Date: 2014
    Post Count: 111

    Hey Michael,

    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?

    PHP | Mortgage Station Pty Ltd
    http://www.mortgagestation.com.au
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    Give us a call or send us an email for a free residex report.

    Profile photo of michael@propertunitybuyersagents[email protected]
    Participant
    @michaelpickham
    Join Date: 2014
    Post Count: 6

    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 again

    [email protected] | Propertunity Buyers Agents
    http://www.propertunity.com.au/
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    Real Estate Buyers Agent for Sydney & Central Coast

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Hi Michael

    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.

    Cheers

    Yours in Finance

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
    Email Me

    0-40 Properties in a decade with an unencumbered value of over $35M. Email for a copy of my API article

    Profile photo of michael@propertunitybuyersagents[email protected]
    Participant
    @michaelpickham
    Join Date: 2014
    Post Count: 6

    Thanks Richard

    [email protected] | Propertunity Buyers Agents
    http://www.propertunity.com.au/
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    Real Estate Buyers Agent for Sydney & Central Coast

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069

    Hey Michael

    You know you could have hit up your own broker directly about this right ;-)

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
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    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of michael@propertunitybuyersagents[email protected]
    Participant
    @michaelpickham
    Join Date: 2014
    Post Count: 6

    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!

    [email protected] | Propertunity Buyers Agents
    http://www.propertunity.com.au/
    Email Me | Phone Me

    Real Estate Buyers Agent for Sydney & Central Coast

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069

    Cool – sounds good.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
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    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of Corey BattCorey Batt
    Participant
    @cjaysa
    Join Date: 2012
    Post 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.

    Corey Batt | Precision Funding
    http://www.precisionfunding.com.au
    Email Me | Phone Me

    Investment Focused Finance Strategist - servicing Australia-wide

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