After Renovations, online valuations.

Discussion in 'Loans & Mortgage Brokers' started by Harveys, 17th Oct, 2018.

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  1. Harveys

    Harveys Well-Known Member

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    Hi All

    I completed a cosmetic reno on a 3x1x1 last year turning it into a certified 4x1x2. How do I update online information about the property to reflect what it is now rather than what it was, as is still showing?

    Thanks.
     
    Harveys, 17th Oct, 2018
    #1
  2. wylie

    wylie Moderator Staff Member

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    What site are you wanting to update? I wouldn't bother. I'd get an appraisal or valuation when you really need one.
     
    wylie, 17th Oct, 2018
    #2
  3. Harveys

    Harveys Well-Known Member

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    RP Data? I dunno? They all seem to pull info from the most recent sale listings, photos etc. I have already had bank vals for equity pull.
     
    Harveys, 17th Oct, 2018
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  4. wylie

    wylie Moderator Staff Member

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    I don't see any reason to make any change. If anyone is looking at your house as a comparison, they will go to past sales and not those free sites where you can log in and change the number of bedrooms. That is my thought anyway. Brokers might see something worthwhile in doing it, but I just don't think you gain anything.

    Edit: I doubt any bank would look at those sites even for the purposes of a desktop valuation. Brokers?
     
    wylie, 17th Oct, 2018
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  5. jazzsidana

    jazzsidana Well-Known Member

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    Nope..

    Brokers have access to RP data most of the times anyways and if required can order kerbside/onsite valuation before lodging application(s) without customers incurring any cost..

    When refinancing or selling, just request broker/bank know about reno completed to make sure onsite valuations are done to the property ..

    Cheers,
     
    jazzsidana, 18th Oct, 2018
    #5
  6. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    most online or AVM style vals wont take that sort of improvement itno account.

    Simpler black box technology

    ta
    r
     
    Rolf Latham, 18th Oct, 2018
    #6
  7. Brady

    Brady Well-Known Member

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    Anyone with access to RP Data Pro can request an amendment... well I can - PM the address.

    @Rolf Latham I'm not exactly sure on what data, but I would be AVM draws down from RP Data info, if that's not correct you're going to get worse results IMO.

    For that reason I try to update, haven't done and testing to see if it improves later on yet, will try to remember to do it.
     
    Brady, 19th Oct, 2018
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  8. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Ramping :)

    Typically, a 3 to 4 wont change CBA AVM, BWA AVM, etc

    I havent found any noticeable differences on outcomes, with houses.

    Havent tried with units, but I doubt that the largest lenders in the land will rely on system vals where the underlying data can be manipulated by ME .

    ta
    rolf
     
    Rolf Latham, 19th Oct, 2018
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  9. Brady

    Brady Well-Known Member

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    How would you notice a difference if you don't make the changes in RP Data?

    I've notice difference after when completing property reports, if I change a 3x1 > 4x2 the properties that are listed as For Sale or Sold change also.

    Don't recall the value changing, as that wasn't the reason for making the amendments - but would assume it would as the data set has changed.

    It's not solely changed by YOU it goes back to RP Data for approval.
     
    Brady, 19th Oct, 2018
    #9
  10. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    About 12 mths ago we moved to RP data pro national, with residex wanting 23 k a year, we had been on Residex since 2000 .......... and not negotiating, which is funny since they have been owned by same peops for a couple of years now. Same data source, different focus on output but since John Edwards sold the biz, the stats output didnt feel the same

    Pre RP data for us , property owners that wanted to change the attributes of a property had to go direct to product provider.

    We often have people complaining that ours is a 4 x 2 x 2 and study etc ......... and the reports list say a 3 x 2 x 2, and so the output isnt valid.

    There was nil change in CBA AVMs $ output. I assume the retail version of the CBA AVM product uses the same data set as the broker version.

    CBA is one of the few lenders where one can get a Auto val on the same property within minutes or a few days of a previous one. Most other AVMs or deskie applications are much more controlled.

    ta
    rolf
     
    Rolf Latham, 19th Oct, 2018
    #10
  11. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Unless RP data et al sends someone out to check the veracity of the alteration/improvement, then that component of the data set would be set upon by RISK @ bank in any auto vals process


    I should have clarified that

    I havent found any noticeable differences on outcomes, with houses

    was around VALUE. thats all thats of matter in the work we do.

    Im sure one of us here can test and report on the outcomes

    ta

    rolf
     
    Rolf Latham, 19th Oct, 2018
    #11
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