Bank valuation was BS

Like Rolf said- good luck with that

 

Hmmm... I know residential valuations do get reassigned, often with no fee, and it was understandable when the Instructions differed that banks would want to re-instruct but there is no reason for that to be an issue now.

I will have to ask around and see what people are experiencing at the moment.

 

Does anyone know if valuers have access to each other's reports through some sort of central database?

I had two valuations done recently on the same property for 2 different big 4 banks - different valuation firms, but curiously both came in at exactly $230k less than the auction price. I find it a coincidence a bit too hard to accept!

 

Was the two banks CBA and NAB?

I believe that if the lender orders a valuation via Valex they can see what the other valuation firms provide. If via VMS platform, I have been told they cant see.

Also, with Valex, you need to provide settled comparable sales. Because, the market has gone gangbusters in the last 6 months, I have been told that in some suburbs, valuers are finding it hard to back up there figures with comparable sales using Valex because often the settlement date can be more than 90 days old.

This is what a family member told me who is a valuer at one of the large firms.

 

Spot on! I figured as much...

 

230K is a huge variance especially for Auction. You didnt purchase in an area where the Chinese like to purchase by any chance? e.g (Glen Waverley, Balwyn etc)

 

It was in Fitzroy - no comparable sales and a very competitive market - so valuers took the view that it should be discounted. It was a 6.5% discount to the auction price - so not huge in a relative sense - but unexpected extra capital i needed to find!