Hi guys, Do any banks accept customer instructed vals already completed by valuers already on there respective panel or do they purely go off post code and start from scratch these days? Thanks
They'll want their own As Rolf mentioned - if you're lucky enough to have it assigned to same company they might do a copy/paste job Cheers Jamie
Bank valuations are a joke. They didn't even send someone out to look at mine. Proabbaly tapped into rpdata and relied on their range which was about 80k difference between the low and high range.
depends who the joke is on....................... often that range can be used to the borrowers advantage with a valuer shop. Sometimes thats not possible due to LMI, fixed rate or serviceability considerations. ta rolf
Non-physical inspection valuations can work one of two ways - sometimes they can very much go in your favour and you wouldn't be calling them a joke at that point. The upside is that lenders which use computer/desktop valuations will generally let you disagree with the figure and upgrade the request to a full valuation to get a more accurate valuation. I don't know about you, but I'm a fan of having as much options as possible.
This is true. But the fact it's so unpredictable doesn't give me much confidence they are accurate. I've seen the ranges in their databases and it's is so big, the chance of missing a number within the range is unlikely. the valuation is almost guaranteed to be accepted
Not necessarily. The range isn't always that big. Especially if the property is a 'common type' in a metro suburb. The range starts to spread where it's an odd type/featured property or outside metro or both. If you have a good reason as to why you believe it was undervalued in the desktop, brokers can generally upgrade it to a full valuation as Corey mentioned. A classic example of this might be a major renovation which may not be evident in the databases. But of course, this can also work the other way too and the desktop may have been generous to start with.
That is assuming you have competent valuers...for example I had the dubious honor getting valuers from CBRE....the most dismal valuers in the world. Challenged them twice...and won on both instances ...one even upping the price from what i bought at.
There's a couple of banks that did allow vals to be assigned earlier this year. I haven't asked around since January but from memory it was Big Sky and Adelaide Bank. I get the feeling there was a third but I can't recall... This isn't an endorsement of these banks, purely general information.
Does desktop, client unhappy with result, even though it will do for the purpose. Upgrade to full Val, client no longer returns calls. It's pretty rare for full vals to come in higher than desktops, except in the cases already mentioned, when there has been significant renovations etc.
