Broker question - reassigning a valuation to different banks

Discussion in 'Loans & Mortgage Brokers' started by opal3259, 2nd Dec, 2015.

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  1. opal3259

    opal3259 Well-Known Member

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    Hi Folks,

    Here's one for the brokers.

    I have a valuation which was purchased directly through Valex via CBA's portal.

    Valuation came back with a decent figure, but I now want to run the loan through Westpac (long story).

    The valuer is CBRE which also sits on Wetspac's panel.

    Is it easy enough to have the valuation reassigned from CBA to Westpac?

    I know I could get a fresh one through Westpac, but don't want to risk a lower figure coming back.

    Thoughts?
     
    opal3259, 2nd Dec, 2015
    #1
  2. Watson1

    Watson1 Well-Known Member

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    I think WBC are postcode driven (2 for each Postcode) assuming they operate the same as BoM/STG.

    What is the postcode?.
     
    Watson1, 2nd Dec, 2015
    #2
  3. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    You will need to ask the valuer to get this done.
     
    Terry_w, 2nd Dec, 2015
    #3
  4. opal3259

    opal3259 Well-Known Member

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    Yeah, I've had a few via Westpac and it seems to be either Opteon, HTW or CBRE in this area.
    Post code is 3181.

    No issues with HTW or CBRE - but I've always had issues with Opteon.
     
    opal3259, 2nd Dec, 2015
    #4
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  5. opal3259

    opal3259 Well-Known Member

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    As in contact valuation company (CBRE) or the individual valuer who did the job?
     
    opal3259, 2nd Dec, 2015
    #5
  6. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    The company
     
    Terry_w, 2nd Dec, 2015
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  7. Watson1

    Watson1 Well-Known Member

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    HTW and Opteon assuming they use the system as BoM.
     
    Watson1, 2nd Dec, 2015
    #7
  8. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

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    When I'm doing this I generally supply the first valuation as part of the second order. Often it ends up with the same valuer, or the second valuer gets a bit lazy and copies the first report.
     
    Peter_Tersteeg, 2nd Dec, 2015
    #8
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  9. opal3259

    opal3259 Well-Known Member

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    Nice tip Peter.
     
    opal3259, 2nd Dec, 2015
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  10. Shahin_Afarin

    Shahin_Afarin Residential and Commercial Broker Business Member

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    Its bit of a long winded process but you can pick the valuer with Westpac.
     
    Shahin_Afarin, 3rd Dec, 2015
    #10
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  11. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    A true "assignment" like in the old days is like trying to find a metho duplicating machine and functioning paper :)

    ta
    rolf
     
    Rolf Latham, 3rd Dec, 2015
    #11
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  12. opal3259

    opal3259 Well-Known Member

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    Yup - spoke to my broker about this recently.
    Hopefully CBRE just lets us re-assign the existing one to save the hassle.

    There must be a huge amount of double handling at Valex with valuations being produced that are only valid with the one bank. Seems like a bit of a silly process overall, when the valuation company sits across multiple panels.

    Great for the valuation companies though :)
     
    opal3259, 3rd Dec, 2015
    #12
  13. Dazedmw

    Dazedmw Well-Known Member

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    It should be straight forward these days as all the majors have the same standing instructions for "in scope" residential property.

    Historically, it had been an issue for valuers as they prepare a val under Bank A's standing instructions, only for it to be assigned to Bank B who has differing standing instructions. When the deal goes bad the valuer ends up being sued because they gave a report to Bank B that didn't conform to Bank B's standing instructions.

    As I say, now that shouldn't be a concern but old habits die hard.
     
    Dazedmw, 3rd Dec, 2015
    #13
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  14. tobe

    tobe Well-Known Member

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    Shh. Don't let on, or valex will only get one cal per property and we won't be able to get a second opinion from another lender/valuer.
     
    tobe, 4th Dec, 2015
    #14