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Commbank Corelogic Valuations

Discussion in 'General Property Chat' started by standtall, 12th Feb, 2016.

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  1. standtall

    standtall Well-Known Member

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    This is a question for the experts.

    We are with Commbank and they use Corelogic valuations. One of our properties (bought for $815K 7 months ago is now giving a range of $870K-1050K on Corelogic and my understanding is that their system would accept customers' own assessment without sending a valuer as long as it is below the lowest of Corelogic ranges.

    What's the chance of getting the value revised to say $865 without triggering the whole valuation process triggered?

    Cheers
     
  2. Redom

    Redom Mortgage Broker Business Member

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    Commbank will do a desktop valuation at 80% - its a computer generated system valuation. There is a correlation between the price range on the property profile reports (what you've indicated) and the desktop valuation, but i'm not sure if its like you have suggested. In terms of dealing with credit, to my knowledge, we can't show them the Corelogic report and get them to use that number for example, they'd ask us to complete a desktop valuation.

    Thats how it works for broker channel and i believe the direct channel too.

    Thanks,
    Redom
     
  3. standtall

    standtall Well-Known Member

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    Thanks - I am sure they use the corelogic data as is but not exactly sure about the exact point they will be picking from the range? below lowest, below middle?
     
  4. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

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    They do go off your estimate to a degree - general rule is to estimate high. ;)
     
  5. Redom

    Redom Mortgage Broker Business Member

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    Hmm sometimes they don't match. I just did one where the property profile report came in at 675k, and the desktop came in close to 900k (outside the range). Perhaps the two systems aren't correlated!

    To lend against, they will use the desktop val not the property profile report.

    If you want to know the answer to that, hit up one of the brokers via PM providing an address and i'm sure they'll do it for you.

    Thanks,
    Redom
     
  6. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

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    They will use the estimate to a certain point. They also factor in the risk of the application. Things such as location and borrower credit score can also play a significant part. I've seen plenty of applications where initially only a desktop valuation was required, but later over ridden by the credit assessor for a full valuation.