Contesting valuation and help with comparisons

Hi everyone,

I am calling on for some opinions. I have read that contesting valuations are tough and would like your opinions on my situation. I am looking to top up equity to 90% for next IP however the valuation has come in what I believe to be quite under. They have put it at 610k.

The property is in Reservoir Victoria, 3 bedroom in the older commission area. The valuator has used figures from Dec and Aug 2016 however I feel the Melbourne Market as moved a fair bit. Do you think I should be contesting or does this seem fair value?

There are not really any comparable sales in my immediate area of Reservoir however can I supply data from other areas of Reservoir. Is there a distance limit ie. 2 km or 5 km.

Has anyone had any luck contesting valuations (which I know is hard). How did you go about it?
My broker is saying that I will not be able to order another valuation straight away (it is through ANZ the loan).

Also if anyone has access to any price comparative sales or which ones would be good to find recent comparative sales please let me know (I have had a residex report from the help of Peter Tsesteeg)

 

It is possible to contest successfully but:

• You need to make a strong case with very strong evidence
• The valuer will need to have woken on the right side of bed

 

If I was the valuer I would be taking comparable sales from the intimidate area over 2-5km away.

 

Just get your broker to order some other bald with different lenders. If you can't change banks, then you need to wait until anz let you order another one (usually 3 to 6 months)

I take it this is the equity release refinance property and not the purchase?

 

Yes this is all for an equity release up to 90% and not a purchase

I will look at comparative says 2-5km away.

 

I've never found a valuer intimidating

 

Does the valuation firm start with an H?

 

Starts with a C and end s E

 

Right, I have had issues with htw in that area so avoid bom/WBC.

I have had decent results with propell/jll in the area.

 

Thanks Watson
Which banks would use Propell/Jll ?

Also can you request a certain company? I am sure it has to be independent

 

Well you have a 50/50 with BoM. When I subdivided my units 3 of them were valued by HTW and 1 was valued by propell. Can't really pick but some banks inform you of the valuer once ordered so you can request to cancel them if you get the same firm.

 

haha immediate