Desktop to Site Valuation + Obtaining Finance

Good luck with the val and hope it comes on the contract price. I am experiencing this issue at the moment but not after an auction.

 

Poor broker knowledge, I wouldn't be too scared. The lender will NOT allow a desktop val at 90%+ LVR, so this is just general policy than something specific to your property purchase.

 

Hi All - I released I did not provide an update - better late than never.

In the end we cracked it with Mates Rates and went with a different broker. We requested upfront valuations through NAB and ANZ, both came in at sale price. ANZ actually valued an investment property at 30k higher as the broker put down that higher price on the application, which just goes to show the veracity of bank valuations.

The new broker and ANZ did a great job and turned the application around within 14 days, allowing us to make settlement on time!

We advised mates rates that we were extremely unhappy with their service, pointing out knowledge and advice gaps as well as communication issues. In response, we received an angry email telling us it was all our fault.

So a few things we learnt and would've changed in hindsight:

• The Mates Rates broker we dealt with had no idea what they were talking about and failed to give proper advice.
• I had a slight bad feeling about them after my initial discussion with the broker. Noone will treat your finances and situation as seriously as you do and you need someone you can trust. In hindsight I should've gone elsewhere from that point.
• Who knew you could order upfront valuations with some lenders? (Not me) If we had of known this, the day after we got pack the low valuation from Westpac, we could've gotten other valuations and avoided all the stress entirely.

Hope this thread helps others experiencing similar issues.

Cheers