Dodgy valuation and purchase offer by the valuer assigned by bank!

Thought I'd share a weird thing that happened with a dodgy valuer. Not sure if this is the correct category for this story :S

We were trying to sell our PPOR with an ambitious asking price and the adjoining house got rented to a family with 3 shady camper trailers, 2 caravans parked and rusty 3 utes on the verge in the 4069 post code. These loud neighbours scared a few buyers off and also resulted in our best offer crash. The best offer we had was 950k received many offers between 850k and 890k through the campaign period. We did however receive one seriously low ball offer at 730k and the agent said the buyer who made that offer was very pushy and wanted our confirmed rejection in writing :S

Because of the troublesome neighbours we decided to refinance the house and move elsewhere. Desktop valuation came in at 840k so we ordered a walk through to take into account the massive structural and cosmetic renovations done recently. The bank valuer came in and did a valuation at $750k despite the agent showing him 6 rejected contracts between 850-890k and also the crashed 950k. Ours was a 5 bedroom fully hamptonized renovated hilltop house and his valuation was lower than the median for 3 bedroom original houses on smaller blocks in the suburb. His evidence included house sales from 4 years ago for 3 bedroom small houses on flooded streets. He deliberately tried very hard to push the house value down with no supporting evidence and completely irrelevant data. This left us and the REA a bit shocked so the REA dug a bit deeper only to discover that the valuer had the same last name as the buyer who made the $730k offer a few months ago. The bank reduced the valuation from 850k to 750k based on his valuation :O After this the low-ballers made another offer at 750k and the agent told them to buzz off. We decided to take one of the other offers around 885k and settled when the troublesome neighbours decided to renew their lease.

This incident made me question the integrity of valuers and if such incidents may have happen to others and should they be reported? Cheers!

 

On the plus side, sounds like you had a great sellers agent!

Thanks for the heads up!

 

I would report it, yes.

 

So dodgy, would be reporting for sure.
The valuer is being employed to complete a market valuation, not to provide rubbish valuation and attempt to low ball and buy.