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House valuation

Discussion in 'General Property Chat' started by Brian84, 17th Nov, 2015.

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  1. Brian84

    Brian84 Well-Known Member

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    Hi everyone,

    I'm getting my house valuated tomorrow 17/11/2015 by Herron Todd White. Has anyone heard of these people? What are they like with their valuations?

    Is there anything I should do to prepare the property?

    Should I show them some papers from local real estates showing comparable sales or will it not make a difference?
     
  2. Mumbai

    Mumbai Well-Known Member

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    Yes, they have valued my PPOR and IP couple of times. They are bit conservative.
    They won't look at your papers n stuff. They will be in and out in 5 minutes. Not much you can do, except keeping the property clean and presentable
     
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  3. euro73

    euro73 Well-Known Member Business Member

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    HTW are one of the bigger national valuer firms.

    There's nothing much you need to do...they will be in and out in 5 minutes.

    They will do their own research for comparables - you'd be wasting your time.

    several valuer firms employ contractors these days... These contractors tend to get work from all the major firms; HTW, Propell, CBRE, LMW Hegney, WBP etc...
     
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  4. Brian84

    Brian84 Well-Known Member

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    Yes that's what I though thanks. The house is clean and smells fresh. Lawns are freshly mowed and it looks presentable.
     
  5. bob shovel

    bob shovel Well-Known Member

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    Brown paper bag upon arrival is the only that may help you. They'll probably know the price before they walk in :p
    past sales of the area then slot yours in, so if you just bought the neighbours place for $50k more than its worth you'll do well
     
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  6. flyhere

    flyhere Member

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    Yes,they are conservative type, they did my Perth house revaluation recently, even though I spent so much money to finish the Reno, the revaluation price is close to my purchase price 2 years ago. Perth market is not good at all is part of the reasons too.
     
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  7. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    HTW is a valuer like a bank is a bank.

    you may get a good outcome or a so so outcome

    In most scenarios, valuer company selection has little to do with the outcome unless its new stock

    ta

    rolf
     
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  8. Natedog

    Natedog Well-Known Member

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    It is amazing the difference in valuations that come back sometimes!

    My broker ordered 3 upfront vals for 3 different lenders who all used different companies for a property last year.

    $720k
    $650k
    $620k
     
  9. larrylarry

    larrylarry Well-Known Member

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    I was told by valuer that they only meed to come in to confirm what they had looked at previously. Less than 5 minutes.
     
  10. bob shovel

    bob shovel Well-Known Member

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    @Brian84 why don't you check how your valuation skillz are. Go through the recent sold prices for your suburb and see where your place sits in comparison. Find about 6 or so if you can to compare. But don't go back to far -say 6 months max, depending how many have sold
     
  11. Big Will

    Big Will Well-Known Member

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    Valuers also will use settled sales so something in the last 30-60 days wont count.
     
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  12. Wukong

    Wukong Well-Known Member

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    Did one for my PPOR last week, 5 minutes walk through and valuation in line with recent sales. I would put them in a risk management category and would not be bullish on prices.
     
  13. Brian84

    Brian84 Well-Known Member

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    thanks bob I will do that now. Our neighbour next door sold their house about 2 months ago for $720k and our house is a lot more modern now so I would expect something around $700k atleast. My broker done a desktop valuation and it came back at $682k
     
  14. Brian84

    Brian84 Well-Known Member

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    the guy was here for about 15 mins. and he measured all the walls. is that normal?
     
  15. bob shovel

    bob shovel Well-Known Member

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    Must be the wall tax APRA brought in
     
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  16. neK

    neK Well-Known Member

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    Yea. It's for a floor plan
     
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  17. D'Mo

    D'Mo Well-Known Member

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    let us know how it went.. im very interested in seeing what 'difference' an extensive reno does to a valuation, and if you think it was worth it.
     
  18. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

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    That's why we "val shop" :)

    The spread on those would have put an extra $80k in your offset account if the plan was to refi/top up.
     
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  19. Azazel

    Azazel Well-Known Member

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    They do that property clock thing I think.
    When do you think you will hear back?
    I'm excited, good luck! ;)
     
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  20. Brian84

    Brian84 Well-Known Member

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    Thanks. He said he was sending report to the bank today and I should get an answer tomorrow or Friday.