Hi Folks, I know that contesting valuations is almost always a waste of time, but here's one for you. I recently purchased a residential home that came with approved plans and permits for apartments. The home is in great condition, previously owned by an owner occupier family and is currently tenanted at just $1000 per week (solid home, 3 bedrooms, renovated kitchen, etc etc). Just got a valuation back on the property where they have stated that it's 'highest and best use is as a development site'. Valuation came back at contract price - so far so good. Here's the spanner... the bank can't use the valuation because it's been valued as a development site. And the valuer has commented that there 'is no market for owner occupiers'.... which is ridiculous given that the under bidder was an owner occupier and the vendors were too. They are arguing that the mere presence of a permit (regardless of whether it will be used or not), means that the site automatically has to be valued as a development site. I understand this in the context of a dilapidated site where the house is falling over... but what happens when the house is in great condition and the selling agent has marketed it both to developers and owner occupiers? Anyone ever dealt with a similar situation?