Valuer Undervalued my property. What to do?

Thank you so much. This is very valuable. I am using a free credit check from finder.com which claims to do something similar but it doesn't seem to have any records of credit enquiries for me when I have clearly had credit enquiries done.

I know Equifax does provide 1 free credit report a year so I wanted to save that for after I have purchased to see the impact to my credit score. But I think a subscription could become very valuable.

Thank you.

I'm relieved to hear that it's not uncommon. But yes my BA has also come to the conclusion that the valuer was having a bad day. As at the end of the day, a valuation is an opinion of one person.

 

I'm pretty sure most of those free sites will also give you a monthly update on your score, not a report though

 

They're not accurate though so kinda useless in my opinion, they also don't alert you to activity on your credit file.

 

Westpac seem to be restricting their lending in response to their own unsavoury business practices in recent years- talk to your broker about placing your business elsewhere if they aren't playing ball!

 

Are you paying LMI?

If not, then you could settle with Westpac, and refi to another lender to release equity? As you know your finance is approved and you're able to settle.

 

Yes I am paying LMI. But I have decided to go with CBA as I do not want to fork out another $30k to cover the shortfall in valuation.

 

That seems very sensible

 

I'd be more concerned your BA suggested a 1970s weatherboard highset in Strathpine for $430k.. Maybe the valuer was more accurate.

 

Is it one of those Facebook BA's?

 

100% and I'd chuck a fiver on knowing which one.

 

No. They are not from Facebook ads if that's what you mean. So you think I'm overpaying for a 1970s weatherboard highset in Strathpine? What would your idea of fair market value be for this kind of property? Or what else could I get which could be better worth $430k? I'm working with a BA because I do not have the experience to know what is a fair market value to pay for something so I would be leaning on their experience.

 

Perhaps compare these properties to the one you're buying?

There could be a multitude of factors why these property are cheaper, and without knowing the address of your purchase, the particulars as well as not knowing the area in the slightest. This is just from a cursory glance on Domain Sold Listings map view.

 

Just an update on this, I managed to secure a loan with CBA at the purchase price of $430k and the contract has gone unconditional. Thank you so much to everyone for your input on this, I really appreciate the various views and insights

 

Care to share details of your BA and your experience with them? Feel free to PM me.

 

@FatElephant Likewise, would be interested on the details of the BA if you'd like to PM me