Browse Forums Home Finance 1 Dec 18, 2008 7:39 am For all those people whose valuations have come under - I challenge to to beat this - our valuation came in $245k under :shock:
Apparently it's the Westpac valuer - she didn't actually talk with the developers about the site and has made some decisions based on wildly inaccurate assumptions. Only 1 other person in the estate has gone with Westpac - and we're both golf course frontage lots and he's been dudded about the same amount. Safe to say that the Sales Mgr and other execs are fuming Other valuations from ANZ and Comm Bank for non-golf course lots have come in ABOVE the sales price. I'm getting info on estate sales and prices and the name of a valuer on the Westpac Panel to get a 2nd opinion (though it may cost us $1k) - I'm thinking of moving away from Westpac because of this. I don't really care who my lender is - as long as the rate is good & there is a full offset account Strangely enough - when I was told yesterday on the phone - I was very calm and was almost laughing at how ridiculous it was. My broker has never seen anything like it and will give the Westpac relationship manager hell. After 4 years - we're in! Re: You thought you had valuation problems! 2Dec 18, 2008 7:46 am Oops!
I would suggest someone may get their bottom spanked at Westpac... Thats a complete joke! I will be interested to see how this plays out. Good Luck. Re: You thought you had valuation problems! 3Dec 18, 2008 7:59 am Man, I thought ours was bad at $60k under. Good luck! Re: You thought you had valuation problems! 4Dec 18, 2008 8:01 am Our broker is on the phone this morning being very assertive - will have an update in the afternoon After 4 years - we're in! Re: You thought you had valuation problems! 5Dec 18, 2008 8:43 am Stonecutter, sorry to hear that. Hope you will have this sorted out with the right lender.
Hmm..why would they charge you 1k for 2nd opinion? they need to do additional valuation report?? Maybe a stupid question, why aren't you also approach both ANZ and Commbank for valuations and rates. You can compare them and go with the best deal. Building Clarendon Brighton - Done and moved in Sept 2009 Re: You thought you had valuation problems! 7Dec 18, 2008 8:58 am Jordann maybe the valuer went to the wrong place? haha hope you sort this out.. Yeah like maybe the 'tip' in the next suburb. What a mistake.... Stonecutters Ridge valuation short, sydney home loans 8Dec 18, 2008 8:58 am can't blame the bank, the valuer's opinion is independent. In a downturn valuers are generally stressed too much about being sued down the track and take a conservative view, especially in new developments where there is no comparables (resale that is). i think you need to try with another leender, clean slate. Re: You thought you had valuation problems! 9Dec 18, 2008 8:58 am eho - if you want to fight the bank on their valuation and get a 2nd opinion - you have to pay.
However, I think we will simply go with another lender - Westpac deserves to lose our business over this fiasco (which is a shame as they have the best credit card rewards program!) After 4 years - we're in! Re: You thought you had valuation problems! 12Dec 18, 2008 9:22 am Stonecutter…………bloody hell!
I thought ours was bad, Good luck!!!!! Internal and External Building and Colour Consultant Online - Worldwide http://www.denovoconcepts.com Re: You thought you had valuation problems! 13Dec 18, 2008 9:32 am mattwalker Jordann maybe the valuer went to the wrong place? haha hope you sort this out.. Yeah like maybe the 'tip' in the next suburb. mattwalker, are you insinuating something? i am from around there. Re: You thought you had valuation problems! 14Dec 18, 2008 9:43 am well - there is technically a tip down the road in Eastern Creek - perhaps matt was showing off his local knowledge?
Quote: can't blame the bank, the valuer's opinion is independent. In a downturn valuers are generally stressed too much about being sued down the track and take a conservative view, especially in new developments where there is no comparables (resale that is). i think you need to try with another leender, clean slate. It's strange that valuers for other banks and other banks on the Westpac panel have come in at the purchase price or higher. If all valuers were giving out similar valuations - then that sounds fair - however when you've got one valuer that is doing a "Keen" - if I was the bank I'd be a little concerned about their accuracy. After 4 years - we're in! Stonecutters ridge valuation short, sydney home loan choice 15Dec 18, 2008 9:59 am I once had a St George Bank credit assessor decline an application and tell me it was because their valuer reported that a Sydney residential unit was not suitable for residential lending (they said it was suitable for commercial lending).
It took me 2 weeks and kicking up a storm with highly paid idxxts to have this simple error corrected (they actually did other loans in the same building). By then of course they lost the customer. The highly paid idxxt's response was "i'm only human". I have that explanation in writing from the staff member. Re: You thought you had valuation problems! 16Dec 18, 2008 10:07 am I just sent my email to the St George loans guy!
Bingo, I get an automotive reply back saying he will be out of the office from Tuesday till Friday! AND THAT’S why Glen’s loans stuff has taken so long, he’s never there! Anyone know who it is to lodge a formal complaint to with St George? Internal and External Building and Colour Consultant Online - Worldwide http://www.denovoconcepts.com Re: You thought you had valuation problems! 17Dec 18, 2008 10:18 am thlo - that's insane!
michelle - I'd call and ask to speak with the branch manager. If he's through a broker - ask to speak with the broker's relationship manager. After 4 years - we're in! Re: You thought you had valuation problems! 18Dec 18, 2008 10:21 am Woa bad news Stonecutter. I had our land come in from memory 50k under value as well when it was valued by a credit union. I was fuming about that. We will be asking for valuation for our building loan soon too, so I hope this goes ok. stonecutters ridge valuation low, home loans for first home 20Dec 18, 2008 10:28 am Michelle I just sent my email to the St George loans guy! Bingo, I get an automotive reply back saying he will be out of the office from Tuesday till Friday! AND THAT’S why Glen’s loans stuff has taken so long, he’s never there! Anyone know who it is to lodge a formal complaint to with St George? michelle, what? c'mon... you're too harsh. it's perfectly acceptable if you work for a big corporation to be unavailable for 4 business days and not have some one else look after you. don't you like voice prompts and voice mail? tell ozkarnak, eager and hoffies; they love dealing direct with banks for home loans. PrincessB, too was considering going direct. I don't know the St George complaints procedure if you are a direct customer. I would just call the branch manager where you have your accounts and let her make suggestions. That is a really good attitude Akin to you catch more flies with honey than vinegar. I do enjoy watching that tik tok inspector from Victoria but he does go a little… 12 81883 I am not a brick expert, but rendering would be 1 option, it would be costly to do the entire house though.... 2 6677 Hi all, has anyone been ask to do the weeds in their property while in the middle of build? We are under the impression that they are in control of the site while they… 0 2764 |