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Litigation a ‘wake-up’ call for valuers

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Australian Broker | 10 Jun 2014, 08:32 AM Agree 0
A shift in the banking sector is prompting the bar to be raised for increased rigour around the valuations demanded by lenders
  • Melb Broker | 10 Jun 2014, 09:54 AM Agree 0
    If ever HTW needed another reason to undervalue, they have just found it. I cringe when my valuation requests are submitted to HTW.
  • Brisbane Broker | 10 Jun 2014, 10:50 AM Agree 0
    Story 1): valued my home through WBC back in 2009 and HTW valuer give me $550,000 after giving him all evidence around what have had sold similar to my home, 3 mths later sold my home for $680,000.

    Story 2): was organizing a loan for one couple that both a investment property (construction) and HTW valued $35,000 less, 2 weeks later one of my client went and both a house directly thorough a builder in same area for $30,000 less then other client and HTW valued it again $35,000 less again.

    Please explain????????
  • Regional Broker | 10 Jun 2014, 01:41 PM Agree 0
    I find this to quite incredible , the banks want to pay a minimum for a short report but appears to be saying if you do not get it right you the valuers will be sued. what an insult , my question to the banks is are you are getting what you are paying for , a short report is a cut price job , how can a valuer inspect , measure and do proper comparable sales for 150.00 , simple they cannot do this for the fees being paid . The valuers professional body and standards body need to stand up for the valuers .
  • Syd Broker | 10 Jun 2014, 02:13 PM Agree 0
    Hopefully this will be the death of desktop valuing via rp data which is useless & doesn't account for aspect, inclusions, reno's etc. Banks need to pay more than $200 peanuts if they don't want monkey vals. No one can spend enough time for $200. Double the fee & let them take their time to do it right off actual comparable sales.
  • Pay Peanuts | 14 Jun 2014, 05:10 PM Agree 0
    Low Valuation Fee + Fast Report + Additional Quality Assurance Requirements = Wont be an Accurate Valuation
    Low Valuation Fee + Accurate Valuation + Additional Quality Assurance Requirements = Wont be quick
    Fast Report + Accurate Valuation + Additional Quality Assurance Requirements = Wont Be Cheap
    Young Valuers + Fast Report + Accurate Valuation + Quality Assurance = Burn Out Faster
  • Somewhat befuddled | 18 Jun 2014, 11:07 AM Agree 0
    Is this supposed to be a good news story? Me thinks not.
  • Pay Peanuts | 01 Jul 2014, 06:24 AM Agree 0
    Brisbane Broker - Brisbane market and post GFC says it all - your property market would have been all over the place in 2009 know wonder the values were all over the place
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