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Property valuer responds to broker concerns over variances

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Australian Broker | 17 Dec 2014, 08:11 AM Agree 0
Property valuation company recognises broker concerns over variances in valuations, saying there is still “room for improvement” in the industry
  • Barney | 17 Dec 2014, 09:00 AM Agree 0
    The problem isn't the odd variation. The problem is Valex.
    When you re order - even if you change lenders - you have no ability to get a genuine independent opinion. Valex either use the same firm or the results are available to other members.
    The ability to review is also a massive waste of time. Despite providing alternative comparables they will invariable stall for days and then finally tell you they disagree. They won't change the result because no one in their management chain want to admit (despite the evidence) that they made an error.
    Banks should re order an independent val immediately when there is a low result. NOT through Valex or any of its members.
  • Brado | 17 Dec 2014, 09:03 AM Agree 0
    That is the problem, even with overwhelming evidence, MOST valuers will not change their valuation figure, because they feel that they cannot be wrong...
  • Gayle Copeland | 17 Dec 2014, 09:23 AM Agree 0
    I have just lost a million dollar loan to Rams due to the original valuation coming in only $10k below re finance estimate at $440k with a builders inspection required due to the terrible state of the property. Ram's valuer came in at $510k. First valuer cannot find any comparable in this area?
  • Perth Broker | 17 Dec 2014, 12:00 PM Agree 0
    Agree with all of the above comments. The valuers egos will not allow them to change a valuation so challenging a low valuation with comparative up to date evidence is a waste of time. The other problem is valuers doing the day to day valuations have no real world experience - just a University Degree.
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