property/house valuations

have any of you had more than one property valuation on the one house at the same time????

I just got the most gutting valuation from a realestate agent....she valued 5k LESS than what we payed 18 months ago YET we have done 20k of renos!! - added huge deck, gardens, ponds, fences all round, bits inside and most of all a new garage and workshop!! i expected it to be WAY higher!!

Im just really hoping that she screwed up somewhere or maybe shes just not right (she doesnt usually deal with houses in my town).....

tell me your experience please...

We have a valuation done by a registered valuer (I think thats what they are called!). they cost areound $500 but it is alot more accurate than a real estate agents idea, often that is swayed by their personal taste and preference.

I wouldn't really trust the agents one, they do after all want to sell your home, so if they value it a bit low, and you go with them, they are more likely to sell, IYKWIM?

From what I understand, there are new laws coming out (or are in now) that make agents be more honest in their approach to selling a house, ie no hiding things if they know etc etc. It's come out in favour of the buyer really, made the agent more of a middle person, as opposed to "working for the client".

When we bought our house, we had a Registered Valuation done, and it came out at $10k more than what we had offered and had been accepted. Having an RV means they look at what houses in the area have sold for, they look at any old RV's, come to your house to see what has been done since, and then make a decision as to what an agent should be able to get for you with "proper advertising" etc

HTH

yip we will deinfately be getting a Registered valuation but i wanted to have a rough ball point mark from the RE before i payed that much.....

Our house HAS to reach a certain value so that we can take my mums house off the equity in our house.....we now own my mums house but want to sell it....so yeah we need our mortgage to be able to sit on its own.....

I just dont see how she can get such a low figure after all the work we have done!!!!....and the houses around us that are selling, are selling for over 100k MORE than what she valued my house at!!!

she knows we are not selling...she is the agent selling my mums house....shes also a fanily friend

I told her i wasnt happy with it and she just kept harping on about the work doesnt matter when the houses are not selling well in our town!!??? WTF!? so just because someone else cant sell their house - i suffer from it!!
she said "the houses that are on the market for the ammount you are after, are just not selling so i cant put your house at that value"..........BUT IM NOT SELLING IT!!!!!

does it really matter about everyone elses house?????

We had an agents valuation and registered valuation on our place about 18 months ago. There was $45000 difference between them (agents being the lower). I guess the agent is basing their value on what they think they could sell the place for given the current market and their knowledge of wheat buyers in the area are after. The registered valuation is based on recent sales in the area for similar type places as well as chattels and features like decks etc. The bank (thankfully) didn't even look at the agents valuation. I wouldn't even take any notice of what the agent says if I was you as wouldn't affect the outcome, don't worry about getting a ballpark as it will only p!#s you off. Good luck, is a very frustrating business!

Rovic wrote: don't worry about getting a ballpark as it will only p!#s you off. Good luck, is a very frustrating business!

god yes!!! it totally p**ssed me off!!! and iv been worrying myself stupid sunce!!!...

I know the bank wont take any notice of the RA valuation but i was VERY worried that what she said was what i was also going to get from the registered valuer

Im so happy to read that others have had way lower agent valuations!

woah shelt! 70k!!!!! thats a huge difference!!!

you may have already sorted this by now, but just wanted to add my 2c worth. i work for a property valuers.....

make sure the valuer you get is properly registered. and also someone with ANZIV and SPINZ memberships is good to have. or is a member of valgroup.

the government valuations are useless because they dont actually go and look at the place, and dont take account of the fact that there are improvements on the property that may have been constructed in the past year or so. we have seen so many people get screwed because they relied on the GV's.

and make sure they have good experience in valuing your type of property too. no point in getting a rural valuer if your property is residential and they only do like 10 resi's a year.

also a good valuer will put in a sales comparison approach to valuation in their report... which means basically that they look at all the real estate stats in that area and compare your property with other similar properties and get a proper market value.

real estate agents valuations are useless. enough said.

hope you get something sorted and for the figure you want too!!