Hi All,
Thought this might serve as a warning to people dealing with the CBA.
Had a major stoush with CBA regarding the val on latest purchase. I did my research and on all accounts there was not properties on the street I bought sell for less than 230k in the last 2 years. And that which sold was an anamoly as it was a quick resale during the GFC.
Interesting...I got up CBA and they valued it to the purchase price after running around like idiots. But this came at the cost of my relationship with the bank after 15 years.
As a result...I have asked for payout figures on all my loans. I plan to move it lock stock and barrell if all the valuation on my properties are under 80% LVR.
I thought I would post this because my personal opinion is that banks like the CBA are putting undue pressure on valuers to undervalue properties.
What also astounded me is the level of incompetence of the Area Manager I was dealing with.
Anycase...I thought I would post this as a warning. I know the property market is bad....but after having dones all the research and having the hard evidence..and then still getting a valuation below the purchase that is a bit rich.
Thought this might serve as a warning to people dealing with the CBA.
Had a major stoush with CBA regarding the val on latest purchase. I did my research and on all accounts there was not properties on the street I bought sell for less than 230k in the last 2 years. And that which sold was an anamoly as it was a quick resale during the GFC.
Interesting...I got up CBA and they valued it to the purchase price after running around like idiots. But this came at the cost of my relationship with the bank after 15 years.
As a result...I have asked for payout figures on all my loans. I plan to move it lock stock and barrell if all the valuation on my properties are under 80% LVR.
I thought I would post this because my personal opinion is that banks like the CBA are putting undue pressure on valuers to undervalue properties.
What also astounded me is the level of incompetence of the Area Manager I was dealing with.
Anycase...I thought I would post this as a warning. I know the property market is bad....but after having dones all the research and having the hard evidence..and then still getting a valuation below the purchase that is a bit rich.