Recently had the experience of a valuer submitting one report to a lender, then again, 3 months later, for a different lender, with the same valuer, same property, (prime beachside) which is suddenly now worth according to the valuer 20% less (they had "forgotten" they had already valued it).
Even the lender joked, "didn't think the bum had fallen out of the market just yet".
Add to that a major city valuer, for another of our projects, taking three whole weeks to complete a simple dual occupancy valuation. The firm did actually terminate the valuer concerned as a result, but it left us up the proverbial creek waiting.
Then there was the valuer back in 1999 who told our lender that beach property was risky, could go down badly in value, and he wouldn't recommend buying anything located near water.
It does make you think, are there any standards in the industry? Looks like valuers need to be micro-managed through the entire process, currently they seem to hold all the power in the relationship, and one is dependent on their perhaps flawed findings. Anyone else have horror stories or warnings to share?
Even the lender joked, "didn't think the bum had fallen out of the market just yet".
Add to that a major city valuer, for another of our projects, taking three whole weeks to complete a simple dual occupancy valuation. The firm did actually terminate the valuer concerned as a result, but it left us up the proverbial creek waiting.
Then there was the valuer back in 1999 who told our lender that beach property was risky, could go down badly in value, and he wouldn't recommend buying anything located near water.
It does make you think, are there any standards in the industry? Looks like valuers need to be micro-managed through the entire process, currently they seem to hold all the power in the relationship, and one is dependent on their perhaps flawed findings. Anyone else have horror stories or warnings to share?