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Thanks Wylie, but I am happy with the 'as is' and not 'potential' valuation I have. It actually supports my valuation if it is taken as 'potential' and not 'as is'.
I have offered two settlements and with the second one he came back with this 'potential' valuation. He seems to want to waste money by fighting about it.
You might be happy with the "as is" valuation you have, but your brother has a valuation with quite a different end result.
That is why I think you should get him to get his own appraisal from a couple of agents as to what it is worth "now".
What do you mean when you say you have "offered two settlements"?
Believe me, I'd try to avoid lawyers. We've just been through that with a brother who had no case but once he lawyered up, we had to fight him anyway... not pretty (cost us a million - not a bad outcome for someone who had "no case").
I've just had a back Val on a property with subdivision potential and they valued it "as is", being a 3 bed post war home. It even has a DA approval on the subduvision and it still made no difference to the Val.
It seems obvious that the valuation is not a true Val otherwise the figure would've been much closer to yours.
Tactically, let it go to auction but with a his reserve. If it reaches his figure great if not agree that you can purchase at $x above the highest negotiated amount (but still below his figure).
Remember that you only have to pay half not for the whole of the property.
- He's got a valuation which is so out of the ball park as to be ridiculous - which is why I've been trying to find out if how they've passed it off is not legal or subject to a Valuer's code of conduct if they have one.
I've advised his lawyer that as he has already threatened me with Supreme Court action (sadly the true colours I never would have expected have come out since about March this year) then if he won (at unnecessary cost) then it would be auctioned and it would not get projected value, but the true 'as is' value.
Any advice would be welcome.
maybe the brother got the valuation done because someone had told him they wanted the property so they could make a mint and develop it. He's only protecting his interests to a certain extent. Not a nice way for family to behave, but I've seen and heard of much worse where money is involved.
This below scares me, why would you tell your brothers lawyer this information? I'd keep this information private, similar with what you wanted to do with the block.
Oh and now you know why lenders insist on instructing the valuers themselves rather than letting customers use existing vals!!
The brother (sounds like a pr$ck) has clearly instructed the valuation firm to value with the development potential included. Total bs. What about the cost to do the development preparations? Why is that not in their.
Youv'e really got no choice but to let a trustee sell it on the open market with a reserve set at your maximum price. Then when it doesn't sell you get first option maybe. Just need to make sure the agency agreement you have allows the property to be transferred without agents commission. Most want a 3 month contract.
Valuers are generally required to be members of the Australian Property Institute and be a CPV.
So telling his lawyer some of this doesn't seem to work against me - please let me know if I've missed something though?
They are THE industry body - a pretty hard task master but any one who isn't a member just doesn't get much work.
It is not obligatory to belong to the API however when valuing mortgages, insurable values, leases, market rents etc they require that the valuer be a CPV.
Office of fair trading regulates valuers however they are reliant upon the API for the standards of practice. The API has links to RICS (UK).
Ignore the front page of the valuation, the valuation at the rear is the valuation certificate and may be different to the front summary.
who ordered the valuation and have you discussed it with the valuer?