Got a dual occupancy development up in Redbank Plains that we are looking to refinance. Bank valued it at $580,000 in 2012.
Different bank valuer went out to inspect yesterday and came back with a valuation of $420,000..... I'm dumbfounded. This is for a totally renovated 3,1,1 and a 2 year old 4,2,2 new build in what is supposed to be a rising market.
I've asked for a second valuation. Apparently the only dual occupancy comparison sale they could find in the area was from 2010. They admitted ours are really good properties.
Real estate agent did a comparison sale valuation for us last December and came back with $580,000 to $600,000.
Another indication for the valuer is that we are getting market rent of $640 per week for both properties .....
Anyway .... I needed to vent.
Mystery
Different bank valuer went out to inspect yesterday and came back with a valuation of $420,000..... I'm dumbfounded. This is for a totally renovated 3,1,1 and a 2 year old 4,2,2 new build in what is supposed to be a rising market.
I've asked for a second valuation. Apparently the only dual occupancy comparison sale they could find in the area was from 2010. They admitted ours are really good properties.
Real estate agent did a comparison sale valuation for us last December and came back with $580,000 to $600,000.
Another indication for the valuer is that we are getting market rent of $640 per week for both properties .....
Anyway .... I needed to vent.
Mystery