Property Valuations

[francis1979]

Valuated a house 3 months ago with GA Farell in Point Pleasant Park.
Happy with valuation since it matched my purchase price.

Doesn't property value Go Up as time goes by?
Why is it that you are 'happy' because the value now matched the price you paid then?
Shouldn't the value be more now?

Just asking...

Yes; your property should increase in value proving there is not other factors which may cause it to devalue e.g. Area beings to frequently flood, commercial building that causes traffic to access your property, etc.

However my valuation was for a property I was purchasing via the bank. If the valuation was higher than purchase price I would have to pay more in government taxes since this is calculated on the valuation price.

That is why I said I was ok with it.

FYI: the building was correctly valued however the land was the item undervalued. So it does not affect my insurance

[pugboy]

what does "correctly valued" mean ?
is it that if another valuator get similar value then they are correct ?
I always wonder as there is some subjectivity in this valuation business and usually
it is tilted towards some purpose, eg loan, seller price etc

[shake d livin wake d dead]

used linden,price not bad about $1500 or so and they don't stick.After a visit to them in about 3-4 days time they call you for the report.

[Evoloution]

ok so i eventually used (name withheld) and i am very very disappointed. House and Land located on chin chin road very close to junction. Two story 10 yr old house valued at 750k and 9000sq ft land valued at 750k. I think they just used the purchase price i buying it for. how d hell you go value 9000sq ft of land on chin chin road like 2 mins from junction for like $85 per sq ft.

What is my redress.....do i spend another 5k for valuation with another firm....

[Conrad]

How did they get the purchase price?

Lol

[Evoloution]

anyone has a valuation report that i could show them that their valued pirce is a bunch of bull crap. i really dont care that i have to pay more but i do think that the land was worth at least 900k and house at least 850k.

[Evoloution]

How did they get the purchase price?

Lol

They asked for a copy of the sale agreement in addition to the deed and cadastral.

[Conrad]

Did you tell them what the valuation was to be used for?

[Evoloution]

yeah told them for a mortgage

[Conrad]

Then they saved you from additional tax no?

Or did you plan to borrow more via equity to renovate etc.

[Evoloution]

Then they saved you from additional tax no?

Or did you plan to borrow more via equity to renovate etc.

exactly. i mean being a 10 year house i would have liked to get enough equity on the property to renovate etc and did not mind paying the extra taxes etc...

even mentioned this to the valuator but it seemed to go on deaf ears

[Evoloution]

but considering those prices they gave me prices in the area are much more than that....i mea you have 5000sq feet of land selling for 550k and above etc

[Evoloution]

cause right now all i can take is a measly 150k for reno.....should i do another valuation using either Raymond Pierre of Linden Scott

[Conrad]

For one, business complaints aren't appreciated on 2NR (remove name).

Second, I would carry proof of other said sales...to a supervisor or someone senior in the same firm. Don't mention paper just yet just ask them to reconsider their valuation as it is affecting the mortgage agreement you're trying to solicit.

...see where it goes from there.

[Evoloution]

noted and thanks. Yeah i am hoping someone here who recently did a valuation for land.....houses etc in the area can assist me with a copy of theirs so i can make a case

[brams112]

did they ask you what was the purchase price before they completed their eval ?

Valuated a house 3 months ago with GA Farell in Point Pleasant Park.
Happy with valuation since it matched my purchase price.

Yes

You got baited pal,should have asked for a valuation without saying your budget just to make sure.

[brams112]

Oh I forgot to mention, whenever my brother needs a valuation report,he just drop off the deed at the office of the guys on the top of your list.

[shake d livin wake d dead]

ok so i eventually used (name withheld) and i am very very disappointed. House and Land located on chin chin road very close to junction. Two story 10 yr old house valued at 750k and 9000sq ft land valued at 750k. I think they just used the purchase price i buying it for. how d hell you go value 9000sq ft of land on chin chin road like 2 mins from junction for like $85 per sq ft.

What is my redress.....do i spend another 5k for valuation with another firm....

you spend 5k for a valuation??

[pete]

That land that's selling for 550k is getting sold? If the house needs a 150k renovation then surely the value is correct?

[Evoloution]

yes it is cause land in the area is going for $100 - $125 psf minimum so 9000 sq ft of land should value at min 900,000 not 750k as they advised. They advise that the land was valued at $85psf and house at 275psf. Yes the house is dated 275psf...still think they mad.

[ShortBoss100]

Do you kno of any others dan R&P evaluators

[pugboy]

Linden scott and ga farrell

[*$kїđž!™]

lol.....some companies put whatever value you want it to be.....

[brams112]

lol.....some companies put whatever value you want it to be.....

This way they make money on your head without doing any work,then when is time to sell all prospective buyers will just walk away from your ridiculous price,who notice property prices going down easy,easy?R&P does fair estimates as far as I know.

[York]

They check the prices of properties, house and land, sold in the area of the property for which they are doing the valuation. The problem is that even in the same neighbourhoods there are properties that are of a high difference in value and is not always accurate because ppl do the deed of conveyance of a value lower than the actual sale price...to get away from $tamp duty charges. They sometimes make a separate agreement for payment of the balance not covered in the deed. That way it's seemingly legit.

i'm not a lawyer...

[Triniapache007]

My experience the best is terra Caribbean - I previously had 3 done by R&P and I can tell you from experience that they undervalued my property! Best results thus far is Terra

[rorysrentals]

terra greatly overvalues property raymond and pierre is more fair................had experience with both

[SMc]

My experience the best is terra Caribbean - I previously had 3 done by R&P and I can tell you from experience that they undervalued my property! Best results thus far is Terra

Was the property sold for the listed asking price?

[orangefox]

terra greatly overvalues property raymond and pierre is more fair................had experience with both

So which valuation purchased/or sold the property ?
Which valuation closed the deal ?

[rorysrentals]

terra greatly overvalues property raymond and pierre is more fair................had experience with both

So which valuation purchased/or sold the property ?
Which valuation closed the deal ?

properties were being sold the terra price was no where close to acheivable whereas the raymond pierre was jus about 20-30g off the realistic price.both of them work on a percentage value of the valuation so i guess that y they value more jus sayin