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Follow on Google News | ![]() So your bank valuation is wrong?You have spent considerable time getting finance approved and the valuation falls short. Here are some things you should be aware of. What IF We Finance can tell you more
By: WIW Finance Pty Ltd You have applied for finance and everything is travelling nicely and your valuation has come back and it is clearly wrong. What do you do? Melbourne Mortgage Broker What If We Finance has found that leading valuation management firms have stated that customers stop challenging their valuations. ValEx, VMS and other valuation companies that work with the major banks receive high numbers of dispute requests however few are successful. Additionally, a major bank that Melbourne Mortgage Broker What If We Finance works with advises that only 3% of people successfully challenge a valuation. In other words don’t bother challenging a bank valuation! Melbourne Mortgage Broker What If We Finance disagree with Valex’s assessment that bank valuers are accurate and What If We Finance regularly sees differences of as much as $200,000 between the valuation figures for two different banks. Infact we had a $100,000 valuation difference between 2 banks part of the same group for the same property using the same Valuation Firm. Valuers are human and if you look at the leading articles Bank Valuations Art or Science published by What If We Finance you can find more information on our experiences. So if you want a reasonable valuation here is what you should do Contact a Melbourne Mortgage Broker who understands how bank valuer work. Different banks perceieve different valuers differently. You can still get a great valuation on a serviced apartment for example if you know which bank has a more sympathetic policy for these securities What If We Finance advises. Find comparable sales – this is the best ammunition you have to challenge a valuation Find a bank through your broker that can do the valuation upfront for free And in short talk to What If We Finance and see why not all brokers are not created equal. http://www.melbournemortgage.com.au End
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