What are you seeing with the bank financing environment?

[Davo36]

A lawyer or accountant will, when consulted, will always tend to advise against the deal.
From their point of view it makes sense to do so.

If they say "Yes, go ahead", you do so, and the deal goes sour you blame them.

Whereas if they say "We don't recommend you do that" and:
you take their advice then there is no deal and no blame
you dont take their advice, do it and it goes sour they can say "We told you so".

Therefore being negative is, for them, the default option.

Yep, 100% right. No upside in them saying 'yes'. No downside in them saying 'no'.

[Davo36]

an example of what our oz bank masters are doing in oz

Melbourne-born man loses $71,000 deposit in foreign investor crackdown


http://www.nzherald.co.nz/business/n...ectid=11892187

That's pretty scary. Sort of stuff that goes on in a real downturn, but it doesn't seem to be a big downturn yet.

[Chris W]

an example of what our oz bank masters are doing in oz

Melbourne-born man loses $71,000 deposit in foreign investor crackdown


http://www.nzherald.co.nz/business/n...ectid=11892187

Someone mentioned that those that have purchased in the SugarTree apartments in Auckland could potentially face the same issue as settlement is now due.

[eri]

^

story in the herald a few days ago

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11891628

only 8? owners with 9 apartments

meanwhile in today's bob dey report

bob discusses the worldwide wind back of quantitative easing

The inevitable tightening, returning economies to cyclical patterns instead of pretending that it’s possible to ride permanently on an even keel, means -

- interest rates will start to rise

- loans will be harder to get

- house prices ought to continue to plateau as has happened in the last few months,
and probably decline substantially after their meteoric rise…

[sidinz]

The last valuation the BNZ commissioned the Westpac accepted the valuer and valuation.
The valuation was readdressed to the Westpac at no additional cost.

HSBC said they would also accept the valuation

Panel valuers apply to all commercial properties

Even properties of only $2m

I don't geddit. They'll accept a valuation from a panel valuer ordered by another bank, but not by the client privately? Where's the logic there?

[brokerman]

I don't geddit. They'll accept a valuation from a panel valuer ordered by another bank, but not by the client privately? Where's the logic there?

All Banks follow the same security procedure so if one accepts an RV ordered via the approved system then all will.

[Beano]

I don't geddit. They'll accept a valuation from a panel valuer ordered by another bank, but not by the client privately? Where's the logic there?

The panel valuer chosen was acceptable to other banks
Perhaps that valuer has a good reputation?
The report ofcourse is re addressed to the other banks

[sidinz]

But the point was, if a panel valuer does a valuation, what difference does it make whether it was ordered by another bank or by the client themselves?

[Beano]

But the point was, if a panel valuer does a valuation, what difference does it make whether it was ordered by another bank or by the client themselves?

I think the bank instruct the valuer to have the report in a certain structure
The only difference I am certain of is
If the landlord occupies the building the income/area is ignored in the report
If I commissioned the report that area is valued
I spoke with the valuer "Darrochs" who told me that difference
The area I occupied was about 160m2...this area was ignored for valuation purposes. .so my valuation was possibly $250k less (not a major as the valuation was about $4.5m)
If I was pushing to get a good valuation my advice would be to move out and lease to someone independent.
I have not used "darrochs" for about 6 years so not certain if they are still "panel" valuers.

[eri]

westpac just sent me a link to their new e-valuer thingie

homes.co.nz/?utm_source=crm&utm_medium=email&utm_content=IL_AN N_SA_INF&utm_campaign=hl_lifecycle

[Chris W]

westpac just sent me a link to their new e-valuer thingie

homes.co.nz/?utm_source=crm&utm_medium=email&utm_content=IL_AN N_SA_INF&utm_campaign=hl_lifecycle

Let me re-confirm that I understand you correctly - Westpac now uses homes.co.nz to use for their property valuations?

[Nick G]

Mine was only 300k lower than actual value. Shot Westpac.

[Nick G]

If you disagree you can do a registered valuation through their valocity panel (and hope for the best).

Let me re-confirm that I understand you correctly - Westpac now uses homes.co.nz to use for their property valuations?

[Viking]

Having that stupid argument with BNZ right now. Gees they behave like stuopid.

Not interested in the cash flow, didn't even want to know. More interested in the values and came up with values I haven't seen in 10 years or more. The tried to tell me how good their insurance company is. oh yeh i says. Having some knowledge of what has happened in Edgecumbe the others are well on the way to sorted but not their lot. Barley even started.

Oh dear, why do we always have to deal with people who have no idea. totally hopeless. Not enough staff, unknowledgeable.

[Nick G]

Yup BNZ use this that's how I first found out about it. BNZ used to be better to deal with.