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artofohm
Victoria
6 Posts |
 Posted - 22 Mar 2007 : 4:43:51 PM
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Who regulates the regulators?
The Australian Property Institute (API) are supposed to regulate the property valuers whom they have under their membership.
However after submitting my complaint against two people at the same valuation company the API staff member Slawka Bell - Divisional Executive Officer has thrown out my claims.
Let me elaborate further, our off the plan property was purchased for 605k, yet the valuers put a fire sale value on it for the bank they were working for of 450k, now despite the property market having not dropped dramatically they still proceeded to build in a buffer of comfort for the bank. They are supposed to not be biased and give a market value not a firesale valuation.
API seems to think this is ok and has dismissed my claim.
When I informed the valuers that I was in fact reporting this to the API I was threatened by email that any reports made to API would be deemed slanderous and legal action maybe taken. this is a clear breach of the code of ethics within the API's controls but still they dismissed the case, strange? Not really they took a year to even bother to look at it sighting short staffed excuses as their main reason for no reply.
Well now its all dismissed by the API I am starting a website to expose the valuers practises in Australia and how's it is fixed in favour of the banks who are the pay masters in this case.
I only bought this yesterday so please bear with me until the site is up and running
http://www.australianpropertyscam.com
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Spencer Campbell
http://www.australianpropertyscam.com |
Edited by - artofohm on 22 Mar 2007 4:51:59 PM |
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David
Victoria
22 Posts |
Posted - 22 Mar 2007 : 6:14:29 PM
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My understanding of how they get the value of the property, is by going to the local concil, seeing what other properties in the area sold for and the condition of the property.
If you have details of what properties sold for in the area at the time and rates notices from the council, then you maybe able to strengthen your case and have it heard again.
I only had my house valued by the bank 12 months ago, and it was worth more than we thought that it was. I have also been told that banks normally value the property at more than 10% of the market value when financing to make sure that they do not loose on a bad loan and are required to sell the property.
You would of had the original valuation from the bank when you first got the loan from the bank, or they have it, and can not alter the price or they could loose their banking licence if they do. Get a copy of it and all the other stuff that you should be able to obtain from around then from the council and I would suggest the Real Estate Institute of Victoria (REIV) and seek legal advice.
Good luck with it and your new site, which I look forward to seeing it online. |
Regards,
David |
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stop_foreclosure
4 Posts |
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sasha
5 Posts |
Posted - 02 Nov 2009 : 12:59:31 AM
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Hello,
Thanks for sharing such a great & useful tips! |
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| Australia & New Zealand Banking Issues Forums |
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Property Valuations
