We had home was valued last week and the valuer was in the house for no more than a couple of minutes. The broker said the lender arranged the valuation but how do we know they get it right when they pretty much walked in and walked out?

Hi Andrew, Great question and one I get asked often. How can the valuer do his job properly when he only spent 5 minutes in the house? The answer is that due to increasing time pressures on the valuer's due to industry consolidation and competition valuer often have up to 10 houses to inspect in a day and increasingly rely on computer generated statistics and reports like RP DATA on similar properties in the area. The problem with this is that often your property may have a unique selling features like, a pool, a larger than average games room, a patio and entertaining area. All of which can be forgotten when the valuer returns to their office or sometimes their car to finalise his report.
What we suggest to clients is to make the valuer's job easier, have a short no more than 3 page description of the property and try an included some neighbours house or units and what they sold for and why you think yours is better.
And if for example you have renovated since you purchased, included a couple of photos of the renovation before and after. It sounds simple but these little things help the valuer immensely and can help you get the positive outcome you're looking for.
Hope this Helps
regards
Awesome Albert

Andrew, Good afternoon. You have an excellent question and I understand that you potentially feel disappointed with the result of just a five minute visit. I recommend you wait for the report / value to be advised to you prior to being disappointed. Who knows the value may land right where you are hoping.
The process of valuation is made very easy these days with the availability of so much data on-line. You can be assured that the Valuer would have done his research prior to applying. The level of ease is demonstrated in the fact that most Lenders now offer free valuation inspections, something that was always a paid service many years back.
I will have to admit that I am not in agreement with telling the Valuer how to do their job by providing them details of neighbouring properties / written description of your house etc. What do you think of people who tell you how to do your job ?. The answer is that you will show less respect, not more.
You and your Broker would have discussed the potential value of your home prior to him/her organising the inspection. This gets captured in the Valuation request as "Customers Estimate", so they already know on arrival what you think and have already done their comparisons. The purpose of the valuation inspection is to quickly identify if there are any standout features that warrant an above average assessment or alternatively, any damage / essential repairs that could lower the value.
Once your Broker gets the report back, he/she will be advised of what nearby properties were used as comparisons. If you or your Broker feel the value is "underdone", then it is the Brokers role to find three additional properties that warrant the valuation report to be revisited/challenged. I have had moderate success in these circumstances when the additional comparative properties can be found.
It appears you are on the way with your refinancing, however if you do need any expert advice, then I would be happy to chat.
Best Regards
Ken Olds
Customers First Mortgages & Insurance
1300 ASK KEN (275 536)
e: finance@AskKen.com.au

Hi Andrew, Valuations from a brokers point of view is a dark art. We see valuations come in as per sales contract - and we see them tens of thousands different. Generally we work with another lender to organise another valuation if one comes in low. They are allowed to be challenged and to change the valuation - but seeing they are professionals - that is rare.