by The Landlord
One valuation was altered by several hundreds of thousands of dollars from the original value. Another was a totally fictitious report on a made up company letterhead.
Lending institutions are advised to sight original documents and check the credentials of the valuer and firm providing the report, says Blue Hancock, president of the New Zealand Institute of Valuers.
Valuers carrying out property valuations for the public are required to be registered, hold an annual practicing certificate and be a member of the New Zealand Institute of Valuers, a principal part of the Property Institute.
A valuer's registration can be checked by accessing the Property Institute's website, www.property.org.nz, and following the ‘Useful Links’ to the New Zealand Gazette. The site also provides a search of member's details under the ‘Membership Services - Find a Member’ section.
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