Has anyone else had to hassle banks to get their valuation in before the property purchase falls through?
You’d think that with a $X0 000 loan up in the air, they’d want to meet all deadlines to ensure it didn’t fall through.
I had an experience where I was making phone calls to within an hour of the purchase contract deadline. Everything else was OK, and we were awaiting the valuation.
The valuation was kerbside, for a property on which the loan was 78% and for which I knew the price was fair. The bank had a week to organise it, which I thought was enough for a very standard unit right in town.
I know there is a period of grace, and I had verbal assurances that it would be OK, but it’s my name on the contract, and I wanted to comply fully with it in good time.
One sticking point was that the valuation was done, but the valuation is an internal document of the bank. They couldn’t just pass it on (I never before realised how hard it’s to call a bank branch, particularly on the day before Good Friday! Eventually I managed to contact my loan manager and got a call that all was OK (a day late, but within the grace period).
It had it’s moments, but so far so good in the wait to settlement!
Lesson learnt for future purchases: Allow more than 1 week between organising the loan and the deadline for valuation – they’ll need it!
now u have the fun and joy of waiting for the banks docs to be prepared….
Start hassling early to make sure they will be ready with time to spare…
Cheers
wattoGday Peter,
to date i’ve never had a problem at settlement ( touch wood ) ,valuations , doc’s etc becouse l maintain regular constant phone contact with all the people that are involved.l prefer to maintain this contact dispite their assurances that there will be no problemsPeter
why not find out who the banks panel valuer is and strike a deal where you get them to value the property? If purchase goes ahead they are paid by the bank through the normal channels, if it does not then YOU pay them.
The way you control the process.
It has worked for us many times….
cheers
the B [
]
“think laterally, it avoids the taffic jams from only going straight ahead”Peter
It generally takes about 3 days, but with properties in outer areas it can take a lot longer. In the city they use big firms that are on the ball, but in the country they have sometimes just one company to choose from.
I have had the experience where the bank ordered a valuation for a property and the valuer went to the wrong state! (town with same name) It was the banks fault as they ordered it.
My advice is to use a broker as brokers can talk directly with the valuer (most of the time).
Terryw
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
]
The topic ‘Time taken for banks to do valuation’ is closed to new replies.
