Hi,
a question in regards to valuations. If the bank does one are you entitled to a copy? How long are they usually valid? Is there a way to avoid getting a new valuation every time you seek finance? And finally are there independent valuers that all or most banks will accept. Sorry about all the questions.Cheers
Hi Waf
No you are not entitled to see the valuation that a bank has done. You can contact the bank for a list of their valuers and you can pay for them to do one for you, have it addressed to the bank but ask them to send it to you first so that you can see it before the bank. The other thing you can do is ask them to do a verbal quote and if the place hasnt gone up then only pay for that not a written one. You dont have to get a valuation done on all properties when you by a new one, you only need to do this if you want to use the existing equity
Hope this helps
ErikaIf the bank does one are you entitled to a copy?
No. The bank does it to satisfy themselves that the purchase price is not substantially above market price to protect their interests.Validity? Not sure
Is there a way to avoid getting a new valuation every time you seek finance?
Each financier who takes over a mortgage over a property will need to satisfy themselves of the value of the property they hold as security. However, for re-financing, many of the valuations are ‘internet valuations’. They reference the value you place on your property to their database and as long as it is in line with the valuation (within a small %) it is approved.And finally are there independent valuers that all or most banks will accept?
Banks have a panel of valuers who do this work for them. They may have a few different ones, who will do different suburbs or even types of property. Ask the bank who they use. Usually the banks will insist in getting their own valuation and will take that, even if another is done by the same valuer, with a different valuer. However, people have different experiences with valuers and the degree of control you can exert is different in many cases. However, as a result of the market coming off its highs, many banks are not as flexible as they were once (so I hear from the experts on this forum and other individuals I know).If you are having issues with valuations, maybe your mortgage broker can help you. They generally know valuers who work for various financial institutions and your ability to assist them in valuing your property upwards may be greater. Do the MB ‘s agree with this??
James
Hope this helps.
Spot on James,
Furthermore some lenders have us order the valuations on their behalf.
There have been a few occassions when I have accidently left this valuation where a client can catch a glimpse of it…..
cheers,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Hi Waf
I’ve been told that the valuation is valid for 3 months. I don’t know though if this is standard or if it varies from lender to lender.
Judi
Thanks,guys questions answered.
Cheers
I believe that Member’s equity do not charge a valuation fee.
Spider
my bank manager sent me the valuations, but i have a good rapport
however they use one that is known to RE agents for being toough on the valuations.
The bank will usually give you three months afterwhich they want a new valuatiosn,well that was in my case anyway
I’ve always asked for a copy of the valuation – & got it!!! They always state that it is not their usual practice to hand it out – but I’ve always managed to get a copy anyway…..
Originally posted by MortgageHunter:There have been a few occassions when I have accidently left this valuation where a client can catch a glimpse of it…..
Simon Macks
Gee – that’s very clumsy of you Simon [
]Derek
Whenever I’ve asked my bank manager for a copy of the valuation he has happily given it to me. Not ever said a word about it not being usual practice or anything.
My valuer told met that valuations are valid for only 3 months.
Cheers
Mel
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