Hi,
I wanted to find out about the valuation fees charged by Lenders. i.e. If a valuation is done for refinancing a loan and I am not happy with the amount of the valuation and I choose not to proceed with that lender, what fees would I be liable for? Presumably the fees would vary between lenders, but a rough figure would be fine.Thanks.
SP0 -$400
Live, Learn and GrowLifexperience
Find out which valuers your bank uses and employ them directly. The bank will accept their valuation still, and they’re more likely to give you a good valuation if they are working for you. If you give them a lot of info supporting the valuation you want, you make their job easy and they are likely to value the property somewhere near your estimate.
Does anyone know who the NAB use in Melbourne?
Thanks.
SPAsk the NAB, they should give you actual contact
Live, Learn and GrowLifexperience
Aperry, you can do this (order directly), but it is unlikely the bank will accept it as is. Some flatly refuse, saying they must ‘instruct the valuer’ (to put a low valuation??), others will need the valuation addressed/assigned over to them. Valuers will do this, usually for another fee of around $100. You also should inform the valuer it will be for the purpose of a mortgage.
Terryw
Discover Home Loans
Mortgage Broker
[email protected]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 hassle for you SP is that the banks will push the cost to you irrespective. Generally the banks will be happy with a conservative valuation (which is possibly not to your liking), whereas you may beleive that the value should be higher – and seek a valuer who agrees with you.
There are a few in the market who are deemed to be very conservative that the banks use, although this can also work in your favor if they beleive that you may be paying too much for the property. remember – the current Banks have been around a long time, and they are aware (perhaps they wont tell you!) what the future trends are in the property market. Circa $400 is about right.Chris Durman
Commercial Capital Finance Pty Ltd
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