All Topics / Finance / Will a lending institution take an independent prop valuation?

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  • Profile photo of Maree72Maree72
    Participant
    @maree72
    Join Date: 2012
    Post Count: 6

    Hi there……

    Would really appreciate some advice on whether lending institutions or which ones if you know will take independent property valuations….

    The CBA appears to only take their own valuations and have said that they may provide a copy of the valuation.

    I have been told that it is best to get independent valuations so then you have copy…. but has the environment changed so much that they are now longer accepted?

    This is for the purpose of refinancing a portfolio of both residential and commercial properties

    If we approach an institution does that mean we have fees to pay each time?

    Many thanks

    Maree

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Hi Maree

    No hate to say no lender will take your valuation.

    All lenders use a panel of valuers (The odd exception being those lenders that accept any valuer subject to the valuation being in a format they accept).

    With many lenders they allow us as the broker to order the valuation upfront prior to submitting an application and we can release a copy to the client. Regretfully we still have to use a valuer from their panel and not anyone.

    Commercial properties are slightly different but again need to be in a format acceptable to the lender and from an appropriate valuer.

    Hope this helps.

    Cheers

    Yours in Finance

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
    Email Me

    100% Investment Finance now available on selected properties. Email us for further information.

    Profile photo of AussieKiwiAussieKiwi
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    @aussiekiwi
    Join Date: 2012
    Post Count: 29
    Profile photo of TheFinanceShopTheFinanceShop
    Participant
    @thefinanceshop
    Join Date: 2012
    Post Count: 1,271

    Hi Maree,

    Some lenders allow you to do an upfront valuations (most free and some a reduced fee). Depending on the situation – you may be able to request that a particular lender uses a specific valuer but it must be a valuer within their panel.

    When the upfront valuation takes place – you will be able to get a full copy of the valuations. In some rare cases you may be able to successfully challenge a valuation. Also if you have done renovations to the property be sure to highlight these specifically together with the cost of the renovation.

    Regards

    Shahin

    TheFinanceShop | Elite Property Finance
    http://www.elitepropertyfinance.com
    Email Me | Phone Me

    Residential and Commercial Brokerage

    Profile photo of Aaron_CAaron_C
    Participant
    @aaron_c
    Join Date: 2012
    Post Count: 65

    You can get lenders who will accept a valuation from a lender who is on their panel, even if it was originally done for a different lender. Done it plenty of times.

    Profile photo of HomeLoanExpertsHomeLoanExperts
    Participant
    @homeloanexperts
    Join Date: 2007
    Post Count: 43

    Hi Maree,

    If you use one of the major valuers then you should have more lenders willing to accept the valuations. They need to be reassigned to the lender before the lender can accept them and those valuers must be on the lenders panels.

    You can ask the valuer which panels they are on before you order a report. FYI that doesn't mean that those banks will accept that valuation. Often valuers are on the panel with the commercial division but not residential etc. Also in some cases the valuers know how to do a valuation for a particular lender but that lender doesn't use them anymore. So yeah it is complicated.

    Best to keep it simple and order valuations up front, most mortgage brokers can do this.

    Profile photo of GeddoGeddo
    Member
    @geddo
    Join Date: 2012
    Post Count: 22

    My experience was that I had to fight the valuation. I presented all comparable sales within 1km. They agreed to review the valuation, problem was they used the same valuer (imagine auditing your own work). He bumped it up by $5K. I asked for another valuer who valued it up another $15K. In total I got another $20K which was 10%, but this all happened while trying to organise a 30 day settlement, so nearly lost the deal, but still worth fighting them. The extra valuations were provided by the bank free of charge as an existing customer.

Viewing 7 posts - 1 through 7 (of 7 total)

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