Can anybody recommend a property valuer in Melbourne, preferably south east suburbs that can provide a valuation that would be acceptable by a bank.
I am looking at a property that has acreage in an area that has a lot of residential blocks and comparable sales are very limited. One lender I have spoken to were willing to do a 95% lend but due to the limited comparable sales they would only consider 85% which doesn’t work for me.
CorieJamie MooreParticipant@jamie-mJoin Date: 2010Post Count: 5,069
The bank you obtain finance with will commission their own valuation.
Best bet is to have a couple of upfront (before submitting an application) valuations done via different banks.
JamieCorey BattParticipant@cjaysaJoin Date: 2012Post Count: 1,010
You have to use the lenders ordered valuations – you cannot use an independently ordered val and have the lender accept it. The exception to this is commercial valuations/loans.latexParticipant@latexJoin Date: 2015Post Count: 2
Rookie here…. Wouldn’t going to different banks now would hinder his credit score?
Yeah that is fine jamie but it seems all they seem to do is look online these days. I went onto the APM website to perform valuation and their records didn’t even have the address correct. The property I am looking at shows up as last being sold as vacant land 10 years ago. This is the property next door.
Latex I don’t think It wasn’t official application. My broker was having discussions with a lender.
Has anyone heard of a probate valuation?
What is a probate valuation?
One of the primary duties of an executor (or administrator) of a will is to value the entire estate, including the deceased’s property. An executor will be required to provide an estimate of the total value of all the assets (property/chattels etc), so that tax liabilities can be correctly assessed. A probate property valuation report is also commonly used to help identify the fair market value of a deceased estate on behalf of the beneficiaries.
Can these be used for finance valuations? Has anyone heard of this being done?