Thankyou for allowing me to post this request for help. Recently I have been successful in obtaining bank funds to purchase another IP. The purchase is a house on the Nth Beaches of Sydney. However trying to arrange a valuation report has been difficult. I am being told by the Mort Managers who approved the finance that the bank panel valuers will not do a bank valuation prior to the auction, only after the auction. Is this something new and has anybody struck the same problem? Any replies would be appreciated.
It’s completely normal. The valuation for a purchase is completed with a contract of sale – generally signed with exception to NSW etc.
They’re not going to do a pre-auction valuation, there’s no point to it. You’ll find mortgage manager products are generally pretty restrictive too in these regards.
Corey Batt | Precision Funding
http://www.precisionfunding.com.au
Email Me | Phone MeInvestment Focused Finance Strategist - servicing Australia-wide
Is this something new and has anybody struck the same problem?
Hiya – it’s normal process.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
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