Time taken for banks to do valuation

Has anyone else had to hassle banks to get their valuation in before the property purchase falls through?

You’d think that with a $X0 000 loan up in the air, they’d want to meet all deadlines to ensure it didn’t fall through.

I had an experience where I was making phone calls to within an hour of the purchase contract deadline. Everything else was OK, and we were awaiting the valuation.

The valuation was kerbside, for a property on which the loan was 78% and for which I knew the price was fair. The bank had a week to organise it, which I thought was enough for a very standard unit right in town.

I know there is a period of grace, and I had verbal assurances that it would be OK, but it’s my name on the contract, and I wanted to comply fully with it in good time.

One sticking point was that the valuation was done, but the valuation is an internal document of the bank. They couldn’t just pass it on (I never before realised how hard it’s to call a bank branch, particularly on the day before Good Friday! Eventually I managed to contact my loan manager and got a call that all was OK (a day late, but within the grace period).

It had it’s moments, but so far so good in the wait to settlement!

Lesson learnt for future purchases: Allow more than 1 week between organising the loan and the deadline for valuation – they’ll need it!