Is it worth getting a private valuation from a valuer who is on the banks panel before approaching the bank. I aks this because it seems that most banks put the value at the loan amount and won't tell you what the actual valuation was. It is possible that there is 20% equity in the property when you purchase it even without puttung in your own funds.
Has anyone ever done this?? Would the valuer look past the price the proerty is advertised for sale??
Thanks
NatHi Macnatt,
Not a bad idea – most lenders will definately look at that and take it into account. Remember though, a bank normally will not charge you for their 'valuation' and that as far as a lender is concerned, any residential property is only worth what you just paid for it – sometimes less………………….The think many people shy away from is when an indepenadant or panel valuer wants $350 or so to do a val for you, they choose just to not bother – as of course the banks'valuation' is 'free' – being for their own purposes only, not yours.
All the bestI think most banks will tell you the valuation figure.
Valuations from the same valuer vary (down usually) when a bank is instructing.
Also if you get the valuation done before exchange and then exchange at a lower figure the new value is going to be lower, likely, as this is the 'true' market price. Its only rarely that the value comes in over.
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
Macnatt wrote:Is it worth getting a private valuation from a valuer who is on the banks panel before approaching the bank.Yes in my view BUT as others have said you may get a different val amount when it is for mortgage purposes – so tell the valuer that that is what it is for when you commission him/her.
Macnatt wrote:Has anyone ever done this??Yes BUT in the present credit environment if there is MI involved, then the MI may not want an assigned val from you. They'll possibly do their own.
Macnatt wrote:Would the valuer look past the price the proerty is advertised for sale??Yes. Valuers calculate value based on past comparable sales. An advertised price is completely irrelevant to a valuer. Actually an advertised price is completely irrelevant to a me as a Buyers Agent too.
Cheers Nat.
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