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Thanks for your replies everyone.
Richard – we are Australian Citizens in the UK, the lender we have used is St George and we went through a broker. Our broker has advised us that St George will go to 100% .. although we are not going for this amount. Our broker tells us that they have a designated team that handles o/s loans.
We have been told that we have 21 days to get our finance organised and we are currently sitting on our hands waiting for the yay or nay on the mortgage. Honestly, its nerve racking stuff
[blush2]Richard thanks so much for your heads up regarding the signing of the documents .. they are going to PDF the documents and send them over to us .. I’m going to over cautious when it comes to signing the documents now !
Richard if you don’t mind me asking, which other banks do you use and have you had any dealings with St George ?
Many thanks for your advice everyone, you’ve all been a great help !
Thanks for your email Elka,
Yes you are correct, the contract is subject to finance, building and pest inspections. The settlement agent takes care of the conveyancing from what I gather. The contract of sale will be forwarded to us on Tuesday to be submitted to the bank. I’m just unsure at what point we sign the contract …
I’m guessing we sign after the building and pest inspections come back fine and the finance is approved .. we sign and forward back to the settlement agent ..
Thanks for the insight Elka – I might be stressing a little bit to much !
its an exciting process nevertheless ..
Stuart
Feel free to vent ![biggrin]
In my time as a residential valuer (I now value gas pipelines, substations, docks – lg ind pty), driveby vals were not popular, even discouraged by the industry body – but were thought to be safe for loans with low borrowing. Unfortunately, I cannot comment on each banks valuation policy.
You’ve have had a bad experience with a couple of Valuers, thats unfortunate. Did you raise your queries at that point ? I would have mentioned those sales he failed identify. Only thing that comes to mind is the SOME databases used to idenitfy comp sales are sometimes behind by 3-6 months BUT this is no excuse, as you can make your own enquires with local agents who may have also sold within the immediate vicinity who are usually very helpful.
We are all working towards the same objective, I generally had a fantastic relationship with the brokers and bank reps I worked with. If a property came in under the estimate, I would always let them know why and it was never a problem.. Sorry to hear you had some bad experiences.
Bobby
I agree with you.. If the valuation was instructed by the bank they are within their right to say no – as they were the party who instructed the valuer, not the home owner.
On the other hand, I do know of some banks, more lenient ones, who have no problem providing the owner with a copy.
To be honest, the valuation is for mortgage purposes and provided to the bank for this purpose and of no use to the owner/third party.
If however, you do disagree with the valuation and it compromises the loan approval its worth requesting a copy and an explaination from the valuer to shed some light on his analysis.
The valuer is just doing his job – he’s not trying to compromise a loan – I don’t think they would have a problem with explaining the analysis.
Hi All
I’m new to the forum – and being a property valuer I thought I might come on and defend the minority here !
Drive-by valuations are usually performed if the loan to value ratio is lower than 80%. There are various other reasons they are used.. One thing came to mind when I read your post … Did you buy off the plan ??? You may have paid a premium ?
If you disagree with the valuation – get a copy of the report – look at comparables and see if they are within the past 6 months.. see if they are in fact comparable. Also look at the description of the property – it is accurate.
As holdencommodore said is it possible that you’re a bit biased in your view? The market hasn’t done too much in the way of positive growth in the last year (in general).
Just keep an open mind when you read the valuation..
You should a full inspection if you want one – but be prepared to pay for it – and it will be more than a drive by.
