Hi there……
Would really appreciate some advice on whether lending institutions or which ones if you know will take independent property valuations….
The CBA appears to only take their own valuations and have said that they may provide a copy of the valuation.
I have been told that it is best to get independent valuations so then you have copy…. but has the environment changed so much that they are now longer accepted?
This is for the purpose of refinancing a portfolio of both residential and commercial properties
If we approach an institution does that mean we have fees to pay each time?
Many thanks
Maree
Hi Maree
No hate to say no lender will take your valuation.
All lenders use a panel of valuers (The odd exception being those lenders that accept any valuer subject to the valuation being in a format they accept).
With many lenders they allow us as the broker to order the valuation upfront prior to submitting an application and we can release a copy to the client. Regretfully we still have to use a valuer from their panel and not anyone.
Commercial properties are slightly different but again need to be in a format acceptable to the lender and from an appropriate valuer.
Hope this helps.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Maree
was reading about this today and came across this Video
Hi Maree,
Some lenders allow you to do an upfront valuations (most free and some a reduced fee). Depending on the situation – you may be able to request that a particular lender uses a specific valuer but it must be a valuer within their panel.
When the upfront valuation takes place – you will be able to get a full copy of the valuations. In some rare cases you may be able to successfully challenge a valuation. Also if you have done renovations to the property be sure to highlight these specifically together with the cost of the renovation.
Regards
Shahin
TheFinanceShop | Elite Property Finance
http://www.elitepropertyfinance.com
Email Me | Phone MeResidential and Commercial Brokerage
You can get lenders who will accept a valuation from a lender who is on their panel, even if it was originally done for a different lender. Done it plenty of times.
Hi Maree,
If you use one of the major valuers then you should have more lenders willing to accept the valuations. They need to be reassigned to the lender before the lender can accept them and those valuers must be on the lenders panels.
You can ask the valuer which panels they are on before you order a report. FYI that doesn't mean that those banks will accept that valuation. Often valuers are on the panel with the commercial division but not residential etc. Also in some cases the valuers know how to do a valuation for a particular lender but that lender doesn't use them anymore. So yeah it is complicated.
Best to keep it simple and order valuations up front, most mortgage brokers can do this.
My experience was that I had to fight the valuation. I presented all comparable sales within 1km. They agreed to review the valuation, problem was they used the same valuer (imagine auditing your own work). He bumped it up by $5K. I asked for another valuer who valued it up another $15K. In total I got another $20K which was 10%, but this all happened while trying to organise a 30 day settlement, so nearly lost the deal, but still worth fighting them. The extra valuations were provided by the bank free of charge as an existing customer.
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