How long does it take to get valuation report?
The average time it takes for the lender to receive the report is 2 working days. However, the report will be queued and so it could take another full working week until it’s seen. As the valuation report is much shorter and more concise than other surveys, it will take a much shorter amount of time to put together.
How much does it cost to get a valuation done?
This is an independent inspection from a Registered Valuer to confirm the market value of the property for the bank. This is at your cost, generally this could be around $750 – $950 for a valuation in Auckland, for an average home.
What happens if your property valuation is too low?
Look for an alternative lender who can lend you a higher Loan to Value Ratio (LVR), meaning the amount you might be eligible to borrow could be up to 95% of the property value which could provide you with enough funds to cover the shortfall. Talk to a Mortgage Express broker about your home loan or refinancing options.
Is it worth getting a property valuation?
If you’re buying, home valuations can give you a better sense of whether you’re getting a good deal or not. If you’re selling, home valuations can help you understand whether or not it’s worth considering selling your home, or what price to set it at.
Can mortgage be declined after valuation?
Yes, it is very common for mortgages to be declined after valuations. Most mortgage lenders will simply do an online valuation but there are some which still carry out an in-person valuation on the property which is more like a property survey and may reveal more information than an online valuation.
How long should a valuation take?
It also depends on the level of appraisal that is to be done on your property. Normally, an in-depth survey may take anywhere from 50 minutes to two hours. Meanwhile, for a valuation, the appraiser may only take as little as 10 minutes or as much as 30 minutes.
What do valuers look for when valuing a house?
The valuer will examine the size of the building, condition, fittings, age, fixtures, layout and design. Ease of vehicle access, garages and out buildings are considered and pictures are taken of the property highlighting important features.
How can I get the value of my house for free?
Use an online estate agent Some online estate agents offer a free valuation service. These vary and most will want to send a professional local agent round to your house to value it in person. You can also use an online estate agent to sell your house.
Can you challenge a bank valuation?
The benefits of challenging a bank valuation. You’ll be more sure of how much the bank is willing to lend. The valuer may come back with a higher valuation once they study all the documents and evidence that you have shared with them. If the challenge isn’t accepted, you can always try to re-negotiate with the seller.
What happens if valuation is lower than offer?
Most people don’t know what to do if the house valuation is less than the offer….Solutions to a down-valuation as a buyer
- Challenge the valuation.
- Go with a higher Loan-To-Value (LTV).
- Reapply with a different lender.
- Re-negotiate and lower your offer.