Bank valuation vs private valuations

We receive a large number of enquiries asking if we can undertake private valuations that may then be forwarded onto a clients lender of choice for mortgage purposes. Our response is that firstly, some lenders will not accept a valuation where you instruct the valuer directly, and secondly we just don’t provide bank valuations anyway.

Why? Banks are only interested in a quick result, and do not allow valuers the time necessary to conduct a full and thorough valuation on a property in many instances. Fees are very low, turnaround times from receiving instructions to having to send the report short, and this just encourage those who undertake bank valuations to get them out quickly, and with a minimum of fuss.

Many valuers have either given up on bank valuations all together, left the industry completely, or undertake them under sufferance. New graduates also no longer receive the ┬ájob training that need, it’s all about the money, turn around times, and ruthless competition that somebody will always try and do it cheaper, no matter if they have they have to cut corners.

Where you instruct the valuer directly for your own purposes, you should expect as a minimum a quality report , good communication and the ability to speak to the valuer directly if you need to now, or in the future. Valuers unfortunately cannot provide this level of service for a bank valuation.

 

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