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 a copy.... but has the environment changed so much that they are now longer accepted? (The CBA have said they would not accept any independent valuations)
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 extra property valuation fees to pay each time?
Many thanks
Maree
Are independent property valuations no longer recognised by lending institutions?
Tue, 13/11/2012 - 3:15pm
#1
Are independent property valuations no longer recognised by lending institutions?
Hi Maree
That is really interesting that CBA won't acknowledge independent valuations. I have just taken 2 loans with CBA and was looking to reval my properties soon. Are you going through a broker or directly to the bank??
Possibly a time to ask some brokers/banks about their revaluation procedures.
Cheers,
We refinanced properties each year for the last few years and NAB also would not take an independant valuation. I asked who they would accept and they said they have a panel that they 'approve', however, when the valuation was done the bank had to be the one to whom it was addressed.... End result - you still dont get a copy...
I believe this is one of the reasons that people recommend using a different financier for each property - the bank will lend you the money if they believe they can get it back from your security. For your first property this is easy - the security is usualy the house itself so if their valuation is too low (relative to the price you want to pay) they simply wont lend you the money. The tricky bit comes when you start to cross-collateralise because they will lend you the money based on the combined secuirty of mulitple properties - thus you may be paying too much, but they can get their money back from your portfolio so they will still lend it to you....
I still have independant valuations done for my own peace of mind ($300 cost for a $300,000+ investment....), but it is frustrating not to have a 'document' that both the bank and you can agree on....