Great for Auctions or Refinance
If you are thinking of a refinance it is great to know in advance how much your property value has increased. While bidding at an auction without a valuation has plus and minus impacts. There is every chance the valuer / lender will accept the auction price as the market value however they may mark it down if the existing valuation came in lower.
In the past lender’s valuations were the last hurdle in the application process – the make or break of a good deal. Now you can take a lot of the guesswork out of the process as some lenders are allowing you to order a customer ordered valuation (COV) in advance. With some lenders there is no charge while other require a contribution from you. However there is no requirement to submit an application and so no inquiry on your credit report, in fact often the lender doesn’t see the valuation unless you do make an application. The full valuation reports may not be provided to you however you will be informed of the valuation amount and any potential issues.
Customer ordered valuations are becoming more common with lenders however they are lender specific and cannot be transferred so please don’t expect other lenders to accept your valuation. As a result we suggest that you call us to discuss your situation and consider which lenders are most suited to your needs.
If you want to go direct to a valuation please understand that for us to order valuations on your behalf takes time and therefore comes at a cost to us. Also the lenders are entrusting us to be responsible with this and they do expect a reasonable percentage of valuations to convert to loan applications. Therefore we will require that you provide sufficient information for us to properly assess your chances of successfully obtaining finance and we reserve the right to not proceed.