Broker emailed "valuation is ordered" and went offline for Christmas. What does it exacly entail?

On Tuesday I signed a contract on a property in QLD and emailed a copy to my broker. She texted me yesterday mentioning "Valuation is now ordered. Good luck".

I called her back a couple of times asking whether everything was in order, or I needed to contract any parties to arrange access to the vendors property etc. but her mobile phone was off. I think she has gone offline for Christmas.

Just wanted to ask the brokers here whether I should do something now? I am unsure when my broker gets back to work, it's my first property and I am a bit clueless what the process involves.

Thanks,

 

When we order a valuation for a property you are purchasing, we give valuer the selling agents contact details. You don't need to do anything.

Has the broker put the application together and have you provided the supporting documents (payslips, ID, etc)? If you had a recent pre-approval already in place then this probably isn't necessary, they just need to notify the lender of the final details and everything is just waiting for the lender.

I suspect the broker has done everything they need do and everything is fine, but they might have been a bit more forthcoming about the process though.

 

How long have you got for finance and for settlement?

 

Thank you, I thought I needed to contract the vendor asking for access etc!

Yes my pre-approval is fully assessed against my income/expenses, and a credit check has already been carried out

settlement 42 days, finance 28 days

 

In that case I wouldn't be at all concerned and plenty of time for the approval to be issued, but they should at the least have provided you transparency around next steps.

 

From that point to get the full approval, the broker needs to:

1. Order the valuation and make sure the bank gets it.
2. Amend the pre-approval to reflect the final details such as the property address and final loan amount.
3. Possibly provide the bank with updated payslips and other stuff. Depends on the lender and how long it's been since the application was assessed.
4. Answer any questions that may come up and get the loan approved.

If everything goes smoothly, there's not much that actually needs to be done, it's mostly a matter of waiting for the bank to process the info (which might be an excercise in patience over the Christmas period).