Does every Lender require a valuation?

Years ago when I was cashed up so to speak I could make low ball offers on IP "s with short settlement periods simply because I had the cash and willing to settle in 7 days .

Now last time unfortunately when I ran out of cash , I went to a Bank lender who after I made the IP offer wanted a valuation etc before lending me the finance, which makes it difficult to offer a lower than low price simply because the agent has to wait instead of you having cash etc.

The point is this ,, if I have to borrow finance do I have to go thru the process of a valuation all the time, what about m brokers ?

This is what I want , I want the finance approved before I go to buy without the waiting of a valuation, I want to be able to say to the agent like I used to when I had cash.... here's the offer let's settle in 7 days !

Is there any broker who doesn't care about getting valuations or is that just the Banks?

Otherwise I maybe be better to take the cash equity out of my redraw and offer cash when buying .

 

Depends... usually a val is required. But under some circumstances there are some lenders with a "no val" policy

 

Most lenders will do a pre-approval / approval in principle and you could go from there, but a 7 day settlement would be challenging for most lenders to go to unconditional approval. Often a desk val is used so this part can be quite quick but you've still got loan paperwork and processing to work through.

 

If you want bank finance then 90% of the time you will need a val done. Sometimes its just a desktop, mostly a full.

If you really want no vals, then use a lender who do contract of sale lending (ANZ?)

 

not really,I have knocked off sometimes 25k off the asking price by saying im willing to have a 5 day cooling off plus 7 day settlement plus 10% down immediately.

now i dont have the cash to do it.

 

In a post a few days ago you said you had 500k cash liquid assets? Surely enough to buy a townhouse raymond terrace or a house in regional nsw

 

Even if you got the finance fully approved in 24 hours, the logistics of the process after that it going to make it incredibly difficult to settle in 7 days. Even 13 days is a damn good effort.

Had a loan approved yesterday, it took the bank 10 business days. I submitted the loan on the 13th. We waited a few days and followed up, they said it would be assessed on the 20th. Then the 21st, then the 22nd. They finally looked at the application on the 23rd and approved it.

Absolutely nothing happened between submission and approval, it was approved within 30 minutes of them processing it. The delay was simply the banks queue.


By mid next week they'll have the documents in the customers hands and the customer will probably have them signed and returned by the end of the week. Then they'll take 2 days to process those documents.

The property could settle about 3 days after that. Even though the loan was approved yesterday, the bank is still going to to take 2 weeks to get through the legal logistics to have contracts signed then arrange and settle the property.