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How long for bank valuation

Discussion in 'The Buying & Selling Process' started by balwoges, 13th Apr, 2016.

  1. balwoges

    balwoges Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    184
    Location:
    Lake Macquarie
    I have accepted an offer for my house [8 weeks settlement] which will have to be valued by buyers bank - how long does the bank take to do these valuations, 1 or 2 weeks?

    I suspect the buyer will try to string out the time between now and exchange because he does not want to settle until 1st July so he can sell shares [to part fund purchase] and not have to pay CGT this years tax return. Aaaaagh :eek:
     
  2. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

    Joined:
    18th Jun, 2015
    Posts:
    2,141
    Location:
    Canberra and Sydney
    It depends.

    I always order upfront valuations. So if a client has an offer accepted - the first thing we do is order the val. So the val might happen the day after the offer is accepted.

    If an upfront valuation isn't available - then we need to wait until the bank has assessed the loan. That could take anywhere between 1 day to two weeks! All depends on the bank and their turnaround times.

    This assuming a FULL val is required - some lenders will go off a desktop.

    Cheers

    Jamie
     
  3. Shahin_Afarin

    Shahin_Afarin Residential and Commercial Broker Business Member

    Joined:
    18th Jun, 2015
    Posts:
    641
    Location:
    Sydney
    Depends on a number of things and lenders. If the LVR is 80% then some lenders will go off the Contract of Sale.

    Some will do a kerbside valuation which is quicker.

    If its a full valuation then this is normally 5-7 days give or take but you are somewhat at the mercy of the vendor/landlord.