How long for bank valuation

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

 

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

 

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.