Do you guys use independent valuation to keep an update of your portfolio or only let banks do it in case of having to refinance? Does bank accept independent valuation?
Banks don't accept independent valuation, they order their own. It makes paying for one yourself a bit pointless. Most people will get an RP Data or similar report from time to time and they'll keep an eye on the market themselves. There really isn't much reason to know the precise value of your property unless you're intending to sell or use it for lending purposes.
Banks wont accept it for refinance purposes - well not the ones I deal with. They will send their own preferred parties to do it.
That's for an out of application valuation, completed upfront for the customer by a independent valuer on the banks approved panel. They don't actually charge anything for valuations for residential lending.
I'll check RP data (or similar) every once and a while to get a feel for how values are tracking. If I'm doing an equity pull/refi then I'll order a full val. Cheers Jamie
$50 for a property we have with the bank. I wanted to see what the valuer though they are worth. We completed a GF and wanted to see if the value reflected investment.
Work for the banks but also there are other reasons why people need valuations done... e.g. death and divorce or even CGT baseline/calculations - even seen them been done as vendor's believe their price is more than what the market will pay so I guess could be a conditioning tool?
