Majority of institutions require a formal valuation report has to be compiled by designated valuer appointed by the bank when it comes to refinancing / top up / new purchase from secondary market to confirm that the property is priced adequately
How it's done?
Step 1. When an applicant engage a mortgage consultant for application, the consultant will contact the valuers who associate with the bank in confirming the indicative property value verbally.
Step 2. Application will be submitted for approval. Offer letter will be printed when approval is granted.
Step 3. Borrowers to accept the offer.
Step 4. Within 2 weeks after the acceptance of offer letter, instruction will be given from the bank to the respective valuation firm (which agreed on the price at Step 1) to produce a formal valuation report. A valuer from the firm will contact the borrower to liaise with current owner to visit the property. Photos and evidence of renovation works will be taken and collected.
Step 5. A formal valuation report will be compiled within 1- 2 weeks after the inspection and dispatched to the bank. (Some of the valuers will give a copy of the report to the borrower, some might not.)
No comments:
Post a Comment