Bank valuations are a complete mystery to many home buyers. In fact, we're willing to bet you didn't even know what they were; you're only now Googling them to find out why your loan is lower from one bank than another.
These valuations are usually conducted by property owners or agents through observation and research. Alternatively, indicative valuations can be done using free online valuation tools or by researching historical transaction data of a particular property.On the other hand, actual valuations are much more detailed and performed by qualified surveyors and valuers. They are commissioned to ascertain a property's market value based on a series of quantifiable metrics.
You will be provided with a valuation report detailing the structure, land size, condition and consequent value of the property. A valuation report, combined with a good knowledge of prices of similar properties, will help homeowners better price their property for sale. For this reason, some property buyers will seek a higher valuation by approaching different banks. This is especially if the asking price is greatly in excess of the actual valuation.
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