There are several different types of property valuations that include:
•An automated price estimate
These can be useful if you are thinking of acquiring property in a certain area, through different types of apps. Banks do not review these estimates as part of property loan applications.
• Appraisals and privately ordered valuations
Buyers and sellers can source valuations through real estate agents or a valuer. Privately ordered valuations are not used by banks when making lending decisions, but provide a guide to the estimated market value.
Bank valuations, determine the loan-to-value ratio in a property loan application and impacts the amount that a bank is willing to lend.
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Friday, 5 October 2018