There are several different types of property valuations that include:
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.
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
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Saturday, 2 November 2019