To obtain the loan you require, your lender will arrange to have the property appraised by their valuer.
Once your loan has gained formal approval the lender's valuer will:
- ring you to make an appointment to appraise the property
- come out to the property on the day you have arranged
- measure the area of the house and check condition of the house
- check inside the house and evaluate each room
- check for any new alterations or new fixed appliances
- check floor coverings, walls and for any damages
- check and asseses the surrounding homes in that area
The valuer will then go back to their office to evaluate prices of homes in your area of similar nature.
Once this has been completed the valuer will submit the valuation and paperwork back to banks within 3 days.
Settlement should take place within two to four weeks – pending no hiccups.
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