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When is the valuer brought in during a house sale?

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  • 12-08-2009 3:26pm
    #1
    mathie
    Registered Users Posts: 5,102 ✭✭✭


    Hi
    At what point does the bank send a valuer to value a property?
    Is it before or after they issue loan approval?
    And do they actually look at the house or just the sales brochure?

    Cheers
    m


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    #2
    TwoShedsJackson
    Closed Accounts Posts: 9,438 ✭✭✭TwoShedsJackson


    It's after you have the loan agreement in principle.

    Once you agree the price with the seller, you leave in a deposit - ring the bank and tell them what stage you have gotten to, they will then send out their valuer usually in the next week to ten days ago.

    And yes they will actually want to see the house, looking at the brochure won't cut it :)


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    #3
    mathie
    Registered Users Posts: 5,102 ✭✭✭mathie


    "Once you agree the price with the seller, you leave in a deposit"

    That's the booking deposit right?

    Thanks


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    #4
    mathie
    Registered Users Posts: 5,102 ✭✭✭mathie


    I ask as we're selling and 8 weeks ago contracts were issued after going 'Sale Agreed'. Since then no valuer has come to the house.

    So I'm guessing that doesn't look too good.


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    #5
    SueWho
    Closed Accounts Posts: 190 ✭✭SueWho


    mathie wrote: »
    I ask as we're selling and 8 weeks ago contracts were issued after going 'Sale Agreed'. Since then no valuer has come to the house.

    So I'm guessing that doesn't look too good.

    I would be concerned if the buyers have not yet arranged the valuation 8 weeks after the sale was agreed. The bank does not always "send in the valuer"- my personal experience with AIB was that when they send the official loan offer pack to the seller, there is a specific valuation form included which the seller must give to an approved valuer (approved auctioneer and valuer associations are stated on the form by the bank) to bring with him/her to the house when he/she does the valuation. The seller should arrange the time of the valuation with the estate agent.

    To me it looks like your buyer may not have received their loan offer yet. It might be worth asking your estate agent what stage the sellers are at and why they have not had the valuation done.


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    #6
    TwoShedsJackson
    Closed Accounts Posts: 9,438 ✭✭✭TwoShedsJackson


    mathie wrote: »
    "Once you agree the price with the seller, you leave in a deposit"

    That's the booking deposit right?

    Thanks

    Yeah thats the booking deposit. If you've had a sale agreed for 8 weeks now, and not seen a valuer, that's not a good sign. Get your solicitor onto theirs.


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    #7
    Victor
    Registered Users Posts: 78,387 ✭✭✭✭Victor


    mathie wrote: »
    Since then no valuer has come to the house.
    Its not unknown for valuers to do "drive-by" valuations.

    I presume you don't know the personal details of the buyer - they might only be looking for a small percentage of the equity as a loan and are considered "safe".


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    #8
    tenchi-fan
    Closed Accounts Posts: 3,339 ✭✭✭tenchi-fan


    Victor wrote: »
    Its not unknown for valuers to do "drive-by" valuations.

    I presume you don't know the personal details of the buyer - they might only be looking for a small percentage of the equity as a loan and are considered "safe".

    Drive-by valuations are usually for properties being built. I could not imagine a bank approving a mortgage based on a drive-by valuation.

    Ask your estate agent to call the buyer. After 8 weeks it won't look desperate, they can just say there is interest in the house and they'd like to know where the buyer is with mortgage approval. Things that might hold up the buyer include personal reasons, delays getting payslips or salary certs... or simply they're not so keen on the property.


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