Property valuation

doubter

Does anyone here know at which point in a mortgage application the bank goes and values the property?

Is that before or after approval of mortgage?

chris85

doubter wrote: »

Does anyone here know at which point in a mortgage application the bank goes and values the property?

Is that before or after approval of mortgage?

You get mortgage approval in principle first, go sale agreed on the property then get the valuation done as part of completing final mortgage approval.

Triceratops Ballet

Just to add the bank doesn't always get the house valued, we had to select the valuer from their approved list and pay for it ourselves.

doubter

chris85 wrote: »

You get mortgage approval in principle first, go sale agreed on the property then get the valuation done as part of completing final mortgage approval.

Ah. Thats why it takes a longer time yes? I'm currently sale agreed, waiting (nervously) for the final decision. Bank said it's about 10 working days turn around.So the valuation (if it takes place) is included in those 10 days yes?

Triceratops Ballet

Not definitely, our offer letter was dated the day before our valuation so it had been posted before the valuation was done. However it contained a number of conditions we had to meet, one of which was the valuation of the house at x amount minimum.

doubter

:eek:...nerves getting the better of me. it's day 9 and haven't heard a word back sigh.

Triceratops Ballet

oh don't talk to me! I've just submitted the docs stipulated in the offer letter, and I don't think I'll be able to relax until the solicitor has the money!

doubter

how long did you have to wait til you had approval? did they contact you at any stage telling you it was approved or did they simply send the letter?

Triceratops Ballet

We returned the application on the 25th of Sept, and received the offer letter on the 14th of Oct, they didn't give us any indication before the letter, I just happened to be on the phone to the advisor dealing with the application and he said the offer had been sent, I went down to check the post and lo and behold there it was. Including a list of conditions a mile long!:rolleyes:

doubter

oh dear...may i ask which bank?

Triceratops Ballet

Bank of Ireland

doubter

ugh.I just rang KBC , it's day 9 and there's still no outcome. :mad:

Triceratops Ballet

oh kbc took even longer than that for us, we submitted our application mid August and they came back to us on the 10th of September (rejection)

jameshayes

I dont know the inner workings for sure, but I was told that this is the process: A mortgage committee meeting takes place once per week for a set about of time, they get through as many applications as they can, then the following days the applicants are notified... if there is a hold up in the committee about one application it slows the rest down to the next week.

Could be bullsh!te but thats the process I was told and thats the line mine seem to follow

doubter

:( args.