Bank Valuation

Heart Break Kid

Hi,

Quick question, do we organise the valuation or does the bank?

Thanks.

ciarang85

The bank will get it done and then the estate agent they used will contact you for payment, think it's around 130 quid

heebusjeebus

With BoI, you need to sort it out yourself but it needs to be from a list of "independent" valuers that is provided by the bank.
Best talk to your mortgage adviser in the bank for clarification.

househunter08

With EBS, we paid the bank €150 and they sent out an independent valuer. In our case this was just a local estate agent and we got a copy of the valuation report with the loan pack they sent out.

Victor

heebusjeebus wrote: »

With BoI, you need to sort it out yourself but it needs to be from a list of "independent" valuers that is provided by the bank.

By putting it in quotes, you suggest they aren't independent. What is your basis for this?

Many valuers are members of the SCSI https://www.scsi.ie/members/search or IPAV https://www.ipav.ie/ there are likely to be others.

Banks probably won't accept, say plumbers, as valuers. So they keep a list of approved valuers. People with the relevant professional qualifications and/or memberships apply to join this list. Being an SCSI or IPAV member of appropriate seniority will get you on the list. You don't pay to be on the list and neither are you paid. You can set your own fees and terms and conditions. The buyer is entitled to pick from hundreds of valuers.

Providing a valuation that is waaaaaaaaay out of whack will probably get you taken off the list (and possibly a professional complaint). If the valuation is too low, the buyer won't get the mortgage. If the valuation is too high and the bank gets burned in a repossession, the valuer will be off the list. There is no incentive to give a wrong valuation.

I can't see how they aren't independent.

Askthe EA

Victor wrote: »

By putting it in quotes, you suggest they aren't independent. What is your basis for this?

Many valuers are members of the SCSI https://www.scsi.ie/members/search or IPAV https://www.ipav.ie/ there are likely to be others.

Banks probably won't accept, say plumbers, as valuers. So they keep a list of approved valuers. People with the relevant professional qualifications and/or memberships apply to join this list. Being an SCSI or IPAV member of appropriate seniority will get you on the list. You don't pay to be on the list and neither are you paid. You can set your own fees and terms and conditions. The buyer is entitled to pick from hundreds of valuers.

Providing a valuation that is waaaaaaaaay out of whack will probably get you taken off the list (and possibly a professional complaint). If the valuation is too low, the buyer won't get the mortgage. If the valuation is too high and the bank gets burned in a repossession, the valuer will be off the list. There is no incentive to give a wrong valuation.

I can't see how they aren't independent.

We absolutely are independent. You can't value a property you are involved in. Each bank does it a different way. AIB provide a list from you to choose from. Haven allocate a valuer directly. (Even though they are also AIB).

Ask your broker. Fees tend to range from 120 to 150.

cawleyp2

With AIB they give you a number to call and you pay them €150/65 depending on first or second valuation and they arrange for someone on their list to value property. You get a copy of report within a week.

PhoenixParker

Heart Break Kid wrote: »

Hi,

Quick question, do we organise the valuation or does the bank?

Thanks.

It depends which bank you're with. Some banks you pay the bank and they send out the surveyor and some give you a list and you organise it yourself from the list.