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Bank's Valuation when buying a property: Q about how to approach it

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  • 12-03-2018 12:49pm
    #1
    Richards1983
    Registered Users Posts: 171 ✭✭


    Hi all -

    I'm sale agreed on an apartment in Dublin, and the time has come for the bank to send their valuer out to look at the place.

    Do you have any strategic advice on this?
    e.g. The management company component of the development is informally run by the owners, and not managed by an independent management company. Should I inform the bank/valuer of this?
    Or is it a matter of course and I just inform them to go ahead with it?

    Any advice on how to strategically approach it would be most appreciated.

    Many thanks as always,
    Con


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    #2
    Skyrimaddict
    Registered Users Posts: 813 ✭✭✭Skyrimaddict


    In 95% of cases they look at recently sold prices on DAFT or property price register and then if your bid isnt a million miles away they usually stick your bid down as the value.


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    #3
    Richards1983
    Registered Users Posts: 171 ✭✭Richards1983


    Ah great -- thanks a lot for the insight.


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    #4
    Samuel T. Cogley
    Registered Users Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    If there is no formal OMC this will come out later and will probably mean the bank won't lend on the property.

    This is different to having no agency involved.


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    #5
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    I had a bank valuation done the other day and I got the feeling it was just a matter of course.

    Valuer was a local estate agent, he had a quick look around, checked similar properties in the area that have sold recently on the register and then put the value down as the sale price.

    Mostly, it's to make sure that if something happened and you could not pay your mortgage that you could at least sell the property again at that value.


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    #6
    Fian
    Registered Users Posts: 2,192 ✭✭✭Fian


    Samuel T. Cogley wrote: »
    If there is no formal OMC this will come out later and will probably mean the bank won't lend on the property.

    This is different to having no agency involved.

    I imagine there is a MUD company - but simply that the company is run by the owners and not serviced by a professional agency. This is not enormously uncommon in a small block. I had no mortgage difficulty at all buying an appartment in a block like that a few years ago.


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    #7
    Richards1983
    Registered Users Posts: 171 ✭✭Richards1983


    Hi Flan - thanks precisely the situation. Thanks for your feedback on that -- it's good to hear. Let's see what the bank says.
    Cheers,
    Con


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