Nationwide instructed valuation is this a good sign?

Princess_giggles

Hi guys,we just received a text to say Nationwide have instructed our valuation for tomorrow. Is this a good sign?if the house is worth what we have paid for it does this mean we'll receive our offer?thanks

handytips

Usually, Nationwide are well behind on their admin at the moment so dont panic if you dont hear anything for the next 10 days or so.

holly_hobby

Only if they were instructed not to go to survey until 1st stage underwriting (status enqs) had been successfully completed (which I would expect an experienced broker to request as standard i.e to save a val fee on a case later declined on status).

If you want to check the stage of your app (and you're not using a broker) give them a call to see if they had completed their verification checks pre-instruction.

Once all status checks are completed and the survey is back, you will receive your offer, which may be for the amount requested, or less if the property has been downvalued or there is a retention in place re remedial/essential works.

If you aren't sure of anything your broker (if you have one), or the lender themselves will be pleased to walk you through any areas of concern.

Hope this helps

Holly

Princess_giggles

Hiya Holly,
We have a broker and he said that once they instruct the valuation it will have been to the underwriter already. He also said they hasn't requested anymore paperwork as he attached it all already!So I'm hoping the valuer being instructed is a good sign...1st time buyers see we have no idea!ha
Thanks

holly_hobby

Well, if your broker is sure its already obtained 1st stage sign off, and as long as the survey values up .... your offer should be as requested.

Its then on to instructing your Solicitor re searches etc, and heading down the road to exchange & completion.

Good luck

H x

Princess_giggles

Thanks for the advice Holly our solicitor is well on the ball and got all the searches back everything fine. Fingers crossed it won't be long now!

holly_hobby

Hopefully the survey will be ok, as searches/legals aren't usually commenced until you have you have actually recd your mortgage offer ... just in case you are unable to proceed with the property post uw/survey results !

Fingers are well and truly crossed then ... xx

Keep us posted ....

Holly

missamyx

We got a txt yesterday saying valuation would take place today all checks were done at dip stage (as far as I'm aware!) hate this waiting game! Good luck! X

holly_hobby

Yep - DIP should be issued following full 1st stage underwriting (i.e minus survey). Its an AIP which is only based on public domain checks & taking as accurate whats in the AIP app - which is why you see threads on here where upon submission of a full app, its rejected despite the AIP held.

Good luck with your survey too !!

Holly x

missamyx

It's confusing as we stay in Scotland and before putting in an offer the home report/valuation has to be done. So when I received that txt I didn't know if this is a further valuation or just a generic message! I know there's a backlog so it's a waiting game now!

holly_hobby

missamyx wrote: »

It's confusing as we stay in Scotland and before putting in an offer the home report/valuation has to be done. So when I received that txt I didn't know if this is a further valuation or just a generic message! I know there's a backlog so it's a waiting game now!

Ah, yes the process is different in bonny Scotland ....

H