Valuation Report.

fatboydaz

Hi everyone,

We are currently in the process of purchasing a property and are using a broker for the mortgage. We've submitted all the necessary paperwork. I wanted to ask about the property valuation process. Does the lender send out someone to value the property only after the underwriter is satisfied with all the documents, or do they proceed with the valuation while reviewing our paperwork? We know somebody was sent last Monday but we have not yet heard anything back.

We asked our broker, and they mentioned that the lender hasn't requested any additional documents, so it should just be a matter of the lender issuing the mortgage offer at this point.

Any insights or experiences would be greatly appreciated!

Thanks!

Hoenir

Underwriting goes through various stages prior to an offer being made. Before the survey is booked. They'll be an initial screening credit to avoid wasting anybody's time and resources. The survey in itself can throw up any number of issues. 

user1977

Also I think procedures differ from lender to lender, so telling us who "the lender" is might help!

fatboydaz

user1977 said:

Also I think procedures differ from lender to lender, so telling us who "the lender" is might help!

Principality

kingstreet

Most lenders instruct valuation immediately and carry out underwriting while they wait for the valuation report to come in.

fatboydaz

kingstreet said:

Most lenders instruct valuation immediately and carry out underwriting while they wait for the valuation report to come in.

I thought this was the case, however in mine they requested documents, which my broker sent. They they requested further documents a few days later. Once all documents were sent they then instructed the valuation. 

fatboydaz

I spoke to my broker today, who contacted Principality. They informed him that the valuation was completed on the 8th, which was 9 working days ago. However, they still haven't received the report back and expect it to arrive late next week, potentially taking a total of 13 to 14 days.

This seems strange to me because, based on what I've read on various forums, valuations are typically done within 4-5 days. Additionally, my estate agent has called me twice, expressing that this delay is not normal.

Has anyone else experienced similar delays? What could be causing this? Any advice or insights would be greatly appreciated!

BarelySentientAI

fatboydaz said:

What could be causing this? 

Valuer on leave or sick?