Bank Finance

[ANJSW]

Looked at extending loan, Bank completed valuation 4 months ago 480k completed new valuation 400k same valuation Valex. 80k drop in 4 months ? any other banks or lenders who do not use Valex out there in WA ?

 

[tobe]

Yes there are other lenders that dont use valex, but I suggest valex isnt the problem, more that the new valuation wasnt performed by the same valuer as the original (unless of course house prices have dropped 20% in your area?).

Have a chat to the lender or broker that you are using and see if they can sort it out. At least get the valuation company names. If they are unwilling, get a second opinion from another broker who can get an upfront valuation with a different valuer.

 

[Jess Peletier]

Which bank are you using?

 

[Jamie M]

Did a broker or the bank order the valuation?

Depending on the lender - if a broker ordered both, you may still be able to use the old/higher val.

Cheers

Jamie