Hi all
I apologise for what may seem like a pretty basic question to some, but I am pretty new to this game.
I'm in the process of buying a PPOR. The bank has ordered their valuation and it has come back spot on what we are paying - to the dollar.
Is this a fairly standard outcome? How often do valuations come back higher or lower than the sale amount? Should I be taking this as comfort that we are paying a fair price?
I find it a little strange that it has come back to the dollar. When they do the valuation are they saying "this is my opinion of what the property is worth, regardless of what your contract says" or are they saying "we've looked at what you are paying and we think it is about right"?
Thanks
I apologise for what may seem like a pretty basic question to some, but I am pretty new to this game.
I'm in the process of buying a PPOR. The bank has ordered their valuation and it has come back spot on what we are paying - to the dollar.
Is this a fairly standard outcome? How often do valuations come back higher or lower than the sale amount? Should I be taking this as comfort that we are paying a fair price?
I find it a little strange that it has come back to the dollar. When they do the valuation are they saying "this is my opinion of what the property is worth, regardless of what your contract says" or are they saying "we've looked at what you are paying and we think it is about right"?
Thanks