Low Doc Valuations & Turnaround time

Hi All,

One of my migration clients is looking at buying a property at auction this weekend but is having a few issues with his broker re getting unconditional approval.

The client does have a low doc pre approval (for what thats worth) and a 50% deposit, but the broker is insisting that the lender requires a full valuation upfront rather than after the auction.

He wants to know:

1.) Is this normal to require full valuation upfront? Wouldn't a desktop or kerbside valuation suffice?
2.) How quickly can you get a valuer in and does it being low doc change this?

Not sure if this makes sense but any help much appreciated.

Kind regards

Noodle
 
Full valuation - yes perfectly normally depends on a whole bunch of things like LVR, possibly the desktop valuation has come back low hence the need for upfront, loan amount, etc.

Valuation is dependent on how quickly the valuer can be given access to the property so you are somewhat at the mercy of the owners/tenants/real estate agent. If there are issues with any of there parties then best to let the purchaser know so he can get onto the RE's case and escalate accordingly.

Being lo doc or full doc doesn't relate to the how quickly the valuation is done.
 
Access to the property isn't an issue as the agent is flexible and the property vacant.

The turnaround time then I guess is at the valuers end.

Is it common to be able to get a valuer in at short notice bearing in mind the auction is on Saturday?

What is everyones experience with valuer turn around times at the moment?

Property is in Sydney inner west by the way.
 
Depends on the valuer and his/her schedule.

Generally speaking we are seeing appointments scheduled within 48 hours of request but this is "generally" speaking.

When was the valuation ordered? Valuation are picked up and assigned pretty quickly.
 
Thanks Shahin. Val was ordered today I believe so he has hope. His broker seemed a little negative on the prospects which spooked him, which is why I'm asking people in the know.

Maybe he needs to switch brokers, although probably too late now.
 
I normally get a call from the Bank Valuer the very next day. If access to the property isn't a problem, you tend to tell the valuer I am flexible and can work with his/her busy schedules. The report will likely be ready on the same day if inspection was on the morning.
 
Negative about what? The valuation itself or the time it take to do the valuation? If its the latter then statistically I wouldn't be worried.
 
Unless its a rural esq property I don't think you will have an issue.

Maybe the broker is just setting low expectations in case there is a delay. I don't think thats a bad thing.
 
Low doc- will always be a full val....

As mentioned, i think the broker is just setting a low expectation. Most val's turn around time is 2-4 days. Esp in inner west
 
Lo doc means full valuation..

Besides, it's a purchase so purchase price = valuation 99% of the time anyway with low LVR what's the issue?
 
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