The evaluation is much lower than the customer’s rose-tinted estimate and the flowery estimate offered by the local real estate agent. It’s now time to meet with the third-party appraiser. Independent appraisers are a wary breed, having been reviled and blasphemed numerous times. In real words, a seller who advertised his property for sale last year at the national average of received an agreed sale price of and had to wait two months to close the deal. Click now Valuations VIC – Property Valuation
Even at this price, most first-time purchasers looking to get their foot in the door will find it prohibitively pricey. There is, however, a glimmer of hope at the end of the tunnel. In the third quarter of last year, first-time buyers accounted for 11% of total purchases, according to the National Association of Estate Agents. This represents an increase from 7.7% in August. While developing marketing plans, brokers should keep the key market sector in mind, and a further interest rate cut in the first quarter of 2006 might truly revive the housing market. The implications of mortgaging are immense, and a conservative valuation might make the expert mortgage broker or IFA appear foolish.
Brokers and lenders witnessed an unprecedented number of down values last year, in which the property’s value is significantly lower than the customer’s first estimate. Most lenders require a valuation to be conducted on mortgage applications, especially if the loan-to-value ratio is larger than 70%. Accepting a customer’s estimate of their perceived house value at face value, which is virtually always excessively high, is the primary issue facing mortgage brokers. This is where the fun really starts. Consider the sale process of a typical mortgage broker. You spend several hours researching research, writing an independent disclosure statement, and assuring your consumer that you are a properly qualified, FSA-registered consultant with a Certificate in Mortgage Advice and Practice.