The appraisal comes in significantly lower than expected, lower than the customer’s rose-tinted estimate and lower than the flowery estimate provided by the local real estate agent. You may want to check out Property Valuers Melbourne for more. Now it’s time to meet the independent appraiser. Independent valuers are a wary bunch, and they’ve been cursed and blasphemed a lot.In concrete terms, a seller who advertises his property for sale at the national average of £160,900 last year will, on average, get an agreed sale price of £150,441 and have to wait two months to close the deal.
Even at this price, most first-time buyers trying to dip their toe into the housing market will find it too expensive. However, there is a ray of hope at the end of the tunnel. According to the National Association of Estate Agents, first-time buyers made up 11% of total buyers in the third quarter of last year. This was an increase from 7.7% in August. Brokers should keep the major market sector in mind while developing their marketing strategies, and a further interest rate decrease in the first quarter of 2006 might truly jumpstart the housing market. The ramifications for mortgaging are enormous, and a cautious value can make the professional mortgage broker or IFA look a little stupid.
Last year, brokers and lenders saw an unprecedented number of down values, in which the property’s value is much lower than the customer’s original estimate. On remortgage applications, most lenders demand that a valuation be completed, especially if the loan-to-value ratio is greater than 70%. The biggest challenge facing mortgage brokers is accepting a customer’s estimate of their perceived home value at face value, which is almost always too high. This is where the good times begin.Let’s take a look at a typical mortgage broker’s sale process. You spend several hours conducting research, preparing an independent disclosure document, and assuring your customer that you are a properly qualified, Certificate in Mortgage Advice and Practice-endorsed, FSA-registered consultant.
20 Bennetts Lane, Melbourne, VIC 3000
Phone: (03) 9021 2009