Launch Finance can now offer clients a faster approval process on their property purchase. By using the contract of sale for the property to verify the valuation of the asset for purchases with an 80% loan to value ratio (LVR), Launch Finance can now assist clients in skipping the valuation process. This means that their finance can be approved faster, because the bank doesn’t have to wait on a valuer to inspect the property.
This is also great for the real estate agent, who won’t have to open up the property for the valuer to inspect – saving everybody in the sales process a lot of time and money.
Usually the lenders enlist a qualified property valuer to determine the value of the property and how much to loan the borrower. To assess the value of a property, the valuer will look at things such as:
- Building structure and condition
- Location
- Standard of presentation
- Fit-out
- Access for vehicles
- Building and structural faults
- Planning restrictions and local council zoning
The valuer will then collate the above attributes with any recent sales of similar properties in the area, plus current market conditions, to produce a valuation report.
After all of this, the valuer will usually value the property at the purchase price, so if you are comfortable with what you paid for it, then this is a great, time saving option.
Contact Launch Finance today for more information.