2. “Bank valuations are always conservative”
A bank will engage an external valuer to provide an unbiased valuation on your property. Valuers must act independently and should not be influenced by the party seeking the valuation or concerned with the reasons why a valuation has been requested.
A valuation report can be challenged in court and must be backed by comparative market data, therefore a valuer must be able to justify their valuation figure by providing evidence of comparable sales in an area. In compiling a valuation report, valuers must adhere to a strict process heavily reliant on factual data and appropriate methodology.