A Valuation is required when you Purchase a House

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Did you know that a Valuation is required when you purchase a House? This is a document which determines the Description of Property, Construction type, parking facilities, Use of Property, Services, Condition of Property, Planning, Relief, Proposed Improvements, Scheme, Local Conditions, Reinstatement Valuation, Valuation, Comparable Valuations, and Recommendation – 14 sections in total.

The Auctioneers who undertakes to complete the valuation is in fact working for the Bank that will lend the money for the mortgage. The person who is purchasing the house pays for the Valuation.

In Section 13, Comparable Valuations, the Bank requires three similar houses or properties sold in the area and the price that the properties sold at. This is to ensure that the current market value is comparable and similar to the property been purchased.   For example, a 3 Bed Semi Detached house in Carlow will all have similar values, the differing factors would be size in sq. metres and the area that the house is situated in plus condition of the house. 

Kehoe Auctioneers are on the panel in Allied Irish Bank, Bank of Ireland and ICS for the completion of Valuations

If your offer has been accepted, and you are finalising your Mortgage arrangements, then telephone Kehoe Auctioneers today for the completion of the Valuation document 059 91 31678 or 087 648 3990.

Eoin Kehoe

Owner at Kehoe Auctioneers, leading auctioneering and estate agency in Carlow. Auctioneer & Valuer - Be Msc MIPAV Assoc SCSI.

Thursday, July 5, 2012 in House Doctor Tips, Residential property