Well – what is the property worth! That’s the big questions isn’t it. Here’s the ways you can go about this:
1. If you can agree on a price and you sign a contract, then the bank will (typically) pay for a valuation as part of the approval process. (Please note that we can’t provide a copy of this valuation for you – we’re not allowed to give you one but can advise the amount that it comes through at!).
2. If you want to pay for an independent valuation the cost is around $600 and you can call around local valuation firms to get a cost. In Launceston Saunders and Pitt, Opteon and Herron Todd White are the firms that primarily operate. Bear in mind however that the valuation that you order independently can’t be used by the bank you go to, and the valuation, when ordered by the bank may come out differently to what you’ve got – even if ordered by the same valuation firm based on the bank’s instructions to the valuation company (strange but true!)
3. Ask us to prepare a property report for you which will show you comparable sales and have an automated estimate “price” presented to you. Now bear in mind this isn’t gospel but it gives you the opportunity to dig into some more research and help you come up with a price to offer.