Banks and Property Valuations: What You Should Know
In today\u2019s show, we\u2019re demystifying the bank valuation process.\xa0
Why do banks do valuations? How do they work? What happens if the valuation comes back lower than the purchase price?\xa0
Andrew Wheatley, owner of Wheatley Finance, joins us today to answer these questions and to share his insights on the risks of working with banks, valuing off plan property, protecting yourself from settlement risks, and more!
If you enjoy the show, do like, rate, subscribe, and share it with others! We have loads of resources available and if you\u2019d like to chat, email us at support@homebuyeracademy.com.au!
We\u2019ll see you on the inside!\xa0
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Episode Highlights:\xa0
- Why banks need to value property [03:11]
- Types of bank valuation [09:39]
- Are first home buyers entitled to full valuations? [15:26]
- Banks, valuers, and panels [19:52]
- How valuations work in an auction [23:34]
- Issues that can come up in bank valuations [28:38]
- What to do if your property gets a low valuation [34:40]
- Understanding the risks of working with banks [39:43]
- The apartment trap [42:41]
- Bank valuations on off plan property [47:02]
- How to protect yourself from settlement risks [54:18]
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About our Guest:
Andrew Wheatley is the owner of Wheatley Finance. He is fascinated (obsessed is probably a better term) with how mortgages work. A key goal of Wheatley Finance is to help people change a couple of small things in the way they interact with the banks, that can have hugely positive impacts on their finances.
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Links from the Show:\xa0
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