The following list details 10 helpful tips for choosing or appointing a valuer.
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Conduct reference checks with other Lenders/ Mortgage Insurers.
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Check the firm has adequate Professional Indemnity Insurance (and there are no unusual or restrictive conditions that could void the policy).
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Review company profile information (number of valuers and experience, background of directors/ company, quality assurance processes, valuation systems used etc).
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Ensure the valuer is local to the area or has sufficient staff to cover designated areas.
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Ensure all valuers are qualified and registered (where required) and are members of an industry body (such as the Australian Property Institute).
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Request a sample report to ensure it satisfies your requirements and provides adequate information. Ensure the report format is easy to read, highlights issues clearly and complies with industry standards.
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Do not select a valuer based on cost alone. Be prepared to strike a balance between cost and quality to ensure you get a detailed valuation that satisfies your requirements.
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Conduct a company search to confirm the company is registered.
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Conduct searches on the directors to confirm they are not former directors of liquidated valuation firms.
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Maintain regular contact with valuers so you can provide feedback on valuations and they can provide information relating to market conditions.
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