Call Australian Valuers on 1800 664 094 – Property Valuers for Brisbane, Ipswich, Sunshine Coast, Gold Coast, and Northern NSW including Newcastle and Byron Bay.
Pre-Purchase Property Valuations
Australian Valuers – Pre-Purchase Valuations for Brisbane, Sunshine Coast, Gold Coast and Northern NSW regions
Why Engaging a Property Valuer to Provide Pre-Purchase Advice Can Save You Thousands of Dollars!
The majority of our private clients engage Australian Valuers to conduct pre-sale or pre-purchase valuations.
A pre-purchase valuation is one that gives you, as a potential buyer, an unbiased estimate of the value of a property before you commit to buy.
This type of valuation is crucial if you are planning to make a cash offer for a property, or to buy at auction.
Within a property contract, one of the most common clauses is the finance clause. Simply put, this clause states that the buyer will proceed to purchase the property subject to securing finance, normally in the form of a bank mortgage.
When an offer is made on a property subject to finance, the bank will get an independent valuation done to support the amount being borrowed. If the valuation does not match the amount of finance sought, the bank may refuse finance and the contract can be voided.
However, when a purchaser does not seek finance, such as in the case of a cash offer, this clause is omitted and the sale becomes unconditional and must proceed as soon as the vendor accepts the offer and the contracts are signed.
In addition, there is no cooling-off period when buying a property under an auctioneer’s hammer. If you are the successful bidder at an auction, you are obligated to settle the contract and proceed with the purchase even if you have bid more than you can afford, the house fails building and pest inspections, or you simply change your mind.
A pre-purchase valuation will provide you with the information needed to make an informed decision to proceed with a cash offer or bid at auction.
Be Prepared, Plan Ahead
If you, as the purchaser, are certain of the true value of the property as well as being aware of any inherent risks associated with the purchase, you will be able to enter into a purchase contract with complete peace of mind and it can potentially save you a significant amount of money.
Contact Australian Valuers
“Buying property at auction”. Website. Queensland Government – Ways to buy your home. 05 Dec 2017. Retrieved 17 Apr 2018.