On a property I recently sold, I received a phone call from the purchaser telling me that the bank valuation had come in $50,000 below the contract price. This was followed by an email from the bank manager recommending the Purchaser use the lower valuation to renegotiate the purchase price of the home.
However, the banks valuer hadn't done a physical viewing inside the home, only doing a 'drive by' and viewing the photographs on the internet. The Purchaser was furious and requested the bank do a 'proper; valuation which the bank refused.
Unfortunately situations like this occur quiet regularly and it is very easy for a purchase or a sale to fall through due to the shoddy practices of the bank.
However, the banks valuer hadn't done a physical viewing inside the home, only doing a 'drive by' and viewing the photographs on the internet. The Purchaser was furious and requested the bank do a 'proper; valuation which the bank refused.
Unfortunately situations like this occur quiet regularly and it is very easy for a purchase or a sale to fall through due to the shoddy practices of the bank.
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