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Tips for Selecting a Property Valuer

Selecting a Property Valuer

Selecting a Property Valuer

The following list details 10 helpful tips for selecting a property valuer.This list has been provided by Genworth Financial.  Scroll to the bottom for more about Genworth.

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

Genworth Financial are a Mortgage Insurer who work with many financial institutions to assist their clients with a home loan where the client might not have enough deposit.