You would need to understand what type of valuation is required. It is important to check what type of valuation is required, and how the valuation can be ordered. You should start by asking the lender, or bank, or broker, what type of valuation is needed
You might need to find out if you need a
– Registered Valuation (From Valocity or CoreLogic),
– Registered Valuation (From a panel valuer list)
– Registered Valuation (From any registered valuer)
– Desktop valuation
– Eval / iVal
Registered Valuation (From Valocity or CoreLogic)
Some banks for example require you to order your valuations through websites like Valocity or CoreLogic. These websites are where you would input the address of a property. It then is responsible for getting blind quotes for the valuation. This means you don’t usually get to find out who the valuer is or negotiate a price. The system must be used as an intermediary or a ‘middle man’ to order it. You then pay Valocity or Corelogic, who then onpays the relevant fee to the valuer.
Registered Valuation (From a panel valuer)
This is where a bank or lender has a list of approved valuers. That means you can choose your own valuer from a list of approved valuers. Some people like this as it can give them more freedom to contact the valuer before paying. You can know who you are dealing with, and brief them on the project sometimes, before engaging them.
This is where a professional valuer conducts a valuation, e.g. someone does a valuation using their own mind and intellect, but does not typically go out to the property and physically inspect. As a consequence, they are cheaper than Registered Valuations, however they are not commonly accepted. They might be acceptable if you are trying to renegotiate an interest rate or refinance.
E-Val / I-Val
These are ordered from CoreLogic or Valocity depending on what is required. It would be wise to check the exact requirement with the lender. This is an online report, it could cost around $60-70 potentially, and gives a computerised estimate of what the property is worth. This is not commonly accepted, but sometimes is where you are trying to negotiate your interest rate or have a lot of equity.
If you haven’t been asked for a valuation by a lender or bank, but you want to generally get one
There are different ways of ordering a valuation if you haven’t been asked for one. You could:
• Generally order a valuer through www.corelogic.co.nz
• Look through Google or the Whitepages to find a reputable valuer in your area