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Residential Mortgage Valuers

  • 06-02-2019 2:25pm
    #1
    fl4reixb6wyvkm
    Closed Accounts Posts: 2 ✭


    AIB have just over 50 Residential Mortgage Valuers in the Dublin region on their recommended list.

    I assume as these are the professionals they have a methodology that can more accurately calculate the value of a property than the average house hunter.

    Does anyone have an outline of the methods they use to arrive at a monetary value for a specific property?


Comments

  • #2
    Zenify
    Registered Users, Registered Users 2 Posts: 862 ✭✭✭Zenify


    Eliana Refined Wisdom wrote: »
    AIB have just over 50 Residential Mortgage Valuers in the Dublin region on their recommended list.

    I assume as these are the professionals they have a methodology that can more accurately calculate the value of a property than the average house hunter.

    Does anyone have an outline of the methods they use to arrive at a monetary value for a specific property?

    From what I hear they just confirm the property exists and it's not way overvalued. It's just someone the bank can trust and probably a money earner for them too. They put a value on it but I wouldn't call it the most accurate.


  • #3
    amcalester
    Closed Accounts Posts: 4,121 ✭✭✭amcalester


    They'll generally be an auctioneer who will ask how much the house is going for, and then check that it exists and value it at that price.

    For BOI at least they have a form to fill in and boxes to tick and that's about it.

    I got 2 done last year by 2 different valuers, 1 went inside and the other didn't.


  • #4
    whiskeyman
    Registered Users, Registered Users 2 Posts: 12,564 ✭✭✭✭whiskeyman


    Checking at least 2 comparable sales in the past year is also a reference point.


  • #5
    Askthe EA
    Registered Users, Registered Users 2 Posts: 724 ✭✭✭Askthe EA


    amcalester wrote: »

    I got 2 done last year by 2 different valuers, 1 went inside and the other didn't.

    What?????????

    Anyway, its basically a statement of our professional opinion of value.

    We confirm its location, its size (including site), how many bedrooms etc.

    We confirm to the bank its condition and whether we believe there are any issues which may need an engineers report.

    We must also comment on any possible risks to the bank (flooding, subsidence etc)

    We must then support our valuation by giving 2/3 comparable valuations.

    (its not a money earner at €150!!!)


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