Rolf if most lenders use the same valuers then what is the reason a value cannot be Used by another lender?
Example - I just had 2 valuers, CBA and ANZ. ANZ came in at 630 and CBA at 610. NOw as you said it's likely they are from valex or vms so really the values could simply have been the opposite way around. As it turns out I need the maximum equity so have to go with ANZ.
The point I'm trying to make is that it could have easily been The opposite and I could be going with CBA so why is it that CBA won't accept the ANZ valuation?
Hmm that variation is quite small, have seen much bigger ones (200k+, 20% differences). If lenders allow OFI valuations, they expose themselves to different valuation models, less control, and hence more risk.
It's not uncommon at all to pick a lender based on highest valuations. For those refinancing for maximum equity release purposes, valuer shopping and then picking with the full set of information is common. Depending on goals/strategy, have often seen/advised to trade off other elements (e.g. lender order, service, price) to chase greater funds.
Cheers,
Redom