RealNews
HOW CAN YOU WIN?
The banks have adopted a policy that, it will not engage valuers unless they are a member of the Australian Property Institute (API). The API used to be the Australian Institute of Valuers and Land Economists. In short, the API is the peak industry body for valuers in Australia. Members of the API must comply with the code of practice and rules instituted by the API. One of those rules is that, no valuer will provide a valuation where the inspection is by way of “drive by”. This is to ensure that valuers undertake a full inspection of the property prior to giving a valuation. One would think a sensible approach. As a means of saving cost, banks regularly require valuers to undertake “drive by” valuation thus putting the valuer in violation of the API rules. How can a valuer win?? To get the work a valuer must be and remain a member of the API. To do the work, a valuer must put themselves at risk of losing the very membership, which they require to get the work.
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