A new survey has found that many home owners do not know who is responsible for advising on the physical condition of a property prior to purchase.
Additionally, they are unclear on the purpose of a mortgage lender’s property valuation report, suggesting a need for greater clarity within the home-buying process.
When asked who benefits from the data contained in a mortgage valuation, respondents were not clear with many opting to choose incorrect answers. 65% correctly stated that the valuation report is for the benefit of the mortgage lender, yet over a third (35%) thought it is for buyers to use to determine whether the property is worth the agreed purchase price. Just over a quarter (26%) felt it is there to provide buyers with details on the condition of the home, while 15% of respondents directly stated that they did not know what the valuation report is for.