If you are applying for a mortgage loan, your lender will need mortgage valuation or what is also referred to as valuation for mortgage purposes.This is for the benefit of the lender and serves as security to ensure the property you are interested in has no significant damages which can lower the value of the property. It ensures your prospective lenders that the property you are buying is worth the amount of money they are parting with.
Although mortgage valuations primarily benefit lenders, property sellers should not ignore these reports. If the surveyor hired by the mortgage lender gives your property a lower value than what you expect it to get, your prospective buyer might end up with an approved loan that is basically lower than what he or she is expected to receive. If this happens, a problem might arise on the part of the potential buyer regarding the amount he or she will afford to pay. This is why sellers who put their properties in the market also find this report important