I received a 100% pre approval home loan offer from Investec, encouraging me to move my banking from FNB. Where after I have signed the OTP, Investec starts the process for the bond. I signed documentation relating to allowing someone to conduct a valuation, which included I carry the cost. When the valuation came in, it was R160 000 LOWER than the PP. I naturally questioned this, and subsequently refused to pay the valuation fee, as based on the info I had this was not reliable nor accurate at ALL. They refused me to see the report (I am a CA, thus can fully interpret and understand such a report) which is outright questionable. I subsequently got FNB to quote, who also performed a valuation, and came back with the value GREATER then the PP? How is this differential in value possible?! Investec obviously realising there was an issue with the first valuation, sent a second valuator, who naturally came in still lower - as duh, imagine the damage to Investec's reputation should the 1st value have been wrong! They have now helped themselves to the valuation fee from my account, without my consent, and don't seem to care that their work is questionable, and actions totally UNETHICAL!
0 comments