Residential owner-occupier transactions
Valuations can be requested for a multitude of purposes – one of the most common is the residential owner-occupier valuation completed by a valuer for residential mortgage purposes. This type of valuation is conducted in accordance with the RICS Valuation – Global Standards (Red Book Global Standards).
Several types of valuation are detailed in the Red Book Global Standards, ranging from 'no inspection' (which could be an AVM or a 'desk top' and which may involve a valuer) through 'drive by' or 'pavement valuation' to a full inspection of the property internally and externally. The level of inspection will be determined by the instructing source, normally the lender.
RICS standards: Comparable evidence in real estate valuation
isurv section: Residential valuation