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 Standards (Red Book).
Several types of valuation are detailed in the Red Book, 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.