Glossary
Panel valuer
Also called: approved valuer
A panel valuer is a valuation firm a lender has accepted onto its list of firms whose reports it will rely on. The lender usually instructs the valuer directly, even when the borrower pays the fee.
An example
A borrower has a recent valuation from their own valuer, but the lender will only rely on a report from one of its panel firms and orders a new valuation.
Why it matters
Because lenders generally need their own panel report, a valuation obtained elsewhere may not be accepted. Ask the lender which firms are on its panel and who pays before any report is ordered.
Points to check
Ask the lender which valuers are on its panel and whether you can obtain a valuation report copy, since you are often paying for it. A valuation for one lender usually cannot be used by another without being readdressed, which may cost extra. If the valuation seems wrong, ask the lender about its review process rather than commissioning your own and expecting it to be accepted.