If you are buying, refinancing or drawing down a construction loan in the Cayman Islands, the valuation is often the step everyone is waiting on. Your bank will not issue a final offer until it has a valuation report from one of its approved panel valuers, so the time it takes matters. Here is how the process works, how long each stage usually takes, and what you can do to keep things moving.

The short answer

At Plum, you receive your report within 3 business days of the inspection. Most of the overall timeline depends on how quickly the valuer is instructed and how quickly the inspection can be booked, so the steps below are where time is usually won or lost.

Step 1: Choosing a panel valuer

Every Cayman bank keeps a list of approved valuers, called its valuation panel. Your loan officer will either instruct a valuer directly or give you the list and ask you to choose. Plum is on the valuation panel of every Cayman retail bank, as well as the Cayman Islands Government Valuation Panel, so you can choose us whichever bank you use.

Tip: if you have not settled on a lender yet, ask the valuer whether the report can be re-addressed to another bank. Plum will re-address a report to another panel bank at no extra charge if you switch lender within one month (this does not apply to Scotiabank reports).

Step 2: Fee and scope confirmed

Once you get in touch, we confirm a fixed fee and the scope of the report in writing. For most homes and condos this is quick. Commercial, land and development valuations depend on the size and complexity of the property, so we agree a timetable when we quote.

Step 3: Booking the inspection

This is the step that most often causes delays, and it is usually about access rather than the valuer. To avoid waiting:

• Give a contact who can open the property, especially if it is tenanted or a seller still lives there.
• For condos, let the strata manager or front desk know a valuer is coming.
• Have the block and parcel number to hand.

Step 4: Research and the report

After the inspection, the valuer analyses recent sales from the Land Registry, current listings and rental evidence, then prepares a report to RICS Valuation Global Standards (the Red Book), which is the standard Cayman banks require. At Plum the report is issued within 3 business days of the inspection and sent to you and your lender.

What can slow a valuation down?

• Missing information. Floor plans, strata details, lease terms for tenanted property, and building permits for recent extensions all help the valuer finish quickly.
• Unusual property. Large land parcels, commercial buildings and development sites need more research than a typical condo.
• Construction drawdowns. These need the contract sum, the cost breakdown and the latest progress details. Having them ready means the drawdown report is not held up.
• Changing lender. If the report is addressed to one bank and you move to another, ask early whether it can be re-addressed rather than starting again.

How to keep your deal on track

1. Instruct the valuer as soon as your offer is accepted, rather than waiting for the bank to chase you.
2. Choose a valuer who is on your bank’s panel.
3. Arrange access for the inspection straight away.
4. Send any plans, permits, strata or lease documents you have.

Need a valuation?

Plum is a firm of RICS Chartered Surveyors and Registered Valuers based at 179 West Bay Road, George Town. We value homes, condos, land, commercial and development property across Grand Cayman for every Cayman retail bank. See our mortgage and bank valuations page, read more about our valuation services, or call us on +1 345 936 0435 for a fixed fee quote.