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# Formal Valuation

**What documents are required?**
The only mandatory document is the Letter of Instruction (LOI). Any additional supporting documents are optional.

**Can I create a Valuation Request directly from an existing Indication Request?**
Yes — there's a dedicated "upgrade from Indication" action that creates a Valuation Request from an Indication Request, so you don't need to re-enter the same property details.

**Does a Valuation Request go through approval before work starts?**
It depends on your User Group's approval settings. If approval is enabled for your group, a Bank Admin must approve the request before it can be submitted. If it's not enabled for your group, you can submit directly without that step.

**What's the difference between "Cancel" and "Reject"?**
* **Cancel** — ends the Valuation Request entirely, initiated by the requester/bank side.
* **Reject** — only comes into play when approval is required for your group. During the approval step, a Bank Admin can reject the request instead of approving it.

**Can I assign a specific valuer to the request?**
Yes, there's a dedicated assign-valuer action.

**What is a "report" in this context?**
The report is the valuer's final valuation output submitted against the request — distinct from the LOI and other supporting documents uploaded when the request was created.

**What happens if the bank rejects a submitted report?**
The same valuer needs to resubmit a revised report. This can repeat as many times as needed until the bank accepts one.

**Can I track progress on a request?**
Yes — each request has a history and a timeline view, in addition to an approval history log.