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 WTA: How to get loan higher then market value?, Bank market value lower thn seling price

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TSAiRseaL
post Jan 17 2010, 05:05 PM, updated 15y ago

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This post has been edited by AiRseaL: Oct 10 2011, 11:48 PM
sheakhu
post Jan 17 2010, 06:21 PM

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QUOTE(AiRseaL @ Jan 17 2010, 05:05 PM)
Hi all sifus here..

I want to buy a house selling for 490k.

Bank value it onli 420k max on the market.

Difference in that is almost 70k,, imposible for me to have so much money.

So my question is how to get bank to value it at the selling price (490k) so that i can get 90% loan of the selling price?

And why selling price so high and bank value it so low? Izit posible?
*
Sorry but why you want to buy a house which is 70k above the market value hmm.gif
tinkerbel
post Jan 17 2010, 06:59 PM

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@AiRseaL,
I don't think there's any way out here.
scorgio
post Jan 17 2010, 11:24 PM

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U should study the market value b4 taking the dive.

Then, u can 'do something' b4 the evaluation is out. U know, like 'be friends' with the valuer. (of cos, this is wrong ethically if not legally)

Now that the evaluation is out. No way.

U may try applying from another bank.

BUT beware, the current price hike on property is thanks to the low interest rates. Economy is still heading south.


jphlau
post Jan 17 2010, 11:26 PM

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ask for different valuer?
leongal
post Jan 17 2010, 11:32 PM

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QUOTE(jphlau @ Jan 17 2010, 11:26 PM)
ask for different valuer?
*
i think this won't help....and we as customers, don't have the rights to change valuer as well
epalbee3
post Jan 18 2010, 12:09 AM

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QUOTE(scorgio @ Jan 17 2010, 11:24 PM)
U should study the market value b4 taking the dive.

Then, u can 'do something' b4 the evaluation is out. U know, like 'be friends' with the valuer. (of cos, this is wrong ethically if not legally)

Now that the evaluation is out. No way.

U may try applying from another bank.

BUT beware, the current price hike on property is thanks to the low interest rates. Economy is still heading south.
*
you mean current price hike is due to low interest?

Then what will happen if the interest rate is increased?

Will it happen sometimes soon?
kbandito
post Jan 18 2010, 12:28 AM

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QUOTE(AiRseaL @ Jan 17 2010, 05:05 PM)
Hi all sifus here..

I want to buy a house selling for 490k.

Bank value it onli 420k max on the market.

Difference in that is almost 70k,, imposible for me to have so much money.

So my question is how to get bank to value it at the selling price (490k) so that i can get 90% loan of the selling price?

And why selling price so high and bank value it so low? Izit posible?
*
Look for other properties if you cannot afford this one, you are not committed to it yet, like you said, you want to buy.
cic.lemur
post Jan 18 2010, 09:26 AM

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QUOTE(AiRseaL @ Jan 17 2010, 05:05 PM)
Hi all sifus here..

I want to buy a house selling for 490k.

Bank value it onli 420k max on the market.

Difference in that is almost 70k,, imposible for me to have so much money.

So my question is how to get bank to value it at the selling price (490k) so that i can get 90% loan of the selling price?

And why selling price so high and bank value it so low? Izit posible?
*
Try a different bank, some banks purposely value the property lower to reduce risk for them. Also most banks will be happy to provide personal loans if you buying house from them, pay off these loans fast tho since the interest will be high.
zeese
post Jan 18 2010, 11:06 AM

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QUOTE(sheakhu @ Jan 17 2010, 06:21 PM)
Sorry but why you want to buy a house which is 70k above the market value hmm.gif
*
Usually, the renovation cost that makes owner markup the price very high, to recover his money back.
But when it comes to valuation, the valuer takes only a small percentage of the renovation cost in their
valuation..

Well, this is not answering the main issue, but just something I want to share..
TSAiRseaL
post Jan 18 2010, 03:00 PM

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This post has been edited by AiRseaL: Oct 10 2011, 11:49 PM
harrychoo
post Jan 18 2010, 03:52 PM

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I thought now for subsales, all bank offer BLR-1.8% without ZEC?
TSAiRseaL
post Jan 18 2010, 04:23 PM

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This post has been edited by AiRseaL: Oct 10 2011, 11:53 PM

 

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