Dear All,

As per topic mention, let say if I bough a 2nd 2 stry house. I have pay the deposit.

Then later I apply the loan and the valuer evaluate say the house is not worth that price I cannot get the example 90% loan, So in this scenario can I ask for refund of my Deposit?

Thanks!

when you paid you earnest deposit, you're given document called 'offer to purchase' or something like tat. normally agent will put in additional clause which allow buyer to abort and get back the deposit if loan form bank is rejected.

Earlier on, before you pay for deposit, you didn't ask the agent whether its refundable?

Why before buying the house you never get a valuation?

Getting a verbal valuation is fast and simple.

Getting back the deposit is subjective, depends on the agent/owner, no one wanna waste their time doing something for free

Where or who I can get to know the verbal valuation?

Just walk up to any bank branch with the property address, size, builtup, any renovations, conditions and they can get back to you within the day or the next day.

can share to us wat area u buy? so we will more alert xD

USJ 12 2stry house 20x60

What's the selling price?

RM 295K

Different bank valuers may give slightly different valuation. You can call up a few banks (preferably bank branches near your intended property) and ask for a verbal quotation.

Don't give up until you check with a few banks. You can also cut out recent newspaper prints that indicate the selling price for similar property at RM 295 or more. This may help in pushing the valuation to your requirements.

Valuation price very much depend on the transaction that had gone through the "LAND OFFICE". If the previous transaction is not that high, even with newspaper cutting also can't help. The bad news is the record of this transaction are always backdate by about 6 months.

the nature of the renovations done also play a large part. would be good if u can tell the bank (who will tell the valuer) the year the renovation was done and at what cost

1. Is the unit completed with CFO/CCC?

2. Just FYI, for the uncompleted unit, taking deposit prior signing the S&P is illegal! So, tell them its illegal and ask your money back!

Like mroys said, the norm is ur loan application was rejected by the bank and u get back ur deposit.
Had u have prior valuation, would have save u time and hassle to apply the loan.
But doesn't affect u getting back ur deposit now.
Just IMHO.