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valuer report, need to pay?
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TSlucerne
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 Mar 1 2011, 03:08 PM, updated 15y ago
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why we need to pay for the valuer report when we apply loan from banks?
it is unfair to borrower to pay the above report as bank can always reduce the loan amount if they dun believe with the purchase price. some purchases dun mind to reduce their loan amount according to bank wants. (if they can waive the valuer fee), after all we cant borrow 100% of the purchase price.
eg a prop per SPA is 1mil , bank loan margin at 80% = 800k. if bank dun believe the prop worth 1mil, they always can reduce loan margin to 60% to loan only 600k. in fact they can check with many prop portal eg iproperty etc about the market value.
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TSlucerne
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Mar 1 2011, 03:31 PM
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QUOTE(merce @ Mar 1 2011, 03:21 PM) some purchaser dont mind, but majority of them does. Valuation fees vs Margin, which do u think u'll have to fork out more?  Prop portal doesnt justify the market value of a property. do borrower have the choice to avoid valuer fee by accepting lower loan margin?? (until margin that bank are satisfied with) i dun agree to pay extra 4k to valuer for extra 10-20% margin.. prop portal - at least they can judge loan margin 60% are safe. (eg almost half price from average prices) |
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TSlucerne
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Mar 1 2011, 03:52 PM
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prop abt 1mil need to pay about 4k which is our hard earned $.
as i said, i dun mind to pay another 100k if the loan amount reduce from 800k (80% margin) to 700k (70% margin). pls take note that 100k extra loan u need to pay interest too. if u hv 100k extra in FD why not offset the loan and save bank interest and 4k valuer report??
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TSlucerne
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Mar 1 2011, 06:33 PM
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i m refering to http://www.lppeh.gov.my/fees.htmlmy condo is 1.2 mil 1 mil is oredi 3.5k i cant recalled wat is the exact fee that banker told me, i think abt 4k.. |
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TSlucerne
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Mar 1 2011, 08:32 PM
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" Banks let customer absorbed part of the cost" --bank absorb most of it??
mean valuer fee can be much lower than published rate? any idea how much is the discount? 4k to become 1k??
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TSlucerne
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Mar 1 2011, 09:02 PM
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QUOTE(henryhing @ Mar 1 2011, 08:42 PM) How come I did my valuation once at henry butcher for rm150 only. No under table needed for me. Maybe I kenal so cheaper is it..But got official receipt wor.. Which valuer charge u so much?? Care to share so we boycott as i mentioned , the valuer fee is depend on the prop purchase price. hte higher the prop price , the higher the fee. since my case is 1.2mil so the fee is abt 4k
Added on March 1, 2011, 8:47 pmWah I should be thankful as I always call my bank officer to valuate properties that im interested b4 i apply for loan. One phone call and i get the valuation max 1 day later. All for free only. But only verbal la not printed one. I usally ask them check 10-20 times b4 I buy one. Wah now only realised I am abusing their service... Public bank is the best.. bank has panel of valuers to provide estimate wihtout site visits etc. when u apply for loan, they will do a complete site survey and charge u a bomb. as naing said, the report is totally crap. i dun mind to pay if it is oni 100-200rm. i think it is not fair to charge higher fee if your prop is higher price coz it is the same basic report. ps: same to legal fee, it is the same work /doc for prop 100k and 100mil, why must we pay more??? |
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TSlucerne
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Mar 2 2011, 10:13 AM
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QUOTE(jalsrix @ Mar 2 2011, 09:52 AM) All cronies and business partners driving the cost up. Actually the job is very simple and don't need much work, so no justification for high prices. Even the lawyer's job is simple, they are just doing postman work to fill up form , send to lawyers and govt agencies.  i dun mind to pay high fee to lawyer if he is fighting/defend my case/right but not the SOP in SPA, MOT, DOA etc Yes, it is cronies who exchange for valuer licences and suck our $. |
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TSlucerne
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Mar 2 2011, 07:01 PM
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unfortunately , it is a must to pay valuer fee...sigh
will request for a discount after my loan was approved.
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