Precisely!

Some old bungalows in PJ and OUG can get as high as 20% cheaper than valuation price lor, good buy? Of course no

kitchen cabinet and build in cabinet is consider furnish or part of the renovation which is taken into new valuation?

eh why? bad condition?

Yes for my case. I was requested to provide snapshots of the condo e.g. ceiling, build-in cabinet, wardrobe, etc just to help out in the bank valuation. I was offered 425k for a 2nd hand condo

Some banks tend to be more lenient. Eg.

My bank valuation from

CIMB: 425k - 90% + 5% (for lawyer fees) offered
HSBC: 400k - 80% offered
AIG: 400k - 70% offered

how you get all these bank valuation info? need to pay to some third party to check it out? or you got the info while applying for loan?

Got it while applying loan.

If I failed to secure loan, I'll still get back my 2% anyway.

Me learned not to trust those valuers valuation, they based their prices on OLD tramsacted prices and earns easy money snapping few photos, let me tell u, me and undoubtly ,any investors missed many gud poperties due to valuer unable to matched the asking prices, later a year or two the mv gone up 50%++

check multiple valuers. then u can compare prices. u also can ask when was the transaction date. if got banker friend. can ask also.

Just walk in to any banks, meet their mortgage specialists and provide with the unit's address, size, reno details and so on and tell that you wanted to find what is the bank value price.

Immediately they will start calling all their valuators and let you know the bank price immediately.

Normally bankers will try to get the highest valuation from their panel valuer.

agree. because in order to provide the maximum ( let say 90%) to the applicant.

That's cool

I agree. I saw a valuation report from a valuer. They showed me the last transacted price of the location for the past 2 years.

And they will use that as their guide which sometimes is ridicilous. Last transacted price in Jan eg. 300k (lelong and got trees growing out of the house). Early last year, last transacted was at rm700k. Based on asking price since late last year, it's at rm800k-900k depending on which phases.

And then they claim your house is only rm700k even though it's 1 year ago. Of course, i have heard with some $$$, 1 mill valuation also can.

wa the difference between lelong and normal unit is 100%?

I been involved in 2 valuations before.

In one case, the bank only asked me to email some photos of the unit and the bank's appointed valuer more or less had set the value already.

In another case, the appointed valuer visited the house, assessed the surrounding and made a report with final recommended value.

need to pay anything?

Btw, is forced sales value = lelong value?

Even condo subsale nowadays it not that easy to get the value but still there is alot of bargain where u can find and there is some crazy buyer will bid up the prices of the house for lelong unit, imagine last yr jalan ipoh double storey 280k reserve price bid up to 600k++ so at some cases its not worth wasting time on lelong and only have grace period of 120 days to get the loan or else byebye to your downpayment as penalty

For the 1st case, I forgot if I had to pay anything or was absorbed somewhere in the loan amount.

For my 2nd case, which was a few months ago, I had to pay ~RM800 fee to the valuer company.

i wonder why after bank valuation, still need to pay rm700-rm800 to a valuer company

Bank dun absorb the fees