Say for example the selling offer price is same with bank valuation, this means is a good deal? Assuming the condition of the unit and other factors is okay.

yes

yes. if bank can value the same as the asking/selling price, go ahead

bank valuation is always a safe bet that you are not overpaying for a unit. It is almost always +- 30% lower than sellers price.

If bank valuation same as offer price, you don't need to top up. However, very rarely you get 100% or even 90% loan amount nowadays unless ur financial status is good. For example, I just sold my unit at RM350,000 and bank valued at RM310,000 with 85% loan to buyer so he needs to top up RM86k cash. Not alot of people can do that now

This post has been edited by 779364: Feb 26 2014, 10:46 AM

Good deal is below bank valuation. Learn the different. If you want to know what will be good deal is if same selling price with valuation, then you have to see whether the prop is come with full reno or not and is it fully furnished. Bank dont value that. thank me later

wa below bank valuation, got ah?

somehow agree.
but valuer did value renovation, but with conditions that it is justifiable (home appliance etc not included), and value taken max only at 50% of the reno cost.

is so so..
Good deal when the selling price is min 10% below bank valuation..

for me it's the opposite. good deal for me would be 10% above bank valuation!

think very hard to get that offer le

hard to find below bank valuation now

not easy also to also find out bank valuation especially some apartment/condo which got almost none supply

i just purchased a subsale house for rm230k got 20k less from the starting price put by the house owner..
the bank valuation report doesnt mention the actual house value it just stated the house value at rm230k is reasonable and advice bank to approve the loan ..
does that mean the actual house value is more than 230k?

he he.. depend on situation..

hard but still available... not for new project, go for subsale..

so to find out the bank valuation, cannot just listen to negotiator, one sided right? so got to JPPH to find out, is it? http://www.jpph.gov.my/V2/index3service.ph...mat=2&no_item=1

Need to pay how much to them to find out?

This post has been edited by ngaisteve1: Feb 26 2014, 12:21 PM

Agree with this.

How do u know what is the bank value price?
Lets say im buying property for 400K and apply 90% financing, and got approved.
Does that means the valuation price is 400K ?

I think got several ways. one way is the previous transacted price. i think those negotiator might know if he/she sold a few in that area. another way is info from bank. i think usually those seasoned negotiator got connected with the banker because they introduce customer to them for loan. so in return of favor, they might provide some verbal info on the valuation of the units.

lastly is find out from those who paid third party valuer to find out. this could be your friends/relatives or colleague kua

but problem is negotiator might 'tipu' you also.

This post has been edited by ngaisteve1: Feb 26 2014, 12:56 PM

What about bank lelong price? It is usually 20%-30% lesser than the market/selling price, right?

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

My CIMB loan valuer cost me RM1150.

wow that's a lot. last time, mine is rm700

Now I'm wondering if the charged differs greatly from one bank valuer to another

may i know which area you bought ? can share ?

why?

[quote=brother love,Feb 26 2014, 11:04 PM]
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%++

[/quote
not agreed. property valuer is professional, they are governed by professional body.

force sale value is the value that the property worth should it need to be sell immediately.
lelong value is the value set by banker for auction.

meaning even above 10% already very hard to find lo

ya meh? no la. I dun think so

The demand drives the property price 2x/3x faster than market (Valuer) reaction
The essence of choosing a good property : Dun be greedy
Good property in good location does not come cheap, adverse thought needed

This post has been edited by UFO-ET: Feb 28 2014, 04:04 PM

bdr rinching semenyih...

Haha. Bank valuation is actualy this appointed company's valuation lah. Bank, in itself, doesn't make valuation and only depend on 3rd party service. Macam outsourcing lah.