I did some research, my budget more than 1Mil got a lot of choices actually. Can even get higher end Mont Kiara condo to KL city center condos down to landed property. So yeah I haven't set a target because I just started house hunting as first time buyer. Small kid in a big world of sharks haha

How to get bank valuation? Do I need to show that I have at least made a booking to purchase a property?

No need valuation.
Once you narrow down your search, and you are certain of a particular project, then approach your loan officer, they can check passed transaction prices. They can more or less tell you how much loan they can give. At the same time you can also get them to "pre-approve" you

Well...dont tend to follow what property agent said, becoz that favor them....lies are all around agent...

Usually, Property agent will crap abt sign offer letter then only giv u 2 weeks to find loan officer(for Loan Offer letter)

How I work is...
1. Check the price of the house around the same area...then note down the min and max of the price posted
2. Check out the house, call up a few agents...ask abt furnish, unfurnish...fish for low price too
**point 1-2, takes 3days -> 2 weeks

3. after viewing, call up a few banker/bank to get Loan officer contact. I will usually ask 3-4 banker. CIMB tend to be easier to get higher price, HSBC sometimes gave good rebate on approved (used to hav a RM10K loan rebate)
4. Let the agent know you look for loan officer..and no need sign offer. Well, he will say no offer letter sign mean no confirm...which is crap too. Currently is buyer market...let them wait long long...
5. Upon checking bank officer on the property min-max (obviously lowest price is the one u r looking for) Min price is ur baseline...max price is ur max price. Duh...why not..
Please bargain with bank on the BFR/BLR/BR rate, the higher (-) the rate the better
***point 3-5, takes up 2days-1 week

6. Bargain with agent/owner on the price, with the agreed price only sign the darn Offer letter...
7. Then go back to Banker and Bargain the BFR/BLR/BR rate

When the property is not urs..then is not....let agent/owner wait long long...
Buy house is a serious matter....please remember you have work for so many years just to have some saving to buy property....we gonna get every drop out of the RM you have earn, right?

Learn as much as you can on the process, mind your own business

Do banks charge anything for valuating a property?
For example is there an application fee for a loan, which triggers the property valuation step?

There is a RM200 application fee for a loan if you choose to accept the offer. Not sure if there is a property valuation fee. I guess there should not be because the valuation is more important the the bank than the buyer actually. Or maybe covered in the RM200

Thanks for the guidance. Very detailed and a good guide

Check the valuation with agent for FREE of charge.

I can assist u to check with 5 different Banks.

May I?

Hi there,

I've been following the thread of this post and found it very interesting and informative. I am wondering how to nego for a property where the owner has asked us to give us a price.

The area is in Bukit Jelutong, Shah Alam - 16 year old suburb. We like a property that is 2 story inter-corner (houses on both sides), 4700 sq feet, 5bedroom, 5 bathroom. It is a basic unit - never been renovated.

How do I determine a price point in such a situation.

Any and all help would be much appreciated.

Thank you
G

This post has been edited by gkd: Sep 20 2016, 10:49 AM

I just did this yesterday, walk into a bank and inquire about obtaining a loan, gove them property address, and they will look up recent transaction and tell you what was paid for similar property.

Bear in mind that this is not a proper evaluation, compared to what a professional appraiser would do in other countries. The 'similar' property may have extensive renovations or other factors that may affect it's sales price.
But it will get you in the ballpark.

Thanks LocalExpat. Will check it up.
Regards

Few things you need to do. This is the way I did it which I learned from LYN also

1. Do research on the area/Taman for the actual transacted property sales. I used brickz.com to get the report
2. Do research on property advertising websites like iproperty, propertyguru, propwall to see what is the price range of other houses being sold near the area or in the area itself
3. Don't be shy and try to talk to the neighbors. At times a lot of valuable information can be obtained
4. Before putting down a deposit get a valuer to value the property. Generally valuers are more conservative.
5. Try to fish information for the property agent how urgent is the owner to find a buyer
6. Lastly always be prepared to walk away from the deal if you feel it is not worth it. Sometimes the owner will look back for you.

This post has been edited by MEngineer: Sep 20 2016, 04:23 PM

Thank you very much for the suggestions. So we have done a bank evaluation. How close to the valuation should we offer considering the property market these days.

Regards
G

Below 10% shud be nice

I would offer 5% first. If no luck try 10%. I won't go above too much because bank may only approved your home loan based on the property valuation price. The difference between the valuation and actual sale price you have to top up with your own cash.

Read another topic whereby that was what happen to that buyer. He/She placed a booking fee for a property and later on found out it was overpriced and bank didn't want to approve the property sale price therefore the buyer stuck in between. Either lose booking fee or top up with cash which may be difficult.