The subsale house advertised as $Z
I negotiated with owner to $Y
Bank approved to loan 90% of $Y

Then bank said the valuer will pay a visit to the house for evaluation and i have to pay them
When they came up with the report, the house value exactly til the 2 decimal points as what i negotiated.

Like so easy their job.

How much did u pay for the valuation report?

0.25% from house's value including gst

If they value any higher, then you would complain that you'd have to pay more stamp duty?

The question now whether they're doing their job by valuing that property or just copy the purchased priced that i negotiated with the owner.

If i knew this earlier I should engage them to value the house and let the seller know before buying because i'm payin their service.

Im pretty sure that's not the case in Malaysia. People are accepting this kinda arrangement since day one.

Most of the time there are only two outcomes:

Market price lower than asking price. This would affect loan eligibility. This happens more frequently now in our inflated market.

Or market price equal to asking price.

Even if they value higher most of the time they'd just report the lower value. Because they dont want you to complain of having to pay more.

I'm pretty sure the bank play along and approve higher loan.

What im trying to say is the valuer don't do their real job, valuing the true value of the property. If they did they wont be copying the exact figure.

For my case , a total fixerupper property, the valuer entered the house for 5 minutes and done. Whatsapp the invoice to me the next day asking me to pay.

Haha no komenlah. Sometimes they take pics what, so oklah

Totally agree, to me, valuer are redundant and not worth what they are charging, most of them just take a few historical transacted price and average it to get the market value

yeah and we already have www.brickz.my for that