Feb 5 2018, 07:11 PM
QUOTE(FerrariST @ Jan 22 2018, 10:07 PM)
Hi All,
I'll like to seek information regards to purchasing a property under market value?
To cut story short, I'm purchase a sub sale house from a close family friend of mine at bargained price, his asking for RM80K which is basically the remaining balance owned to the bank.
Under such circumstance, can the seller (my friend) part off the property at 1/3 of the market value to me? Does the bank have any say in which owner of the property cannot let go the property for such a low price? Considering that i'm intending to get loan for exactly rm80K for the house?
Does a valuer need to be engage under bank order to provide appraisal on the property value?
Can someone kindly enlighten me on matter
Best Regards
Luke
Both parties can transact for whatever value they want. If your friend wants to tell you the house for RM1.00 also no problem but you need to pay to the stamping office the full stamp duty based on the assessed market value, not the value in which it is transacted.I'll like to seek information regards to purchasing a property under market value?
To cut story short, I'm purchase a sub sale house from a close family friend of mine at bargained price, his asking for RM80K which is basically the remaining balance owned to the bank.
Under such circumstance, can the seller (my friend) part off the property at 1/3 of the market value to me? Does the bank have any say in which owner of the property cannot let go the property for such a low price? Considering that i'm intending to get loan for exactly rm80K for the house?
Does a valuer need to be engage under bank order to provide appraisal on the property value?
Can someone kindly enlighten me on matter
Best Regards
Luke
Banks would love to borrow you money because you are only taking RM80,000.00 when the house could have a market value of RM120,000.00 (let's just say).
Your Bank will appoint their own valuer so you don't need to bother about that, you just need to pay the valuer the fees (if it is not financed into your loan).
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