9/7/2017
The Big Mistakes You Make with Property Valuation “Our Calculation Your Satisfaction”
VALUATIONS 03303300437 info@valuations.co.uk 53 Birmingham Road Bromsgrove
The Big Mistakes You Make with Property Valuation People always get confused with the word property valuation. Commonly evaluation is for selling purpose. It is necessary to clear the entire wrong concepts about property valuation. With the wrong concept, you make avoidable mistakes with free property valuation. Read this and understand property valuation and mistakes you need to avoid.
Mistake #1: Not Asking for a Property Valuation Report A very common mistake people make while having a valuation of the property is that they never demand the report for their evaluation. You must check the validity of valuation report of the property at the time of buying or selling your property. Even you need the report to apply for Housing and Development Board (HDB) loan for your house or for a bank loan. The evaluation of your property is also necessary in order to find out the financial limits for the following:
Cash Payments House Loans CPF Usage
The HDB panel appoints their own person for property valuation of HDB flats. Their appointed person is someone licensed, well experienced, and highly qualified by IRAS. Only the person who is buying or selling the property can submit the report when a seller has given the buyer an Option to Purchase (OPT). Valuation reports also save you from unnecessary negotiation with the buyer. As the report will cover all the point and will mark the market price of your property.
Mistake #2: Asking the Seller to Submit the Valuation Report Another common mistake that people make is asking the seller to submit the valuation report; instead, of doing it themselves. You can only submit the reports when the property seller has given you OTP. If your salesperson is submitting your report on the next working day from your side, then it will send via e-Resale service. Mistake #3: Neglecting the Requirements for Report Submission Report submission requires certain essential things, which most people neglect. They are:
Resale address Name, NRIC and email address of buyer
OPT dates Copies of documents Owner’s detail (name, contact number, email address, and NRIC)
Mistake #4: Not Knowing or Following the Valuation Process You need to know and follow the proper process. The valuation process requires the following steps: 1. The HDB panel will assign a person to start the valuation of the property. There are many methods of property valuation such as: Comparison Method Income Method Cost Method 2. The assigned person will complete the valuation process within four working days. Before that, the property owner will arrange a survey of the property for valuer. 3. A posting of the soft copy of the report will be on buyer’s My HDB page. The report takes 7 to 10 days for completion from the valuer’s survey date. 4. The validity of valuation report is for 3 months. 5. The report is available until one month from issuing date, download and review it. Mistake #5: Assuming the Valuation Report is Free People often confuse the term ‘valuation fee’ with a ‘free valuation of property.’ Generally, valuation is free by many organizations. However, you have to give the fee at the time of valuation report, depending on the property.
Try to avoid these five mistakes when you opt to get a property valuation. It is important to hire a renowned and reputable company for proper evaluation.