After Asking Hdb To Do A Valuation...

[Misc100 2]

After asking HDB to do a valuation...do they send people down to your house to evaluate?

[hello88 2]

After asking HDB to do a valuation...do they send people down to your house to evaluate?

after u submit a request for valuation, someone from the valuation company (there's quite a few) would be calling u in a few days time to make an appointment to take pics.

[rendell 0]

After asking HDB to do a valuation...do they send people down to your house to evaluate?

There is 2 kind of valuation:

1. Desk valuation

2. Official valuation

Desk valuation is normally done initially for bank approval and applies to the private/commercial property.

Former valuation is required for all sales and bank valuation.

For HDB, it is compulsory to do official valuation before you sell your flat.

So, someone will be coming to take photos here and there then do up a report to justify the price of the property.

An expensive renovation does not guarantee high valuation, the size, floor and location plays a more important part to the pricing.

[Misc100 2]

There is 2 kind of valuation:

1. Desk valuation

2. Official valuation

Desk valuation is normally done initially for bank approval and applies to the private/commercial property.

Former valuation is required for all sales and bank valuation.

For HDB, it is compulsory to do official valuation before you sell your flat.

So, someone will be coming to take photos here and there then do up a report to justify the price of the property.

An expensive renovation does not guarantee high valuation, the size, floor and location plays a more important part to the pricing.

for desk valuation, is it a MUST for approval of mortgage loan from bank? (private property)

[cruise 0]

Since there are many HDB valuers (companies) out there. Can we appoint one or it is randomly appointed by HDB?

[piggybank 0]

Since there are many HDB valuers (companies) out there. Can we appoint one or it is randomly appointed by HDB?

no, the valuer will be appointed randomly by HDB...i just did my valuation and i find that by keeping the house neat and tidy on the day of valuation will also help to increase the valuation by a bit..

good luck!

[hello88 2]

ya, randomly selected by HDB that's valuation reports done for the same house can defer by a few thousand dollars. On tat day, open all the windows and turn on all the lights.

[Jo Black 0]

ya, randomly selected by HDB that's valuation reports done for the same house can defer by a few thousand dollars. On tat day, open all the windows and turn on all the lights.

[/ What are the guidelines of valuation? Does defects of the in the house affects the valuation value?quote]

[born_again 0]

defects as in? For my understanding, i would consider defects as something to do with the house condition like broken doors, broken windows, falling wall tiles, etc. It might affect the valuation slightly but these are not what they look for which is y reno only carries a small % towards the final outcome of the valuation figure. Amenities, distance to town area and distance to city which is the reason y valuation for flats at Jelllicoe, Holland, Kim Tian, Queenstown, Bishan are so high.

[Jo Black 0]

Defects as in long cracks on wall tile at kitchen and toilet. Many holes on the wall due to drilling at kitchen and toilet.Crack on the toilet flooring.Hall flooring ,a portion patch up with differene tile due to hack down of store room.

Leakage at aircon trunking,water leaking everytime the air-con is switched on.

These are the defects refering

[born_again 0]

Defects as in long cracks on wall tile at kitchen and toilet. Many holes on the wall due to drilling at kitchen and toilet.Crack on the toilet flooring.Hall flooring ,a portion patch up with differene tile due to hack down of store room.

Leakage at aircon trunking,water leaking everytime the air-con is switched on.

These are the defects refering

may or may not affect as it'll depends on how turn off the valuer who come to access the place on those cracks, holes on the walls etc. Most of the time, valuation depends alot on the recent resale transactions nearby and the current market trend.

when i got my EM, the valuation was 50k more than a neighbouring unit though the neighbouring unit did its valuation half a year later and only need min. reno as sellers renovated it 2 years ago. The unit I bought was in really bad shape, wall tiles in the toilets were barely there plus the toilet floor tiles had cracks everywhere.

[Jo Black 0]

I c,thanks .. so requesting for revaluation will not help to reduce the price? The last time the valuer just come took photos for 5mins and he was go off ( i think go back home as it is close to 5p.m ).

I think the valuer did not do a good job.

So what do you suggest?Appeal for revaluation and highlight to them the defects or just accept the current valuation price.

If I were to accept the current valuation price,i find it abit unfair as many defects not highlighted,the valuer just valuate the house within superfast...5 mins ,plus in the valuation report,it stated that the house is fitted with cooker hob but they wasn't any cooker hob.This shows that they did not do their job properly.

[born_again 0]

I c,thanks .. so requesting for revaluation will not help to reduce the price? The last time the valuer just come took photos for 5mins and he was go off ( i think go back home as it is close to 5p.m ).

I think the valuer did not do a good job.

So what do you suggest?Appeal for revaluation and highlight to them the defects or just accept the current valuation price.

If I were to accept the current valuation price,i find it abit unfair as many defects not highlighted,the valuer just valuate the house within superfast...5 mins ,plus in the valuation report,it stated that the house is fitted with cooker hob but they wasn't any cooker hob.This shows that they did not do their job properly.

u're the buyer for this unit? I was told that appealing would take sometimes and also difficult unless u can really prove that the valuer really didnt do his/her work like the cooker hob in this instance. In fact, most of the valuer snap photos here and there, take quick notes and would be out of the unit within 5 mins. That's just how they work as everyday they see so many units.

u can re-submit and pay to get another valuation done. The difference might not be alot, it might be more or might be lesser as it'll depend on various factors like the market trend, recent transactions. Its usually more like a gamble when people do another valuation either back to back or just a couple of weeks apart. They valuers (usually are from different companies) also could not give very contradicting reports i.e amounts differs alot)

Edited May 28, 2009 by born_again

[piggybank 0]

if u are the buyer of the unit, u may be better off negotiating the price with the owner instead of getting a revaluation - ie, offer lower COV or even offer below valuation price since there are so many defects, just in case the new valuation is even higher than the current one...

I c,thanks .. so requesting for revaluation will not help to reduce the price? The last time the valuer just come took photos for 5mins and he was go off ( i think go back home as it is close to 5p.m ).

I think the valuer did not do a good job.

So what do you suggest?Appeal for revaluation and highlight to them the defects or just accept the current valuation price.

If I were to accept the current valuation price,i find it abit unfair as many defects not highlighted,the valuer just valuate the house within superfast...5 mins ,plus in the valuation report,it stated that the house is fitted with cooker hob but they wasn't any cooker hob.This shows that they did not do their job properly.

[Jo Black 0]

Thanks for the advise...but the problem is I am buying over the flat from my in-law and last time we agree that the house would be sold at what ever is the valuation price.

With so many defects,I don't agree with the valuation price.