kensanctuary 0 Report post Posted April 22, 2007 Currently I am selling my flat without using agent.The buyer agent ask me to appeal my valuation report for higher valuation price so that the buyer no need to folk out more cash.Any loses to the seller ? Any fee/cost involved ? Share this post Link to post Share on other sites
HSH21 1 Report post Posted April 22, 2007 (edited) Each report cost $170... will your buyer pay for both reports ?? sometime the 2nd report might not be higher value...To the seller... if U already sold the unit at a price... whether the value increased ... it doesn't affect U...My 2nd report was $10K higher than the 1st one... but to me as a seller... there was no advantage... Edited April 22, 2007 by HSH21 Share this post Link to post Share on other sites
lawry 3 Report post Posted April 22, 2007 (edited) ExampleYour place was valued at $180k and you intend to sell at $200k, which is $20k cash. Now this buyer's agent is asking you to fork out another $170 (like HSH21 said) to do a revaluation appeal, which doesn't necessarily guarantee a higher valuation price. Btw, has he got a guaranteed buyer for you?? And would he want to pay for both reports? Buyer pays for seller's valuation report, most current one only, not expired ones. But since both your reports are current, he will have to pay for both since he requested.But then ... the whole proposal doesn't make sense.3 scenarios- If it's valued again and it's $195k, why would you still want to sell at $200k?? You are in a better position to command a higher price for your unit by then. Of course you would want $210k or more! Didn't the agent realise that?- What if the revaluation is lower instead? $170k? It's hard to say because it's a different evaluator and depending on market conditions at the point of time also. Won't you have less say about your selling price since it's lowered?- What if the valuation price is more or less the same? Will the agent who suggested a revaluation compensate you the extra report? Edited April 22, 2007 by lawry Share this post Link to post Share on other sites
raincole 0 Report post Posted April 23, 2007 Actually, the buyer can request for his own valuation report. Meaning, the buyer with the seller permission can arrange for a date for valuation. Also, it is not necessary for the buyer to buy over the seller valuation report if he requests for his own.If both of you have already agreed on the price, signed the OTP, there is not much effect on the sale. However, if the buyer can't fork out this amt of cash, you will also need to re-market your unit but can keep the deposit. Share this post Link to post Share on other sites
kensanctuary 0 Report post Posted April 23, 2007 (edited) The seller agent said she will write to the Valuer (with my permission) who value my flat, and ask he to give higher value price, so the buyer no need fork out more CASH upfront, made any sense ? Any trick here ?They already signed the OTP, but not yet Exercise the OTP. They want to use the higher valuation report to applied for bank loan to reduce cash. Edited April 23, 2007 by kensanctuary Share this post Link to post Share on other sites
HSH21 1 Report post Posted April 23, 2007 The seller agent said she will write to the Valuer (with my permission) who value my flat, and ask he to give higher value price, so the buyer no need fork out more CASH upfront, made any sense ? Any trick here ?They already signed the OTP, but not yet Exercise the OTP. They want to use the higher valuation report to applied for bank loan to reduce cash.Since the OTP signed... it means that the selling price is fix... whether the value go up or down will not affect the transation... it only affect the CASH that the buyer need to come out...Sorry what trick U are worry about ?? Share this post Link to post Share on other sites
raincole 0 Report post Posted April 23, 2007 You can tried but leave it to the buyer agent to do all the coordination & paperwork.Normally, unless there is a valid reason, the valuation report value will not changed.The buyer wanting to top up less cash is not a valid reason. Share this post Link to post Share on other sites
kensanctuary 0 Report post Posted April 23, 2007 cos this is my 1st time doing SELLING flat myself, scare there is some trick from agent that I dun aware. I also think, since the OTP already signed, and Selling Price already stated, should not have anything happen to me. But, ask ask here just in case BTW, can they put only 1 Buyer name in the OTP (for PR)? Share this post Link to post Share on other sites
