Valuation reports

[nyxator]

Experts, how long does it take to produce a valuation report. The law firm chasing and the banker say it's not out yet. More than a week already

 

[nyxator]

Till now I have not receive my valuation report and the developer is imposing late charges. Who is at fault??
The bank told me 1 days now almost 3 weeks.. Anyway will be submitting a complaint to the bank

 

[jtec14]

Based on your posts, i believed you are buying property that is under construction? Unless doing formal valuation, the report should be quite fast. Nowadays banks are not providing subsidy for the valuation, assuming the same for your case, have you paid for the valuation fees? Have valuer contacted you for payment?

I think it is best you speak to your banker soon.
The developer late charges are not cheap.

 

[nyxator]

Based on your posts, i believed you are buying property that is under construction? Unless doing formal valuation, the report should be quite fast. Nowadays banks are not providing subsidy for the valuation, assuming the same for your case, have you paid for the valuation fees? Have valuer contacted you for payment?

I think it is best you speak to your banker soon.
The developer late charges are not cheap.

Yes. It is under construct. We have already paid the bank for the valuation money. The valuation company is the banks' reccomendation

 

[nyxator]

Haiz in the end we can't make it on time. Everyone just pushing blame. Can anyone tell me who is in the wrong. A valuation report that the bank told me required only one day for uncomplete project drag till almost a month and end up needing to pay late charges

 

[jtec14]

Yes. It is under construct. We have already paid the bank for the valuation money. The valuation company is the banks' reccomendation

All banks have their own panel of valuers.

Did I miss out something here?
If you are the one paying for the valuation, I doubt the bank will ask you to pay via them to valuer, this kind of $$ thingy that are not due to them, they will prefer to ask the valuer to collect directly from you.

 

[nyxator]

All banks have their own panel of valuers.

Did I miss out something here?
If you are the one paying for the valuation, I doubt the bank will ask you to pay via them to valuer, this kind of $$ thingy that are not due to them, they will prefer to ask the valuer to collect directly from you.

They really did. Is it something wrong. I don't even have the name of the valuer company until I ask the law firm who is chasing the report for me

 

[jtec14]

They really did. Is it something wrong. I don't even have the name of the valuer company until I ask the law firm who is chasing the report for me

Strange, did you call your banker or the bank to check what happened?

 

[therat]

which bank you are using.
How come so funny one..
normally the valuer will contact and bill the buyer directly

 

[snipfer]

funny why you even need a valuation report in the first place?

 

[nyxator]

I'm buying a EC property and using the top local bank in sg and I dun trust my banker now. Thinking of contacting the valuer directly

 

[tekster]

Y u need valuation report for new ec purchase? Or u buying resale?

 

[therat]

Y u need valuation report for new ec purchase? Or u buying resale?

should be new EC purchase as TS mention still under construction.

 

[henrylbh]

should be new EC purchase as TS mention still under construction.

Then valuation report should not be a problem as the lender will not only pay for the report but also subsidise the lawyer's fee.

 

[tekster]

should be new EC purchase as TS mention still under construction.

is the Valuation report needed?

i thought banks just lend to you based on the purchase price indicated on the S&P. i thought valuation is needed only for resale properties.

there should be a bank that works with the EC devvelopment mah. shouldn't the banker arrange for the valuer? wonder why the buyer needs to do it himself.

 

[jtec14]

which bank you are using.
How come so funny one..
normally the valuer will contact and bill the buyer directly

Correct, usually valuers will contact the buyer direct for payment of valuation.

Then valuation report should not be a problem as the lender will not only pay for the report but also subsidise the lawyer's fee.

Believed most banks are not subsidising the valuation fees and legal fees already.

funny why you even need a valuation report in the first place?

is the Valuation report needed?

i thought banks just lend to you based on the purchase price indicated on the S&P. i thought valuation is needed only for resale properties.

there should be a bank that works with the EC devvelopment mah. shouldn't the banker arrange for the valuer? wonder why the buyer needs to do it himself.

A valuation report is required regardless of resales/completed/uncompleted properties, this is for loan purpose and also CPFB if the borrower are using CPF. For uncompleted properties, cannot assumed developers are really selling at market value. In bad times, sometimes valuation also cannot match purchase price from developer direct. Banks can only loan based on purchase price or valuation whichever lower.

As mentioned earlier, banks have a panel of valuers to use and after buyer accepted a loan, bank will send a valuation request with customer details to valuer, valuer will then liaise with customer on doing valuation and collecting payment from customer.

In this case, i suspected the banker may have forgotten to inform valuer to do valuation but as in why the banker or bank will collect payment on behalf of valuer is still a question to me as for $$ stuffs that are not due to the banks, banks will not intervene and collect payments for others.

 

[nyxator]

Correct, usually valuers will contact the buyer direct for payment of valuation.



Believed most banks are not subsidising the valuation fees and legal fees already.





A valuation report is required regardless of resales/completed/uncompleted properties, this is for loan purpose and also CPFB if the borrower are using CPF. For uncompleted properties, cannot assumed developers are really selling at market value. In bad times, sometimes valuation also cannot match purchase price from developer direct. Banks can only loan based on purchase price or valuation whichever lower.

As mentioned earlier, banks have a panel of valuers to use and after buyer accepted a loan, bank will send a valuation request with customer details to valuer, valuer will then liaise with customer on doing valuation and collecting payment from customer.

In this case, i suspected the banker may have forgotten to inform valuer to do valuation but as in why the banker or bank will collect payment on behalf of valuer is still a question to me as for $$ stuffs that are not due to the banks, banks will not intervene and collect payments for others.

Thanks . They say they submit and send reminder 3 times to the valuation company. For all those who haven bought property in recent years. The valuation report is now chargeable.
I'm still not sure who's at fault bank or valuation company..

 

[tekster]

Thanks . They say they submit and send reminder 3 times to the valuation company. For all those who haven bought property in recent years. The valuation report is now chargeable.
I'm still not sure who's at fault bank or valuation company..

the valuation report has all along been chargable.

usually banks will bear the cost one. if not, then it's the buyers.

 

[nyxator]

the valuation report has all along been chargable.

usually banks will bear the cost one. if not, then it's the buyers.

As in it's chargeable to buyers now.. Bank dun bear the cost anymore

 

[HMAN]

How much is the valuation cost ?