Property Indicative Value

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Property Indicative Value

Postby smurf » Mon Jun 01, 2009 8:36 am

I've called few banks to ask regarding the bank indicative value of my house. but all of them said they cannot reveal the number. just want to know is that a norm?

smurf
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Postby kero » Mon Jun 01, 2009 11:07 am

Is there a change in the banking rules?
I do not have this problem the last time.

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Postby MMM » Mon Jun 01, 2009 11:41 am

Are you asking inorder to get a bank loan or just a gauge?

We usually get the indicative value when we are seeking in principle approval from the bank to buy a property.

If you want a rough gauge, have you tried URA website that publishes the latest transaction by development?

MMM
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Postby smurf » Mon Jun 01, 2009 12:06 pm

no, I want to sell my property. Just want a gauge how much is my property worth. :D

smurf
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Postby MMM » Mon Jun 01, 2009 12:21 pm

I think you should probably look at the URA website as a gauge.

Go to http://www.ura.gov.sg

This is updated every friday and it's based on those caveat lodged. Though I do observed that not all transactions are in but it should give a rough gauge in terms of psf esp for condo. Buyer usually use this as a guide to ensure that they are paying reaonsable price.

But for landed, that is more difficult to gauge as the floor area is not indicative on the condition of the house eg. any A&A works done,etc...

Another alternative is to speak to agents to get rough feel. After speaking to a couple of them, you roughly know the range.

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Postby smurf » Mon Jun 01, 2009 12:24 pm

hmmm...just called up OCBC, whic I morgaged my property to...they can check for me...but for other banks, have to go thru agent or need to loan from them, then they can check...

thanks MMM!:)

but hor, agents words cannot rely one...

smurf
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Postby MMM » Mon Jun 01, 2009 12:39 pm

Yah agents are not reliable. Purposely quote high price to entice you to have sole contract with them. My bil got a offer from a agent specialising in his area to sell his inter for 1.6MM. Not sure if they've a firm offer but my nieces told me that there were several people who came to view their place. At that point he told us that he would like to sell and probably buy again when prices fall. However, my sil and his mum were against so it didn't happen in the end.

When we were renting out our house, alot of them including my own auntie ask for exclusive rights but I didn't agree so that we can have a wider group and probably more agents working for us. Ironically, my auntie was the one who secured us our current tenant in the end... The only good thing is that we are related so she still provides "after sales service" as our tenants like to go through the agents to get things done... But if it was someone else, the guy probably took the commission and case close right away.

Anyway, it's good to see URA caveat, speak to a couple of agents and then get the avg rate.

At least it's good that OCBC can tell you. I feel that banks sometimes have no idea particularly for landed prop. They tend to give a very wide range as they never see the condition of the house.

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Postby smurf » Mon Jun 01, 2009 12:55 pm

you r right! those agents who want exclusive purposely tell you high price, promise you the star and the moon...then when they cannot sell, they said your unit no good lah, give all kinds of reason, such as your wall so many cracks...door spoilt, etc...then when got offer, when ask them why so low...they said bank indicative value low...no choice, buyer dun want to buy high... :x

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Postby MMM » Mon Jun 01, 2009 12:59 pm

Smurf,

I have someone who is interested to get D19 houses as he said that his office is moving to Paya Lebar area. If you happen to be selling your house in that area, let me know.

The person wanted to liase only with direct seller as he can't stand the agents.... I advertise to sell our house 2 yrs back and recently got a email from the person.

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Postby smurf » Mon Jun 01, 2009 5:21 pm

no leh...i'm also looking or a place at D19.haha. :wink:

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