The purpose of the getting valuation is mainly due to the needs to assess the market value of the unit.
There are 3 main reasons:
(1) So as to get loan to service the mortgage.
(2) Not to over pay a property
(3) Need to use CPF to pay for the property.
It is a requirement to have valuation when there is a need to use CPF or HDB/bank loan.
Not to over pay a real property when using only cash.
For a resale HDB flat, only valuation conducted by HDB appointed valuator is recognize by HDB.
For a resale private real property, it is only valid by individual bank's panel valuator in order for that bank to approve the loan.
In actual fact, you don't have a choice on which type of valuator to perform valuation, it's mainly dependent on which type of property you are purchasing.
Hope the above answer to your main concerns, but if there are more queries, please feel free to contact me at 90110636
, or email: email@example.com if more information is needed.
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