Dear sir/madam,
The main consideration here if you are planning to sell your condo is really not too much into how much does the bank value your property but how much a buyer is willing to pay for your property. Bank valuation gives a guide to buyers where loan is concern as prospective buyers who requires financing of the purchase through a home loan will require the bank to be able to recognise the value of the property thus disbursing the loan amount. Any shortfall of the value against the transacted price will result in topping up the difference in cash.
While a bank indicative valuation is often the first step where many prospective sellers take to find out before putting up their property for sale in the event of lack of recent comparable transactions to establish the baseline, they are likely to come in a huge range under such scenarios. I come to know that some banks are really aggressive when it comes to an indicative valuation, but what good does it make if it is only on paper?
I have been in the real estate industry for more than 10 years, primarily dealing with residential homes like landed homes as well as upscale private residential homes where we are often managing this aspect of valuation between banks and actual market perception from buyers.
I hope to be able to help more in your plans moving forward by understanding your plans better through reaching out to you personally for discussion.
Let's catch up!
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Regards,
Geryl LIM
Consultant - Director
Century 21
CEA Reg R014783H
www.geryllim.com
Mobile:
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