Many do not realize that they can avoid trapping in the scenario whereby they are unable to acquire sufficient financing margin from the banks due to overpriced properties and get their deposit forfeited.
One of the way to avoid such trap, is getting verbal indicative value with the helps from bankers / mortgage consultant prior in making purchase decision.
A verbal indicative value is a price which preliminary and verbally agreed by the valuers in recognizing current selling / purchasing price of a property. While a formal valuation report will only be produced after a loan offer is accepted and charge will only incur at this stage.
How could it be done?
For property buyers / loan applicants, it is indeed very simple that you just furnish all the property details to the consultants and they could help you in checking whether this pricing could be agreed by the valuers and therefore, agreed by the banks.
Is the value given applicable to all the banks?
Not happen always, a price which agreed by a bank's valuer, let's say Valuer A might not be applicable to the other banks as Valuer A might not associated with that banks and they won't recognize that.
Will an indicative value cost any cents?
Verbal indicative value will not incur any cost as the consultants just get the number verbally from the valuers and it will only be confirmed and effective when it comes to formal valuation report. Thus, the number itself could be no longer applicable after weeks.
Can I call the valuer to check on my own?
Possible. But sadly to say, most of the time, they won't entertain you on an ad hoc basis unless you pay them to conduct a formal valuation report.
Why some consultants won't get back to me on this info?
Please keep in mind that bankers / consultants are just HELPING you to get an indicative value and this kind of assistance is costly to them. Without applying a loan with them, normally they are unlikely to help you on this because getting a value is a tedious job as getting a best quote from the firms might cost them a whole working day, sometimes, it might cost them a few days of works. And, end of the day, they may not have your business but you get the number and you go to other banks.
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