How is $1.1m a fair valuation of an 3-bed EC that just TOP?
It has come to the point where my soon-to-be ex-wife and I drop the bomb. Effect the divorce proceedings and move on with our lives. So she got a bank valuation of $1.1m for our 3-bedroom EC that just TOP. How is this a fair value? Since she is buying over my share, do I just accept it and sell it to her?
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Here are what netizens think:
- Bank valuation is for the purpose of evaluating security over a loan. In other words, they will take the most conservative (ie lowest) value of the property, so that if you default on the mortgage, they are confident that they can seize the property and recover the full value of the loan. Unfortunately, it is not easy to determine the true market value of a newly TOPed project due to MOP preventing any sale for 5 years. Try speaking to an insurer to get an insurance valuation (theoretically they would look at replacement value), or a property agent, or in the worst case get a formal valuation from a valuer. But that would cost money. Sometimes, its better to just accept it and move on.
- There is no professional valuation. That guy would just check property guru and see what others are sold or listed, then just put an in between value for your property. Your 5 year old can do that too.
- Sell it, divide the proceeds and go separate ways. More important is not to get in such a situation again.
- You know property valuation is singapore is not regulated right. Lol, anyone can do the valuation just by getting a license. But the basis of valuation is not properly governed. Go get a 2nd opinion