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Property Valuation System a joke?

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  1. #21
    bdw
    bdw is offline

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    I'll tell you a real joke. My property should be valued around HK$14m according to various online sources. Some say $13, some say $15. But one dickhead agent across the street from me calling me asking if I want to sell it and tells me I can get $18m for it. This idiot just trying to get me to list with him or something but it's annoying he can lie to my face like this.


  2. #22

    Join Date
    Dec 2018
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    Quote Originally Posted by bdw
    I'll tell you a real joke. My property should be valued around HK$14m according to various online sources. Some say $13, some say $15. But one dickhead agent across the street from me calling me asking if I want to sell it and tells me I can get $18m for it. This idiot just trying to get me to list with him or something but it's annoying he can lie to my face like this.
    Tell him there's double commission if he can sell it for $18 million within three months but he has to be pay you a non-refundable listing fee of $50K to be appointed sole agent for that period.
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  3. #23

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    In the current turmoil, why would anyone want to pay the asking price? I would look for 15% - 20% discount off the asking price.

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  4. #24

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    Valuation is more art than science, so fluctuation is inevitable.


  5. #25

    Join Date
    Jan 2016
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    Hi,

    Thank you all for your replies.
    I see that banks do value properties quite differently.

    bdw -- What I find a joke (most) is that BOC's valuation was higher when agent asked compared to when I asked BOC.
    Just felt weird that same banks values it differently depending on who asked.

    Until now, I thought valuation was about "fair value".
    Is it correct to think bank valuation has not much to do with "fair value", but more to do with how much they are "willing to lend out"?


    Thanks again all!


  6. #26

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    Is it correct to think bank valuation has not much to do with "fair value", but more to do with how much they are "willing to lend out"?
    Naah!! It's bit of both, 'fair value' is somewhere around last transaction price in that building/area so bank valuation is somewhere around that and 'willing to lend out' is kind of seasonal factor which keeps on changing every year/quarter etc.. So there is no absolute answer to this same as properties have no absolute value.
    bdw likes this.

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