Valuation Report is a report issued by a valuer firm to a bank to confirm the actual market value of a property.

A submission of Valuation Report is required for a completed property.

A bank requires submission of a valuation report for any property that is completed regardless of buying from a developer, property agent or seller, before disbursement of the loan.

A valuation report is also required for all the refinancing cases.

What is the workflow for the valuation report?

1. A banker will VERBALLY check the property market value before submission of home loan application.

2. After the home loan approved and letter offer signed by the client. Bank will send an instruction to the valuer firm to site inspect the property and complete the valuation report.

3. The valuer will start by calling the client and request for a Sale and Purchase Agreement, Title or/and Quit Rent copy. In the same time, they will arrange for an appointment with a client to site visit the property.

4. Once the date of the appointment set, the valuer will site visit the property. They will evaluate the interior and exterior of the property, the surrounding and environment.

They’re going to snap a few pictures to attach in the valuation report later.
At this point, if you’re paying the valuation report on your own, they will ask you to pay. Try to settle the payment as soon as possible to avoid any delay.

5. Back in the office, the valuer will start processing the valuation report. They will get data from valuation and property services department ( government department) for the latest property transaction.
From the data and their site visit; they will try to support the value as per verbal indication.
However, there are some cases that verbal indication value is too high than the actual value.
This happens because the information given by banker or client is incorrect; therefore the final value differs.

6. It will take two weeks to one month to complete the whole Valuation Report. Depending on how efficient the valuer and valuation firm.

7. In most time, the market value indicated in the valuation report will be tally with the Bank verbal indication value.
However, in the event the value differs to be lower, the bank will reduce your loan amount.

8. Sometimes one of the reason and overlook mistakes for a late disbursement by the bank is the valuation report.
Valuer firm will not release the valuation report to the bank if the payment is outstanding.
This usually happens when a client needs to pay the valuation fee on their own, and the valuation fee does not finance by the bank.

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Melissa Lee
Online Home Loan Consultant

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