Re: Less well known developments : Engaging a civil engineer for 2nd opinion..
Dear All,
Thanks for the many sincere contributions to this thread which had proven to be an invaluable resource for me.
I am eyeing an inter Ter unit at NI selling at $600K. But agent said that the sale may be blocked if the state valuation is less than $500K but in order to secure my interest I will still need to pay my 1-3% earnest deposit. If the state approval is rejected, can I still get the money back? Shouldnt the price be based on the sale price? anyone got similar experience?
Yes, you should still be able to but you should get the agent to word the agreement such that it is refundable just to be safe.
Normally most valuation would be way below what the actual prices are, it is because most banks/valuers are surprised by the unprecedented
rise in prices here so would always err on the side of caution.
In fact, a house one of my friends sold off, he offered his tenant to buy at 850k but his tenant asked the bank and the valuation was only 600k. So he refused, he then managed to sell it off at 920k fully furnished. Yet his neighbour sold off at more than 1m in the same month, i am told. I would think it is safe to proceed if you have it in black & white, best to seek help from your lawyer here when in doubt.