What is a Forced Sale Valuation?
A forced sale valuation is undertaken in a range of specific circumstances where there is usually an inadequate time to market or promote the sale of a property effectively (this is usually considered be be a 30 day maximum period to sell a property). This means that the property may sell for less than its true market value. This is often because you or the owner of the property are being forced to sell under some sort of compulsion or duress.
Even under these circumstances though, it’s important to understand what you can reasonably expect to get from the sale of a property. Or, on the other hand, to do your due diligence and understand what that the property you’re interested in buying is actually worth under normal market conditions.
To do so, you’ll need expert knowledge of the market, and an understanding of how a limited marketing period will affect the value of a property in this specific area.
That’s where we come in.
Why Hire Insight Property?
We’ll send you an expert that’s highly experienced, qualified, and fully certified and has experience with forced sale valuations. Even under the often limited-time circumstances of a forced sale valuation, you’ll be able to count on your personal valuer to give you all of the information and advice that you need. As well as a completely independent and accurate valuation on the property in question, of course.
With more than a decade’s experience in the industry behind them, your valuer will do everything they can to make your forced valuation experience as stress-free as possible.
You’ll always get:
- Advice and support from experts, each with over ten years experience in the industry
- Membership of the Australian Property Institute means appraisals you can count on
- Thorough and lasting support throughout your assessment, so you always know where to turn
- A personalised service perfect for both your business and private properties
Things About a Mortgagee in Possession Valuation You Should Know
IF YOU’RE SELLING
If it’s your property that you’re being forced to sell, the industry often terms you a “distressed vendor.” The clear implication here is that you have a weakened bargaining position because you’ll usually need to sell within a certain timeframe. That said, your administrator or agency is still legally required to show due care that they’ve done everything they can to get you the highest possible price for your property in the circumstances.
IF YOU’RE BUYING
Be wary of properties that come with a value already assigned by an unknown company, or phrases like “as-is” attached to certain parts. The latter in particular usually implies that there are defects with the property that the seller hopes the artificially lower price will inspire you to not ask questions about. It’s important that you’re fully conversant with the issues, and the impact they may have on the value of a property – that’s something that we’ll help you find out.
It also needs to be noted that in many circumstances when a mortgagee is in possession of a property, they do not always explicitly advertise this, and it may have an impact on the price they are prepared to sell at.
Just because a property sounds like a bargain, it’s still critical that you do the normal checks – including an independent valuation – to make sure you’re getting your money’s worth.
Book Your Assessment Now
Give us a call on 1300 134 505, or chat to one of our fully informed property specialists online when you contact us this way.
Either way, you’ll be speaking to an industry professional with more than a decade’s experience – a Certified Practicing Valuer who’ll be able to answer any questions you might have, and get started on your valuation immediately.