Property Valuations

TRDGUY · Postby **TRDGUY** » August 16th, 2015, 7:14 pm

R&P efficient however GA Farell and Terra Carib tend not to be flexible with thier evaluations, ive had first hand experience with all 3 and R&P is the best option GL op .

rexsmith · Postby **rexsmith** » November 9th, 2018, 4:41 pm

what is the process for a land valuation from start to finish?

*KRONIK* · Postby ***KRONIK*** » November 9th, 2018, 4:46 pm

You will need the deed and other relevant documents like town and country approvals etc.
Choose your company to value with.
Pay a deposit
They will come and view the land and take pics and measurements if its a house.
They will call you to collect and pay the balance

ProtonPowder · Postby **ProtonPowder** » November 9th, 2018, 5:12 pm

Pretty much what kronik says, but is recommended to go with the top tier firms such as Raymond & Pierre or GA Farrell. More expensive, but a much lower chance of being rejected and sent to Ministry of Finance's valuation division. If that happens, then instead of taking 2 weeks for a valuation, it will take closer to 6 months or more.

Also, the banks consider those 2 companies, among others to be trusted valuers. That way you can go straight from stamp duty to the bank for a mortgage with the same report within 6 months. If not, and you use a regular valuer through the lawyer's office, then the bank will tell you to do another one.

Raymond and Pierre is generally a third of a % fee on the adjudged value with a minimum of it being 2000, or 3000 for 'prestige areas.' GA Farrell is like a quarter of a percent, not sure on their fee floor.

janfar · Postby **janfar** » November 10th, 2018, 4:51 am

If you are using your property as collateral you need a valuation.

If you are being gifted land or are inheriting land you need to a valuation.

KRONIK is right except you do not need T&C approvals to do a valuation. Just the deed.

88sins · Postby **88sins** » November 10th, 2018, 5:43 am

janfar wrote:If you are using your property as collateral you need a valuation.

If you are being gifted land or are inheriting land you need to a valuation.

KRONIK is right except you do not need T&C approvals to do a valuation. Just the deed.

you're both right, in a way

T&C approvals aren't needed for a valuation, but they do add value to the land if it's land only being valued so it's wise to provide them if you have them

*KRONIK* · Postby ***KRONIK*** » November 10th, 2018, 7:14 am

88sins wrote:
janfar wrote:If you are using your property as collateral you need a valuation.

If you are being gifted land or are inheriting land you need to a valuation.

KRONIK is right except you do not need T&C approvals to do a valuation. Just the deed.

you're both right, in a way

T&C approvals aren't needed for a valuation, but they do add value to the land if it's land only being valued so it's wise to provide them if you have them

Correct 88sins
Ideally, all you need is the deed and survey plan.
However, the more documents you provide, the better they are able to come up with their value.

Usually there is a section with assumptions, which the used to come up with the value.
The less assumptions they have to make, the more they cam stand on the value the give.
I hope i explain that properly.

marcop2487 · Postby **marcop2487** » February 2nd, 2019, 2:44 am

Hey Proton,
I saw your post regarding a rejected land valuation from the ministry of finance taking up to 6 months.
Is this still the time frame for the govt valuator to visit the site?
Also, can I communicate with the vendor's lawyer that I'm willing to pay for a valuation from Raymond and Pierre to expedite the stamping process or am I binded by the BIR government valuations department to do the updated valuation according to the amount they see fair?

ProtonPowder · Postby **ProtonPowder** » February 3rd, 2019, 1:40 am

Ministry of finance only really steps in if the valuation is questionable, or the purchaser/donee/beneficiary is unwilling or unable to pay for a valuation.

88sins · Postby **88sins** » February 3rd, 2019, 6:28 am

ProtonPowder wrote:Ministry of finance only really steps in if the valuation is questionable, or the purchaser/donee/beneficiary is unwilling or unable to pay for a valuation.

meaning
if they suspect you mocked up a lowball valuation to get away from paying all the stamp duty they will reject your valuation and perform their own.
brace yourself for a long wait & a higher valuation if this happens, even if your valuation was done by a reputable firm with no trickery involved.

ProtonPowder · Postby **ProtonPowder** » February 3rd, 2019, 11:30 am

88sins wrote:
ProtonPowder wrote:Ministry of finance only really steps in if the valuation is questionable, or the purchaser/donee/beneficiary is unwilling or unable to pay for a valuation.

meaning
if they suspect you mocked up a lowball valuation to get away from paying all the stamp duty they will reject your valuation and perform their own.
brace yourself for a long wait & a higher valuation if this happens, even if your valuation was done by a reputable firm with no trickery involved.

Sometimes they just need a second opinion. I have seen some get rejected, just for the ministry valuation to end up being the same value after all.

Also forgot to mention that if a valuation is produced by an individual not accredited or not working towards being accredited by the RICS & ISTT, tis an automatic rejection in most cases as well.

marcop2487 · Postby **marcop2487** » February 3rd, 2019, 11:56 am

I believe it was done by Linden Scott's firm but the valuation department had an issue with it ( not sure if it was undervalued/expired).

Anyone can give me a heads up in the timeframe I'm looking at in 2019. This is a headache.

marcop2487 · Postby **marcop2487** » February 3rd, 2019, 11:58 am

At this point I'm willing to go to Raymond and Pierre or another top tiered RICS valuator out of pocket.

My concern is about the Ministry accepting an updated private report at this stage.

I have no intentions of circumventing the Authority of the Ministry.

Just wondering if anyone had ever faced this issue and successfully expedited the process by providing an updated private valuation.

The_Honourable · Postby **The_Honourable** » November 19th, 2019, 3:15 pm

Evoloution wrote:From the below list of Valuators, which one would give a more than fair valuation of property located in Cunupia. I have heard where valuators dont really know the prices of property in certain areas and have not given a proper market value.

1. Raymond & Pierre
2. Linden Scott & Associated
3. Brent Augustus & Associates
4. GA Farell & Associates
5. Terra Caribbean
6. Ray Pierre
7. Mervyn Thompson
8. DW Knott
9. Charles Lawrence

Deserves a 2019 update. From experience, Raymond & Pierre and Linden Scott are still recommended.

ProtonPowder · Postby **ProtonPowder** » November 19th, 2019, 11:20 pm

As far as that list goes, Raymond & Pierre is the most highly recommended by banking institutions. After that, maybe GA Farrel.

I'd stay away from CB Lawrence because they lost a big case in the court of appeal over a very negligent valuation.

Also, Mr Mervyn Thompson passed away this year. He was one of many that trained the property tax assessors.

nightcrawler · Postby **nightcrawler** » May 19th, 2021, 10:18 am

Of the two valuators who should I go with
Linden Scott or Brent Augustus?

pugboy · Postby **pugboy** » May 19th, 2021, 3:54 pm

scott supposedly values slightly less
the other big one is afra raymond

ProtonPowder · Postby **ProtonPowder** » May 19th, 2021, 6:35 pm

I heard that Augustus is better for PoS side properties, but both are fully chartered firms.

If you want to fight down price, ask about minimum fees and the % commission. Some take a quarter percent of value, some take a third percent value of the property.

Sateesh · Postby **Sateesh** » May 29th, 2021, 6:44 pm

you doing a good thing by asking. Different stroke for different folk. The purpose of the valuation and if you want a higher or lower value. Knowing who to go by will save you.

daring dragoon · Postby **daring dragoon** » May 29th, 2021, 7:58 pm

them is con men all of them. i sure one of them will offer to buy the property telling you it valued X and they padna will buy and resell for XX. i see it happens in central and south valuators and one in aranguez.

ProtonPowder · Postby **ProtonPowder** » May 29th, 2021, 11:03 pm

daring dragoon wrote:them is con men all of them. i sure one of them will offer to buy the property telling you it valued X and they padna will buy and resell for XX. i see it happens in central and south valuators and one in aranguez.

https://www.rics.org/ssa/footer/contact-us/concerns/

Do what has to be done.

The_Honourable · Postby **The_Honourable** » August 2nd, 2023, 10:13 am

So any reviews for 2023? Experience with Raymond & Pierre was a bit iffy. They did a valuation, I proved that their figure was below market value where they begrudgingly agreed to amend as they didn't do their comparative method properly. The new valuation was over 175K higher than the original figure.

88sins · Postby **88sins** » August 6th, 2023, 9:11 am

The_Honourable wrote:So any reviews for 2023? Experience with Raymond & Pierre was a bit iffy. They did a valuation, I proved that their figure was below market value where they begrudgingly agreed to amend as they didn't do their comparative method properly. The new valuation was over 175K higher than the original figure.

You are not the first person to have that problem with them, and I doubt you will be the last.