mkenyan wrote:MaichBlack wrote:Queen wrote:mulla wrote:MaichBlack wrote:itz wrote:MaichBlack wrote:These information would be very helpful @Wunkan. I remember some 4 plots that were in distress and the bank gave the owner an opportunity to get buyers and the transactions would be done through the bank. The owner was asking for 5 million per plot I think (market price 6.5 million). He didn't get a buyer. In the end, the bank sold them at 2.8 million per plot to a fellow who was lucky enough to get the info. No corruption. Just information!!
The bank cannot sell/auction the property below 75% of market value which would be 4.875M using your numbers.The owner can sue and get his property back.This is the reason properties are not selling because of the exaggerated "market value"
This is very difficult to prove. Just because other fellows have sold their plots at 6.5 million, how do you prove this is the "market price"? You would need to get one of them to come testify. Good luck with that. And the bank can always produce a witness who bought at a lower value.
Wouldn't the bank need a registered valuer to give a valutaion statement of the plot, and whose decision will be based on the recent historical sale figures of plots in that area.
The number of valuation reports will be as different/many as the number of valuers. In other words, property valuation is not an exact science.
Exactly!! It can say whatever you want.
Valuation in Kenya is just funny. Plots in "our area" might be going for 1 million but the minute two fellows sell to gullible people for 3 million "plots in these area are going for 3 million".
i made my comment above before i read this comment. seems i was giving you the benefit of doubt wrongly. valuation in kenya is not a joke. maybe when it comes to unregistered valuers (illegal btw) or some rogue ones - that banks wont touch anyway. i have personally dealt with several different valuers and the situation you describe in your story (about the bank) can't happen - otherwise the valuer would have been de-registered and the bank would not have touched their valuation report. btw, the owner of the property in your story would at all times be aware of the valuation report and not allow a valuation of 2.8m for a 6m property go unchallenged.
I am giving you facts. Not theories. This happened at Varsity Ville (along the by pass) late last year. The plots were
actually sold for 2.8 million per plot. Confirm what the asking price for plots was at Varsity Ville late last year.
I am telling you things that happened. Not speculation of what might happen or might have happened.
Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good returns.