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Formal Valuations of Residential and Commercial Properties  A formal property valuation is conducted for buyers and sellers of residential and commercial real estate to determine the true market value of the property. It gives potential buyers a detailed and comprehensive report of the strengths and weaknesses of the property so they know what they’re buying and what they should pay. Property valuations are also useful when selling real estate so you don’t sell for less than market value. Our Valuer In Charge Bernie Seth is a member of the Australian Valuers Institute What is a Formal Property Valuation? The results of a formal property valuation are a starting point for negotiating a reasonable price for real estate, although the final price often differs from the valuation due to people’s perception, demand and other market influences. A property valuation is called formal because it’s much more comprehensive and in-depth than a free market appraisal. Only qualified property valuers can undertake a formal unbiased valuation which takes into consideration all factors that can affect the property’s value. The process takes around three days and includes a detailed description of the property, any environmental or market risks, the general condition, zoning classification, and any other issues that are found. Recent sales of similar properties in the area are also used to determine the correct market value. The end result is a formal report that is a legally binding document. Reasons to Use Property Valuers One of the major reasons for a property valuation is for lending institutions to ensure there is enough security in the real estate to cover the loan they’re offering the buyer in the case of mortgage default. This applies if you’re buying a home, or considering property investment and property development. Other reasons for property valuations are property settlements, as security for a loan or mortgage refinancing, court ordered dispute resolution, bankrupt or deceased estates, financial accounting, insurance or stamp duty, and government compulsory acquisition of land for public property development. Sellers use formal valuations to get a good idea of the value of their property and a potential selling price, and also to decide whether to make improvements to increase the value before putting it on the market’ A valuation can also help you decide if now is the right time to sell or if you’d be better off waiting till the market improves. Know the Value of your Real Estate Property valuations are for any type of real estate. Landowners need to know the land value for selling or property development. Home or commercial property owners or buyers need to know what sort of price they can expect. The important thing to remember is always use a professional, qualified and respected property valuer who uses a systematic approach to assessing your residential or commercial real estate. At Seth Real Estate we provide property valuation services for all types of real estate in greater Sydney. Our customised service ensures your formal property valuation is the most comprehensive and up-to-date document reflecting the true market value of your real estate. Property Valuers At Seth Real Estate, our three decades of experience and our wealth of information about the real estate industry enable us to offer you personalised attention and fully integrated real estate solutions. We specialise in residential and commercial real estate and we’re here for you with a full range of services that change and evolve over the years to suit your changing needs. We can provide a comprehensive formal property valuation for your residential or commercial real estate as well as a less formal market appraisal. To discuss getting a formal property valuation with one of our friendly, professional team members, call us on 02 9822 8380 or 0410 230 570 , or contact us online using the form provided.