For buying and selling purposes, values are usually based on market value — what the property could probably be sold for. Other types of value include insurance value, replacement value, and assessed value for property tax purposes.
Appraised value is not a constant number. Changes in market conditions can dramatically alter the valuation figures.
Valuation does not take into account special considerations, like the need to sell urgently.
Banks/Finance Institutions usually use either the valuation figure or the sale price, whichever is less, to determine the amount of the mortgage to offer.
The Secretariat, Singapore Accredited Estate Agencies Limited
