During the month of Jan 2014, I applied for a home loan for a home in the Overberg district. Please note that in this report I won't use specific figures as a matter of privacy. The application process requires an assessor to evaluate the property value and report back to the bank. In this case the assessor was one Mr Eric Perhaar, whom I was in contact with, to gain access to the property. After he inspected the property I contacted him to ensure that all went well, and his opinion regarding the property. He then explained to me that he had set the property value at R120 000 less than the purchase price, and simply told me the general property market values have decreased. My problem here is: 1. The bank has approved me for the amount the assessor has specified. 2. The property was assessed less than 3 years ago at almost R100 000 more than specified by the assessor. 3. I am seriously affected here with regards to my future plans towards the property. 4. Other properties of similar size in the same area are currently for sale at a much higher price. My opinion here is property valuations have become biased and very subjective. Please contact me as I am most dissapointed.
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