Procedures followed in getting the valuation done

Procedures followed in getting the valuation done
  1. Procedures followed in getting the valuation done;
  2. We received a request letter from our client and the owner of the subject property eg Mr. Evod lzy of P.O Box 98897, Dar es Salaam.  The letter detailed the following  information about his property;  
  3. Name and address of the client
  4. Physical address of the property to be valued.
  5. Type and extent of the property to be valued.
  6. Purpose of the valuation (valuation indicating the current market value of the land and building).
  7. The date of valuation.
  8. Time frame

We sent the request letters to the owners of the comparable properties. Our letters requested that the owners provides us with the following information;

  • Physical addresses of the comparable properties
  • Name and address of the comparable properties owners.
  • The date of transactions.
  • Sales agreements.
  • The date of complete construction of the comparables.

We also sought their consent to permit us to carry out the physical inspection of their properties.

  • Acceptance of offer to the subject property owner to allow us to carry out the valuation inspection of his property. The acceptance letter detailed the exact date which we were supposed to go to inspect the subject property. We also received the acceptance letters from the owners of the comparables detailing us the date which we were permitted to go and inspect the properties.
  • Data identification and search. We used the data forms which aided us in making sure that we recorded all the necessary information about the subject property and the comparable properties which are located at Yombo Dovya. We observed the general data, specific data and the market data concerning the subject property and the comparable properties.
  • Property inspection.  We inspected the subject property on 02nd January 2016. We inspected the comparable 1 on 4th January 2016, comparable 2 on 6th January 2016 and comparable 3 on 7th January 2016. We collected the general and the specific data about the properties (We collected the property details and information so that we could be able to conduct the valuation analyses and arrive at a fair market value of the subject property.).
  • Report writing and valuation analysis. After gathering all the necessary information about the subject property and the comparables we had carried the valuation analysis and prepare the valuation report.
  • Submission of the report to our client.

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