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New trend by Bank officials
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tdsb



Joined: 19 Dec 2009
Posts: 675

PostPosted: Thu Aug 21, 2014 9:45 pm    Post subject: New trend by Bank officials Reply with quote

Dear Friends, There is a new trend by the lending officers of the banks in CHENNAI. They refuse to give any sale deed,patta copy, FMB sketch or construction agreement to any valuer and instead they are willing to give only the previous valuation report done more than 3 years past or the schedule portion of any legal opinion.They ask the valuers if they are capable they should collect whatever details from the customer and submit the report within 24 hours. If you are getting those documents without knowing what the documents given to the bankers YOU THE VALUERS WILL HOLD UNLIMITTED RESPONSIBILITY! Nevertheless the local chairman and his close executor committee members fulfil their aspirations, time and they are very much happy with them. THEY HAVE SHOWN THEIR REPORTS AS THE MODEL! I very strongly feel that I SHOULD leave my valuation profession as I am a fish out of water. EVERY INDIAN VALUER continue to be happy with the on going systems and their leaders! GOOD BYE TO ALL! THANKS AND REGARDS TO VALUERS WORLD who permitted me to write what my expectations are! T D SURESH BABU
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djagan1949



Joined: 07 Jan 2009
Posts: 315

PostPosted: Sat Aug 23, 2014 6:34 pm    Post subject: New trend in Banks Reply with quote

Dear Members,

The object and fundamental reason for revaluation of properties is to set right any defects in previous valuation reports. By not furnishing all relevant records and restrict to giving only previous valuation report wilfully allows carry over of mistakes or discripencies in previous valuation report. This is against their own interest and a serious blunder exposing them to credit risk. We should refuse to do such whitewash report.

Is banking ombutsman is only for customers to report grivences or they can extend help to other empanelled professionals of banks like us ? Take up with them or with respective vigilance department of the bank asking them to give us immunity for such revaluations done in the past and in future.

Regards

Vr. D. jagannathan

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djagan1949



Joined: 07 Jan 2009
Posts: 315

PostPosted: Mon Sep 08, 2014 5:17 pm    Post subject: New trend in Banks Reply with quote

Dear Members,

Nearly 141 times this topic has been viewed but silently without any comments. I presume the trend has just started but not affected many of us to acknowledge or agree to this comment.

Regards

Vr. D. Jagannathan

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suchdevs



Joined: 30 Aug 2008
Posts: 348

PostPosted: Tue Sep 16, 2014 12:54 am    Post subject: Reply with quote

The trend is on rise, and it is not long before it grips us all... and while i agree that bankers are to be blamed to an extent, but we valuers have made ourselves so much gullible and available that they have no choice but to take advantage of it.

It is important that we all realize the dangers and hazards of mindless working. But most often I have seen most valuers, when land into problems, owing to their similar blunders, will rather bury the matter deep down than letting others know, and learn from it.

It is here that associations and institutions become important, in helping members realize the importance of professional working...

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djagan1949



Joined: 07 Jan 2009
Posts: 315

PostPosted: Tue Sep 16, 2014 1:46 pm    Post subject: New trend in Banks Reply with quote

Dear Suchdevs ji,

The danger to valuers by this new trend is clear and imminent. Who is going to bell the cat? In case of any loss to bank this may be viewed  by bank later as a serious fraud. Still I am doubtful whether any Manager can afford to work in such a foolish way disregarding interest of self, bank and Valuer.

Regards

Vr. D. jagannathan

 

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tdsb



Joined: 19 Dec 2009
Posts: 675

PostPosted: Thu Sep 18, 2014 8:05 am    Post subject: Reply with quote

Dear friends, Accepting to undertake the assignment only with the past valuation report means that the valuer has accepted the responsibility that he is capable of completing the valuation assignment only with that document in the eyes of the court /law/CBI/POLICE etc., Bank officers in Chennai have started following this new trend and the valuers do accept assignments I too agree only for their livelihood ! Exploitation by the new and raw bank officers who have very much no knowledge about the credit nuances or the future consequences. Even experienced officials conveniently try to follow this method AS THEY ARE NOT ANSWERABLE FOR THE WRITINGS IN THE valuation report of the valuer. It is" Happenings" every day in Chennai not ONLY to Me.I do not ACCEPT SUCH ASSIGNMENTS. No danger to the officer or the bank but only to the valuer. Pl. understand and believe my words that I served as a Bank officer! Regards, T D Suresh Babu
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djagan1949



Joined: 07 Jan 2009
Posts: 315

PostPosted: Thu Sep 18, 2014 11:27 am    Post subject: Post subject: New trend in Banks Reply with quote

Dear Members,

If bank handle revaluation cases this way then we are definetley in trouble. Even a typographical error in first report is enough to land us in problem. We may have pay legal expenses Rs. 50,000 for a case where we had taken professional fee of Rs.1000/- This can be a nice trap to any experienced valuer. Banks give me full details for revaluation wherever valuation are done by others.  If they don't give I demand for it and get. I find them highly responsible and sensitive to our problems.

We have to be assertive and safeguard our reputation as well give a good report. This is a fit case to be taken up by any Institution with IBA. These things must be never compromised. We are not like Xerox machines to give copies.

Regards

Vr. D. jagannathan

 

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tdsb



Joined: 19 Dec 2009
Posts: 675

PostPosted: Thu Sep 18, 2014 12:11 pm    Post subject: Reply with quote

Dear Jaganji, I fully appreciate your stand. My fraternal respect and greetings to you. Valuers should also think even that report might have been taken in this way.I had argued/ been a witness in many court/CBI cases. In such cases the valuer will be looked upon as" in collusion" for the fraud and it will be very difficult to disprove it as the valuer had agreed to do the work with the document given to him. The local leader should not have the foolish proudness that his reports are given as models forgetting the fact that the report is only for a specific purpose as on a specific date. What had happened to the documents?! in between. AS a matter of fact that the valuer can demand to verify the originals and compare with the copies given to him. Time has come that the valuer should demand from the banking officers should attest on the copies that they are taken as on date from the originals available with them ESPECIALLY IN CASE OF REVALUATION. Regards T D Suresh Babu
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djagan1949



Joined: 07 Jan 2009
Posts: 315

PostPosted: Thu Sep 18, 2014 2:27 pm    Post subject: New trend in Banks Reply with quote

Dear Members,

I humbly request those members who had faced this problem to record here their experience. They need not mention the bank or branch which asked them to do revaluation by providing only previous valuation report. Recordings by all affected valuers here will reflect true dimension of the problem so that an Institution can take up the matter at appropriate level and make our working more smooth and safe.

Regards

Vr. D. Jagannathan

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tdsb



Joined: 19 Dec 2009
Posts: 675

PostPosted: Mon Sep 22, 2014 7:51 am    Post subject: Reply with quote

Dear Jaganji,

There are many valuers in Chennai who had talked to me and understood the importance of taking care during revaluation.

The valuers who take this tricky task lightly and hastily do the assignments are bound to repent later.

It is left to their choice!

Regards,

T D Suresh Babu

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djagan1949



Joined: 07 Jan 2009
Posts: 315

PostPosted: Mon Sep 22, 2014 10:33 am    Post subject: New trend in Banks Reply with quote

Dear tdsb ji,

In their valuation report do they mention about list of document produced by bank ? Do they record that bank had told them to complete the assaignment with previous valuation report alone? Do they record that they are not responsibles for any discrepencies due to short supply of documents.?

All the valuers may not land into trouble. Only those who believe and blindly follow a defective first report may get caught in the investigation web. Bank should not let down its own valuers by not providing proper records.

There are more than 400 visits to this topic but none other than 3 of us are concerned about this problem. Majority valuers are either happy of the system and feel secured in dealing with bank or view the topics similar to posters pasted on compound walls they glance on when they travel .

The fact remains that valuers feternity remain in constant fear fobia due lack transperancy, enforcement of proper systems, awareness and self decipline.

Regards

Vr. D. Jagannathan

 

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suchdevs



Joined: 30 Aug 2008
Posts: 348

PostPosted: Tue Sep 23, 2014 11:44 pm    Post subject: Reply with quote

as rightly pointed out above, we have observed some or the other mistakes in the reports made available to us for revaluation - some of which may have led to fatal mistakes by us, had we not studied entire set of documents.

bankers will avoid giving complete set of documents to the valuer either out of laziness or as the documents are vaulted and cumbersome to be photocopied. but if the seriousness of the matter is explained to the banker, i am sure most bankers will see the point.

that aside, i was just wondering, if a banker insists that the valuation be carried out based on previous valuation report, and if the valuer agrees to undertake the assignment, and clearly brings out this fact in the report, stating limiting condition as follows:

"The Valuation has been carried out based on the copy of the previous valuation report provided by the bank. In absence of any additional information, the details as stated in the report have been considered to be correct and bonafide for the purpose of valuation."

My question is, if there is any litigation, and finding that there is a factual error in the valuation report owing to the previous report, will the valuer have to undergo any harrassment?

I also want suggestions on improving the above remark, to the extent possible.

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tdsb



Joined: 19 Dec 2009
Posts: 675

PostPosted: Wed Sep 24, 2014 7:34 am    Post subject: Reply with quote

Dear friends,

Unless the full and complete details and facts about the property / asset to be secured are provided to a valuer he cannot give a valid valuation. This is very much known and expected of from the valuer by any court/ CBi/ enquiries etc.,

Once you  state that you have accepted  the assignment without all the details/facts and verified them with the legal documents and physically verified the asset and have proofs of this verification, you  will be  charged of"NEGLIGENCE" and /or "IN COLLUSION" with the banker.There is no escape from this.

Prevention is better than cure! Now as on date it is left to the risk /choice of any individual valuer! As a matter of fact the second verification by another valuer helps the previous valuer !

Regards

T D Suresh Babu

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djagan1949



Joined: 07 Jan 2009
Posts: 315

PostPosted: Wed Sep 24, 2014 9:07 pm    Post subject: Post subject: New trend in Banks Reply with quote

Dear suchdevs ji,

Such condition laid by the valuer doing revaluation will not hold water. Any problem arising later we alone will be squarely made responsible. That time different manager will be there and say valuer had read and seen all the papers in the file furnished to him, but did not insisted on copies of documents.

In a nutshell if a office manager of a company draws Rs. 25 .00 lakhs cash for salary disburement of staff but find no time to count and simpley take it on cashier's word and if there is a shortage of few lakh how the owner will view the problem? As long as things go smooth on track no problem for any one but when things derail damage will be heavy. Therefore kindly do not depend on condition and simply refuse to take up assaignment.

One should not take poison just because he is in the bast doctors clinic and he will save his life any cost. We should not overspeed in roads in our vehicle just because the brake is good. Remember always proverb "  many a slip between cup and lip". Kindly pardon me if I am wrong in saying this much.

Warm regards

Vr. D. Jagannathan

 

 

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ValueAddConsultants



Joined: 27 Feb 2014
Posts: 97

PostPosted: Sat Oct 04, 2014 4:24 pm    Post subject: Re: Post subject: New trend in Banks Reply with quote

[quote="djagan1949"]

Dear suchdevs ji,

Such condition laid by the valuer doing revaluation will not hold water. Any problem arising later we alone will be squarely made responsible. That time different manager will be there and say valuer had read and seen all the papers in the file furnished to him, but did not insisted on copies of documents.

In a nutshell if a office manager of a company draws Rs. 25 .00 lakhs cash for salary disbursement of staff but find no time to count and simple take it on cashier's word and if there is a shortage of few lakh how the owner will view the problem? As long as things go smooth on track no problem for any one but when things derail damage will be heavy. Therefore kindly do not depend on condition and simply refuse to take up assignment.

One should not take poison just because he is in the bast doctors clinic and he will save his life any cost. We should not over speed in roads in our vehicle just because the brake is good. Remember always proverb "  many a slip between cup and lip". Kindly pardon me if I am wrong in saying this much.

Warm regards

Vr. D. Jagannathan

 [/quote]

Dear Vr. D. Jagannathan,

Let me first congratulate for responding to the discussion and giving your view and advice. Most of the members here are not bothered to respond to topics which are of importance to them.  You have really given good suggestions and advice and it will in the benefit of valuer if they follow the same. However my concern is if many valuers does not follow your advice as suggested in spite of agree-with your view point. and not to loose assignments they continue to practice as suggested by the bank's officer. In that case what to do ? As following problem may arise.

1) Valuer first approach by the Bank Branch will loose the assignment as he/she asked for the documents to the Branch manager /office in charge or concern.

2) Assignment will goes to another valuer who has not asked for those documents even though such valuer is not equally competent to first valuer and first valuer is top valuer of his valuer,

3) Banker may think by not giving documents they have followed right practice hence next time they will not like to give documents.

4) in such situation the good quality valuer suffers and valuer who does not follow standard practice they learn and gain from the assignments.

5) Sir how to prevent such different practices adopted by different valuers ? Please advice and guide valuer.

 

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