Monday, February 24, 2020

A Property Appraisal Case Study For Australian Immigration Visa Application

Photo by Hugo Heimendinger from Pexels

This is one of the cases we handled over the past few years in giving our clients the tailor fit services in their compliance with their immigration requirement under Australian laws where they wish to migrate.

As a real estate professional we are happy to be of services to such people who are in need of such particular services that can help them fulfill a part of their dreams of living outside of their original home country. Such as this former clients of our who we had withheld their names and specific location and their current whereabouts.


Client(s): Mr. & Mrs A (Filipino Citizens)
Objective: Written Narrative Report of Existing Real Property Assets in the Philippines
Purpose: Australian Immigration Visa

Mr. & Mrs. A (name withheld for security purposes) contacted us and required our appraisal services in determining the value of their dream home located somewhere in the province of Pampanga, Philippines. Their newly built homestead was constructed on a 300 square meter lot with improvements (a bungalow home with three bedroom). The property has bare finish on its exteriors (no paint, or unvarnished on the wooden part of their home). 

When the family was growing, they decided to fulfill their dreams outside of the country and possible migrate to Canada or Australia and continue to build and grow their dreams in their dream country and maybe leave the Philippines for greener pastures. However, Australia was their chosen destination because of its close proximity to the Philippines. They have assets available and would wish to dispose it immediately particularly their homestead which they slowly worked for and built for several years as young Overseas Filipino Workers (OFWs) in a neighboring Southeast Asian country. 

Based on the requirement set forth by Australian government's Department of Home Affairs states that Statement of Assets and Liabilities forms (Form No. 1139A) must be filled out in order the visa applicant's net asset position to confirm the liquidity status of the the visa applicants. The form or document should show proof from property ownership that includes title deeds (original and certified true copies), independent valuation by bank-approved valuers (real estate appraisers) on each properties (include the details), as wells sales and purchase agreements.

Completion of Property Analysis and Reporting of Valuation


As licensed appraiser / valuers, our team determined the proper valuation using the two out of the three techniques / methods in giving a satisfactory report to our clients: Mr. & Mrs. A. The aim of this valuation report was to give the owners an insight and possible completion on the submission of report to the immigration agency in compliance to their requirement in fulfilling their Australian dream.  The property valuation report is completed within 7 working days (depending on the number and types of properties) with certifications in the inside of the written narrative report.

We are very happy on their new life now in Australia after successfully migrating in 2017 and made a new life, careers and a blossoming family with their new homestead which they look forward in giving better lives for their kids.

To Mr. & Mrs. A Kudos to Your New Life and your Family in Down Under!


Sources:

Statement of Assets and Liabilities forms (Form No. 1139A) from the Department of Home Affairs, Australian Government https://bit.ly/37hTVpK


About the Writer

CRB Benedict Baluyut is a professional real estate broker, real estate appraiser and associate of C. F. Baluyut Realty. He is currently the Vice President for External Affairs, Real Estate Brokers Association of the Philippines, Inc. (REBAP) - Pampanga Chapter. You can get in touch with him at https://www.cfbaluyutrealty.com.





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