Examination of Clients' Needs with respect to the Mortgage Valuation Reports Produced by Valuers in Awka, Lagos, Abuja and Port-Harcourt (2016-2018)

Abstract: Asset valuation refers to the process of determining the monetary worth/value of an asset. This study was conducted to examine the needs of clients concerning mortgage valuation reports produced in Awka, Lagos, Abuja, and Port-Harcourt. The primary aim of the research is to identify clients’ requirements regarding these reports in order to enhance valuation practices in the aforementioned cities. To achieve this, both questionnaire and interview instruments were utilized. A sample of five hundred and thirty-eight (538) registered firms, along with twenty-one commercial banks from Awka, Lagos, Abuja, and Port-Harcourt, was selected for the study. The data collected were analyzed using statistical tools, including Relative Importance Indices (RII) and Frequency Distribution. The results from the descriptive statistical test (Frequency Distribution) revealed that the following aspects were ranked as the most important needs of the clients: executive summary, introduction, subject property, opinion of value, and certification. Based on these findings, it is recommended that professional Estate Surveyors and Valuers should clearly state the identity of the mortgagor, provide an assessment of the financial and market situation of the property, indicate the extent of the survey when it exceeds one day, differentiate between the date of valuation and the date of the report if they do not coincide, and address the status of town planning zoning and approval. Keywords: Clients’, Needs, Mortgage Valuation, Banks, and Estate Surveying and Valuation Firms. Title: Examination of Clients’ Needs with respect to the Mortgage Valuation Reports Produced by Valuers in Awka, Lagos, Abuja and Port-Harcourt (2016-2018) Author: Chinaza Henry Obineme, Chiemezie Chisom Nwosu, Anthony Chinemenma Okoro International Journal of Recent Research in Commerce Economics and Management (IJRRCEM) ISSN 2349-7807 Vol. 11, Issue 4, October 2024 - December 2024 Page No: 22-27 Paper Publications Website: www.paperpublications.org Published Date: 31-October-2024 DOI: https://doi.org/10.5281/zenodo.14016869 Paper Download Link (Source) https://www.paperpublications.org/upload/book/Examination%20of%20Clients’%20Needs-31102024-2.pdf