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meeko

Buying Resale Flat Below Valuation...lucky Or Not?!

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My hubby and I are applying to buy a 5 room resale flat for more than 10% below the valuation. The sellers were actually hoping to sell at approx 15k above their valuation price, but as it turned out, they underestimated the valuation price of their flat (they decided on a selling price while waiting for the valuation report). As the price that they were asking for was pretty reasonable to us, my husband and I also decided to take a gamble and put in the deposit. When the valuation report came back about a week later, we were all pretty shocked when it was so much higher than anyone expected. We have gone for our 1st appointment with HDB but I've heard from the agent that the officer processing our application has been questioning the seller's motives for selling below valuation. I understand that HDB is trying to rule out this cashback process that was so rampant in the past. But in this case, everything was done legally and aboveboard. How can we prove that to the relevant authorities though? It's really frustrating to be suspected of foul behaviour when you're really innocent :bow:

Anyone been through this?

 

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My hubby and I are applying to buy a 5 room resale flat for more than 10% below the valuation. The sellers were actually hoping to sell at approx 15k above their valuation price, but as it turned out, they underestimated the valuation price of their flat (they decided on a selling price while waiting for the valuation report). As the price that they were asking for was pretty reasonable to us, my husband and I also decided to take a gamble and put in the deposit. When the valuation report came back about a week later, we were all pretty shocked when it was so much higher than anyone expected. We have gone for our 1st appointment with HDB but I've heard from the agent that the officer processing our application has been questioning the seller's motives for selling below valuation. I understand that HDB is trying to rule out this cashback process that was so rampant in the past. But in this case, everything was done legally and aboveboard. How can we prove that to the relevant authorities though? It's really frustrating to be suspected of foul behaviour when you're really innocent :)

Anyone been through this?

You are so lucky.

Normally owner will set the asking price to valuation + COV. You are lucky.

The owner must be didn't engage an agent to sale the flat.

Which area and what is the flat type you bought ?

Edited by wumin
 

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You are so lucky.

Normally owner will set the asking price to valuation + COV. You are lucky.

The owner must be didn't engage an agent to sale the flat.

Which area and what is the flat type you bought ?

Hi.. i had bought a resale 4room flats 4yrs ago... which was 14k below e valuation.. n e best is only pay a $10 fees to agent to secure e

deal n to fill up e OTP form.. no COV was given n e owner also never request... best now my flats now worth around 380k- 420k...how

do ur guys think??

 

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My hubby and I are applying to buy a 5 room resale flat for more than 10% below the valuation. The sellers were actually hoping to sell at approx 15k above their valuation price, but as it turned out, they underestimated the valuation price of their flat (they decided on a selling price while waiting for the valuation report). As the price that they were asking for was pretty reasonable to us, my husband and I also decided to take a gamble and put in the deposit. When the valuation report came back about a week later, we were all pretty shocked when it was so much higher than anyone expected. We have gone for our 1st appointment with HDB but I've heard from the agent that the officer processing our application has been questioning the seller's motives for selling below valuation. I understand that HDB is trying to rule out this cashback process that was so rampant in the past. But in this case, everything was done legally and aboveboard. How can we prove that to the relevant authorities though? It's really frustrating to be suspected of foul behaviour when you're really innocent :bangwall:

Anyone been through this?

Is there any agent involve? Maybe go do a check with the neighbour about the flat, see got ah long issus anot, not to scare you but some of my friend kana when buying below valuation. Some more now HDB flat are selling like hot cake in all size and do you think got people really want to sell below valuation when they can earn easy money.

3 years back when I sold my 5rm flat slightly below valuation, HDB want me to write a letter to explain. I wrote that the flat has been selling for quite a while and thats the highest offer from buyer, so sell lor.. That time 5rm flat nobody interested but 3rm to 4rm are selling hot :furious:

Edited by davidbslee
 

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i'm seeing some posts on resale websites with 'price as guide'. When i called the agent, they inform me that valuation has not yet been done. So it would be disadvantageous to me as a buyer, discouraging me from viewing.

What is the rationale of posting the ad for the unit then? So that they can get high COV if valuation ends up low or? But then again, the seller's agent declined to have us view the unit...don't understand... :dunno:

 

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i'm seeing some posts on resale websites with 'price as guide'. When i called the agent, they inform me that valuation has not yet been done. So it would be disadvantageous to me as a buyer, discouraging me from viewing.

What is the rationale of posting the ad for the unit then? So that they can get high COV if valuation ends up low or? But then again, the seller's agent declined to have us view the unit...don't understand... :dunno:

Some ads are fake ones. Their aim is to draw buyers to engage the agent as their agent.

Yesterday, I saw an interesting ad for a 5 room unit behind my block. It states "Fire Sale, Sell at Valuation, 0 COV". Other nearby 5room units are asking for 40K COV. I know it's fake when I read that the unit is at "16 floor". The highest floor is 14 lor. Is the agent trying to sell the roof hahaha?

 

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Some ads are fake ones. Their aim is to draw buyers to engage the agent as their agent.

Yesterday, I saw an interesting ad for a 5 room unit behind my block. It states "Fire Sale, Sell at Valuation, 0 COV". Other nearby 5room units are asking for 40K COV. I know it's fake when I read that the unit is at "16 floor". The highest floor is 14 lor. Is the agent trying to sell the roof hahaha?

Hahahah..... you should have called to check. In case it is a "Penthouse Unit".

 

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i'm seeing some posts on resale websites with 'price as guide'. When i called the agent, they inform me that valuation has not yet been done. So it would be disadvantageous to me as a buyer, discouraging me from viewing.

What is the rationale of posting the ad for the unit then? So that they can get high COV if valuation ends up low or? But then again, the seller's agent declined to have us view the unit...don't understand... :dunno:

Always like that. I'm still receiving calls from agents on units that are for sale based on the specifications stated back in late 2009 when i started searching for a new place.

 

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i'm seeing some posts on resale websites with 'price as guide'. When i called the agent, they inform me that valuation has not yet been done. So it would be disadvantageous to me as a buyer, discouraging me from viewing.

What is the rationale of posting the ad for the unit then? So that they can get high COV if valuation ends up low or? But then again, the seller's agent declined to have us view the unit...don't understand... :dunno:

1) the ad is fake. but i doubt so cos if this one is fake, they will still ask you what you are looking for and then tell you they have other better units and they start sourcing for these so-called 'better' units

2) they are not interested to serve buyers without an agent because they cannot earn your commission yet have to help you do paperwork.

during my search we have seen many units where valuation is not done yet (we have our own agent). we are always allowed to view the units. just that if you really love the unit you will have to live with the days of waiting for valuation report, which is quite a pain...

 

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