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asoon88

Don't Pay More Than $400k For A Hdb Flat

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I am a truly unwilling party when it comes to paying COV...oh my goodness...we have to fork out 5 figure cash...(hard earned) to buy something a OLD hdb flat...recently i ask my agent to look for flat with low COV..he told me impossible as recently, COV has picked up...now WHY is COV picking up when we r in a deep recession..whats going on here?where is the sense?

recession with rising property and stock... bubble is forming

 

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Any One knows of any local Website that feature ONLY RESALE HDB - SELLING AT VALUATION or BELOW VALUATION.

I really hope there is one, or any bro out there can create one?

 

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I will give you actual encounters and let the forumers draw their conclusions :-

i) BLK 547 JW St 42, 5A Masionette - Value $325K+ $30K COV

Offered COV $10K - rejected. Agent sms me two days later and say last offer was $22K. I said, "sell to that person then" ! Several days later, sms me again to say owner willing to let go at $25K COV. I said no thank you.

ii) Blk 556 JW ST 42, EM - Value $360K + $30K COV

Offered COV $10K - rejected. Agent sms me again to say seller willing to let go at $15K COV, I accepted. About to meet for OTP that day, agent sms to say seller now wants $25K. I said go "FO".

iii) Blk 558 JW St 42, EM - Value $372K + $10K COV

Matched COV $10K - No immediate acceptance. Agent sms me to say offer rejected and are asking for $30K. I said go to **** with that unit because the whole house was crumbling with spalling concrete.

iv) Blk 828 JW St 81 - EA - Value $388K + $10K COV

Did not offer anything because divorce case and sold by two agents. Luckily never offer anything because police came to break-up the commotion when buyers came to view !!

v) Blk 829 JW St 81 - EA - Value $385K + $30K COV

Offered $405K with re-valuation. Agent rejected offer immediately. Not satisfied, I contacted owner and found out that he wasn't a keen seller. Just testing the market and would only sell if someone offered him $450K ! I sms agent to tell him that I will only offer at VALUATION.

vi) Blk 828 JW St 81 - EA - Value $395K + $60K COV

No need to offer. Family also testing market. Willing to sell if someone offers at least $50K COV.

vii) Blk 761 JW St 74 - EA - Value $395 + $15K COV

Offered $5K. Agent rejected offer. Two days later, offered to up it to $10K. Agent say seller considering. Later found out that multiple agents trying to sell this unit and getting mixed signals. Next day, found out that owner sold it for $11K COV. One week later, found the unit being listed again. Last transaction cancelled and owner now asking $30K COV !

viii) Blk714 JW St 71 - EM - Value $400K + $40K COV

Offered $10K. Several families were there for viewing. Rejected immediately. Agent says one family offered $35K. I said," sell to her then ". Two days later, agent sms me asking whether can give $30K COV. I said, " Didn't you sell to the one who offer $35K?". Honest agents aplenty it seems !

There are many, many more stories but it is about the same outcome. Agents are giving sellers' wrong expectations and buyers' agents are doing lousy homework before bringing buyers to view flats. Wasting everyone's time.

totally agreed.... after two days of viewing , i really do think that agent is one playing the COV game !

I wonder when i will actually find the 5rm flat I want.... but is ok we will take our own sweet time to choose . will not join in the stupid COV speculation.

 

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Erm...actually I juz sold my 5rm flat at Yew Tee area.

My valuation was $372k, but I sold it for $428k.

I guess it depends on which side you are standing at.

As a buyer, we would find the high COV ridiculous...

But as a seller, I would say 'Good job, agent!' :)

The fact is, the foreigners who are cash rich are driving the COV up the roof.

Its a structural issue that Singaporeans are facing... ;)

 

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Erm...actually I juz sold my 5rm flat at Yew Tee area.

My valuation was $372k, but I sold it for $428k.

I guess it depends on which side you are standing at.

As a buyer, we would find the high COV ridiculous...

But as a seller, I would say 'Good job, agent!' :)

The fact is, the foreigners who are cash rich are driving the COV up the roof.

Its a structural issue that Singaporeans are facing... ;)

Guess your house is very well-renovated or near mrt station?

I agree that many foreigners are cash-rich. I met some when I was viewing units. ;)

Edited by forgotten
 

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Erm...actually I juz sold my 5rm flat at Yew Tee area.

My valuation was $372k, but I sold it for $428k.

I guess it depends on which side you are standing at.

As a buyer, we would find the high COV ridiculous...

But as a seller, I would say 'Good job, agent!' :)

The fact is, the foreigners who are cash rich are driving the COV up the roof.

Its a structural issue that Singaporeans are facing... ;)

:bangwall: Gosh !

tats almost 60K Cash...there are sooo many cash rich ppl ard...

and for snowlyflake...sure u cant slp for many many nites...coz tinkin of how to luff to the bank :D

yap yap...somemore our dear MM has juz mentioned tat HDB "prices will go up, for sure"...

lets see how the prices will react to today's headliner...up north liao loh...

Edited by JK_headache
 

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Just wanted to air my views...

I'm one of those who paid more than $400k for a 5-room 25 year old flat. On top of that we paid a high COV.. and paid the same amount for an overhaul of the place.

But I never regretted it.

By now, most of you (older forummers) would know that the place is for my family (not a lovenest) to stay in. It's basically for my parents. They.. AND we, spent 3 years looking at flats in many areas... more than 100 units (HDB alone) and about 50 in this area alone. And my area is very small so I've practically been to every block.

It had been so difficult to get my dad and mom's expectations to match.... THEN to make sure their expectations matched with ours AND our pockets. We could not buy direct and they didn't want to buy direct either.

So after such a long search... we managed to find this flat. And we're all very happy living in it now. We're paying for it comfortably without much worries cause we made calculations. BTW it's not them paying.. it's the young ones. So financially we're very much like you all.. or worse. But we managed.

I think at the end of the day... don't think about how much HDB is cheating you... the agent is cheating you... or the seller is cheating you... it's not something you can really help anyway. Think about how much you can really afford. Live within your means and find something you really like.

I doubt anyone here has viewed houses for 3 years? :)

After trying to sell a place a few years ago... I realise that the moral of the story is not to try to dig as much $ from the buyer as you can... but to set a selling price and once it hits, sell. And then don't think about how much more you could have earned if you held on... or things like that.. who knows? next day, stock mkt might crash and everything goes to shreds. Same as buying ba. Once you see a place that's ok and within means... buy. Don't think about... tmr's viewing might be better/cheaper/easier to close deal...

Anyway... life's too short. Who knows. :) my lousy two cents.

Edited by pinkpetter
 

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i would think it is better to use CPF $, as far as possible dun touch cash. cos i dun consider cpf $ as real $.

i mean i cannot touch, can only see, cannot use. so i think y not use it buy comfy home rather than store in acct i cannot use, at least w comfy house i can

touch and feel and enjoy.

i mean when i sart work say 25 yr old, then wait til 67 then touch cpf, almost 40 yrs of waiting!

40 yrs a lot can change e.g. 1 guy went from 'Merdeka Merdeka' to 'Money Come! Money come!' ;)

 

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I am very disturbed that the Singapore Institute of Surveyors & Valuers have chosen to raise valuations of HDB flats simply based on a flat's location and proximity to amenities.

Many 3, 4 & 5 rm flats are over-valued. This finding has been reiterated many times in many forums. However, buyers seem to be oblivious to the bait and buy based on HDB's generous HLE loan ceiling. Many take up repayment periods of 25, 30....even 35 years for their mortgage loans !

My advice to newly wed couples who are desperate to buy a flat :-

i) Buy a new HDB flat from HDB, if available.

ii) If not, buy a resale flat that is selling below valuation, eg. Punggol, Sengkang, etc.

iii) DO NOT Buy mature flats in excess of $400K regardless of their size. You are being a pawn in the scheme of things by the HDB, Sellers & their Agents.

iv) DO NOT Pay COV for any HDB property. If you want to pay, ask the Seller or Agent to justify. Many cannot and will not be able to justify !

At the end of the day, you will be the ones suffering because your CPF will have ZERO funds when you reach 55 years old, your bank a/c will have little funds left because you need to top-up cash for your monthly mortgage loan repayments.

The current property euphoria is a false sense of better things to come. When the buying stops, the price rise will too. In the meantime, stay with your parents / parents-in-law and build up your nest egg.

Umm just happened to read this topic and how time change things ard is amazing! No COV means NO house , right now! Luckily I bought one 5 rm (COV 14k) 3 months ago. :rolleyes:

 

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