velv 0 Report post Posted December 27, 2009 As prices went up, there are currently a lot of flat -sellers going to revalue their flat to seek higher price. We are first timer in resale & need some advise on this. I am concern that if I had close a deal with a seller, whose valuation expiry is end of Jan for example. & Our appointment with HDB is May-July 2010. Will the seller have to revalue when his document expire? And if the price got back higher , does that means I might had to increase the price? Share this post Link to post Share on other sites
born_again 0 Report post Posted December 27, 2009 As prices went up, there are currently a lot of flat -sellers going to revalue their flat to seek higher price. We are first timer in resale & need some advise on this. I am concern that if I had close a deal with a seller, whose valuation expiry is end of Jan for example. & Our appointment with HDB is May-July 2010. Will the seller have to revalue when his document expire? And if the price got back higher , does that means I might had to increase the price? valuation report has to be valid at time of submission to HDB for 1st appointment Share this post Link to post Share on other sites
jeda 0 Report post Posted December 27, 2009 (edited) As prices went up, there are currently a lot of flat -sellers going to revalue their flat to seek higher price. We are first timer in resale & need some advise on this. I am concern that if I had close a deal with a seller, whose valuation expiry is end of Jan for example. & Our appointment with HDB is May-July 2010. Will the seller have to revalue when his document expire? And if the price got back higher , does that means I might had to increase the price? velv, close the deal with the seller based on the current valuation. then submit the resale application before the current valuation expired. then you will be safe. we did something similar. but cos we want our appointment to delay, after submitting the resale application and getting an earlier appointment date, our agent will be writing in to change the appointment date to a latter one. according to my agent, all applicants are entitled to 1 change of appointment date. alternatively, if your cov is very high, using a revaluted (higher amount) figure will reduce your cov if you and the seller had agreed on a fixed selling price in your OTP. but if your cov is low and your revaluated amount exceeds the OTP, i dunno if HDB will accept selling below valuation (may be possible cos already exercise OTP). i had a friend who agreed with seller on a price even before valuation report is out; when the report is out, it matches their selling price. ask your agent la. Edited December 27, 2009 by jeda Share this post Link to post Share on other sites
Mr Anything 0 Report post Posted December 31, 2009 Basically, the valuation is not reflected in the OTP (if i dun recall wrongly). Some points (from my understanding) to clear your doubts: 1) The price you pay (meaning total, including your COV) will not change. It will be as stated in the OTP. 2) The valuation report only needs to be valid (means not expired yet) during submission for first appointment. It can be already expired during your first appointment. 3) If prices going up, buyers pay less COV. But overall price still the same. For example: First Valuation is 100K Suppose agreed selling price is 150K (as in OTP) You need to pay, 50K COV + 100 from CPF (or HDB loan) If do revaluation and Second Evaluation increases to 120K Suppose agreed selling price is still 150K You need to pay 30K COV + 120K from CPF (or HDB loan) 4) You need to pay for the valuation report (approx $150-$200) =) Hope this helps. Happy New Year Share this post Link to post Share on other sites
avatarsun 0 Report post Posted April 5, 2010 Basically, the valuation is not reflected in the OTP (if i dun recall wrongly). Some points (from my understanding) to clear your doubts: 1) The price you pay (meaning total, including your COV) will not change. It will be as stated in the OTP. 2) The valuation report only needs to be valid (means not expired yet) during submission for first appointment. It can be already expired during your first appointment. 3) If prices going up, buyers pay less COV. But overall price still the same. For example: First Valuation is 100K Suppose agreed selling price is 150K (as in OTP) You need to pay, 50K COV + 100 from CPF (or HDB loan) If do revaluation and Second Evaluation increases to 120K Suppose agreed selling price is still 150K You need to pay 30K COV + 120K from CPF (or HDB loan) 4) You need to pay for the valuation report (approx $150-$200) =) Hope this helps. Happy New Year Does anyone knows how long a valuation report last? 3 months? Share this post Link to post Share on other sites
marshmallow 0 Report post Posted April 5, 2010 Does anyone knows how long a valuation report last? 3 months? Yes it's 3 months... Share this post Link to post Share on other sites
salavanun 0 Report post Posted April 5, 2010 the new valuation after submission wouldnt be valid coz there will be a date of report if it is new..i suppose u r safe//cheers Share this post Link to post Share on other sites
