Jump to content
Find Professionals    Deals    Get Quotations   Portfolios
Sign in to follow this  
musicbox

Jts: Think Carefully Before Paying For High Cov

Recommended Posts

Just to add on 1 point.

What if the seller doesn't honour his words to sell the unit to you after his new valuation is out? The seller may get greedy and wants to sell it at a higher price to other buyer. Your previous OTP contract has already expired by then, so you can only sadly watch your deal disappear in smoke???

1) First of all, before you do the re-valuation, you must sign the OTP and seal the selling price. i.e. also put down the 1k deposit. We actually dated the OTP 10 days ahead to give us some lead time (see point 4). Owner must agree to this, otherwise it is not possible to do the re-valuation.

2) At the same time, you tell the owner that you would like to do a new valuation (because current valuation is expiring / because you want to keep your cash for house reno etc)

3) Of course the seller must agree to letting you do new valuation & date the OTP 10 days later etc - otherwise, you better not sign OTP or you might risk losing your 1k deposit.

4) Once OTP is signed, you must immediately arrange for HDB valuers to come down to do valuation of the unit. It takes 2 weeks for the valuation report to be ready, and you must exercise the OTP within 2 weeks. Time is a bit tight for this, so that's why better to date the OTP at least one week later. e.g.

- If i decide to seal the deal today (15 July) with seller, I date the OTP as 24 July. The seller must agree lah, otherwise no go.

- So basically you have 3 weeks to get the place revalued.

- Once OTP is signed, immediately arrange for HDB valuers to come down asap. The valuation should be done in YOUR name, for YOU, and sent to your address, since YOU are paying for it. So the seller does not need to see the report or need to know what's the new valuation price.

- Valuation report should take 2 weeks.

- By the time the new valuation report is out, you can submit it to the bank for your loan application.

You should however, have done homework with the bank to know how much in-principle you can get before buying the HDB. Otherwise all that hard work would be for nothing...

A lot also depends on the type of seller / seller's agent that you are dealing with. If they are nasty and are not flexible / not understanding, then not possible to do this.

 

Share this post


Link to post
Share on other sites

Join 46,923 satisfied homeowners who used renotalk quotation service to find interior designers. Get an estimated quotation

Saw a 3A flat, Blk 150 which near tampines central posting in property guru, selling price is $400K . :jawdrop::bow: This is my first time seeing 3rm flat hit 400K asking price.

Edited by davidbslee
 

Share this post


Link to post
Share on other sites
Saw a 3A flat, Blk 150 which near tampines central posting in property guru, selling price is $400K . :jawdrop::bow:

Smetime is co-broke agent advertise. tampines many co-broke agent moving ard. I once saw a unit in blk 410 in sme website. the same weekend, i noted a similar unit in ST Classified. Managed to find out that both units are the same yet both claimed they are exclusive agents. I later found out that the website agent was lying.

Their trick is after showing you the unit you enquire, they say that this unit they not exclusive, their exclusive is another unit. By that time, will be tricky if you want to deal with exclusive agent, since the dishonest agent was the 1 who brought you there.

So what I do now is to get a fren to go see the unit 1st and cfm who is exclusive or maybe owner no exclusive at all and is marketing the unit herself!! Then i cme in later and deal with exclusive agent or better still with seller direct.

 

Share this post


Link to post
Share on other sites
Saw a 3A flat, Blk 150 which near tampines central posting in property guru, selling price is $400K . :jawdrop::bow: This is my first time seeing 3rm flat hit 400K asking price.

hmm..

I guess you miss out this posting

http://www.renotalk.com/forum/index.php?s=...st&p=553916

3'I' Corner. 70 sqm.

Valuation at $385,000. Ask: $460,000

R u fainting :D

 

Share this post


Link to post
Share on other sites
There is no new things under the sun.

I oso went to view a 3rm corner @ Waterloo, they were asking for 80K Cov when value already at $380K or smething. Its near the city and unblock view front & back. Wld you pay?? Well, there will always be some1 who wld cos I dun see they advertise anymore.

everybody know that HDB valuation is based on px transacted in the area as # 1 consideration. If there is a unit already close at 400K, you can be pretty assured that yr unit valuation will nt be less than 400K - 5% (Say $380K), assuming within same floor and resonable condition (Not like a completely empty hse with bare cement floor and no cabinet that type)

Then the whole story repeat again: Agent will say Valuation $380K, Owner looking at $430K, last offer 420K, anything above 425K, I can try for you. Sounds familiar??

If you desperate you will grap, becos if you dun then the next unit in market may ask for $450K!! Smetime the trick is to put 2 units in market 1 original yet px higher to make the real unit appear CHEAP. After this sold and you ask to view the other unit again, they will say unit ON HOLD, Owner not selling for the moment.

 

Share this post


Link to post
Share on other sites
I oso went to view a 3rm corner @ Waterloo, they were asking for 80K Cov when value already at $380K or smething. Its near the city and unblock view front & back. Wld you pay?? Well, there will always be some1 who wld cos I dun see they advertise anymore.

everybody know that HDB valuation is based on px transacted in the area as # 1 consideration. If there is a unit already close at 400K, you can be pretty assured that yr unit valuation will nt be less than 400K - 5% (Say $380K), assuming within same floor and resonable condition (Not like a completely empty hse with bare cement floor and no cabinet that type)

Then the whole story repeat again: Agent will say Valuation $380K, Owner looking at $430K, last offer 420K, anything above 425K, I can try for you. Sounds familiar??

If you desperate you will grap, becos if you dun then the next unit in market may ask for $450K!! Smetime the trick is to put 2 units in market 1 original yet px higher to make the real unit appear CHEAP. After this sold and you ask to view the other unit again, they will say unit ON HOLD, Owner not selling for the moment.

Look at today's property counters, the way they "chiong" , the house prices likely to "chiong" again.

Edited by bepgof
 

Share this post


Link to post
Share on other sites
Look at today's property counters, the way they "chiong" , the house prices likely to "chiong" again.

I guess prices really going crazy. but to purchase 3 roomer so old at 450k. better to be cautious. 450k can easily get decent 4 or 5 room clementi jurong east will be wiser choice. buying now 450 with reno to do. 3 yrs MOP breakeven point will be atleast 500plus!! 400k 4 room at henderson crsent, 4 room telok belangah rise, still within town reach.. if die2 want within town reach..safer bet....still up to individual if not selling and for good own stay till retiremnt..regards

 

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

×