Hi, the bank valuation of Southbank is not as high as what the seller wanted, so that means I would have to fork out the delta, which could easily amount to $50K - $100K on top of the 5% cash. Anyway to overcome this dilema between buyer and seller?
Posted by Mr. Lim on Jun 27, 2009 in Condo Questions - Southbank @ Lavender | 881 Views
Latest Answers by Real Estate Professionals (2 Answers)
Answer Posted on Jun 27, 2009
Hi Mr. Lim,
This is usually the case in the market today, as bank valuations are typically lagging transacted market prices by often a large amount. If it is any consolation, the difference was much greater 1-2 months ago, as banks have done a good job catching up as news of higher prices becomes more certain.
You may also want to shop around with several banks to make sure you find a banker who knows the project well. For example, recent transacted prices at Southbank may be higher than valuation if caveats have not been lodged yet. If you can find a banker who has recently done a deal there in the last few weeks, they will know this. In any case, show banks evidence that transactions are higher, as this can help your case.
Anyways, if you cannot find anything at Southbank, you might want to consider my units at Lumiere (another SOHO-style project, next to Tg Pagar MRT). You can view details on my website (mm.myweb.sg) and valuation is up to $1780 PSF for my very high floor units so cash top up is very small considering small unit size.
Good luck!
Miki (mm.myweb.sg)
Best of luck.
Miki
This is usually the case in the market today, as bank valuations are typically lagging transacted market prices by often a large amount. If it is any consolation, the difference was much greater 1-2 months ago, as banks have done a good job catching up as news of higher prices becomes more certain.
You may also want to shop around with several banks to make sure you find a banker who knows the project well. For example, recent transacted prices at Southbank may be higher than valuation if caveats have not been lodged yet. If you can find a banker who has recently done a deal there in the last few weeks, they will know this. In any case, show banks evidence that transactions are higher, as this can help your case.
Anyways, if you cannot find anything at Southbank, you might want to consider my units at Lumiere (another SOHO-style project, next to Tg Pagar MRT). You can view details on my website (mm.myweb.sg) and valuation is up to $1780 PSF for my very high floor units so cash top up is very small considering small unit size.
Good luck!
Miki (mm.myweb.sg)
Best of luck.
Miki
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