6 Answers

Ivan Ng
Replied
Hi,

Yes, the procedures have changed such that a price has to be agreed before buyers can apply for valuation. If you are the buyer, and price is agreed at 550K, but valuation comes in at 500K, what will be your decision if you have to fork out 50K in cash over valuation? Conversely, if valuation is 600K, price agreed is 550K, transaction will have to go through at 550K if buyer chooses to exercise option, what then will be in your thoughts if you were in the buyers' shoes?

It is ideal if you work with a professional, committed agent who can work out the best possible price to sell at using comparable pricing data around the vicinity and also put in a good marketing plan for your unit. With current market sentiment, it can take 3 - 6 months to secure a reasonable offer, hence its better to work with someone who is committed. Thanks and hope to discuss further.

Warm Regards,
Ivan Ng
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Mike Lim
Replied
Evening,

The issue now would be: are your buyers financially prudent to purchase the unit that you are selling? Are the past transaction pricing way lower than your current selling price?
If the valuation comes out to be lower than the agreed purchase price, the buyer can opt not to exercise the OTP. If the valuation turns out to be higher, seller will have to commit with the agreed selling price.

Do contact me further should you require further assistance.

Regards
Mike Lim
 96929209 
m52i@yahoo.com
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Aaron Chong
Replied
Hi, it is very simple to explain. If the valuation is lower than 550k which in this case will be the purchase price, then the buyer will unlikely to exercise the option by proceeding with this deal because due to the weak market sentiment, most HDB units are selling below valuation.

Regards
Aaron
 9730 8455 
aaronchong2774@yahoo.com.sg Read More
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Geryl Lim
Replied
Dear seller,

Regardless what the valuation price is, the selling price of $550k has been entered into the Option To Purchase, therefore it will be the final transacted price if buyer decides to go ahead and exercise the Option To Purchase. If valuation falls under the purchase price, buyer will need to cough up the difference in amount in cash (known as COV - Cash Over Valuation). If valuation falls above the transacted price, nothing changes.

This procedure is in line with the sales and purchase of private properties, therefore due diligence should be done prior to entering into any sales and purchase agreement.

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Geryl LIM
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Tricia Tan
Replied
Hi
I would suggest you get a professional agent to assist you.
He/She would be able to advise you on the latest transacted prices and valuation range for your unit.
I can be reached via 91442664  if I can help you further.
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GAN ENG JOO ONASSIS
Replied
Hi,

Re: One Stop Services for SG properties

We can assist you based upon your stated contents and walk you through the entire process.

Tell us more about your requirements and locations, we can explore further in detail.

We are contactable at 92222389  or onassis@sgrealtor.com.

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