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It is definitely a risk to take by making an offer at $1.35m if highest indicative valuation gotten is only $1.2m. The difference is a whopping $150k. If I may assist further to look into this matter to assist you get your dream home, do feel free to get in touch with more details and information.

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Geryl LIM
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Hi, it is a big risk that you are taking and besides, I’m pretty sure that you should be able to find other better buy. Pls feel free to let me know if you need any asisstance.

Regards
Aaron
 9730 8455 
aaronchong2774@yahoo.com.sg Read More

Hi do contact me at 97970200  to discuss more

Mark, your RIGHT choice
MCG Read More

Hi,

$150k is considered as Cash-Over-Value (COV) in your descriptions.
This is not the only cash you will incurred, you will also have to fork out another 5% cash for bank loan, which is another $67,500.
Thus total cash component is at least $217,000.

Even with on-site valuation, the difference between estimated valuation and on-site valuation will not be too far apart, at most is $10k~$20k.
The difference is based on how well the unit maintained and additional of goodwill of 5% based on the renovation cost.

Thus unlikely bank able to match your purchase price.

Hope the above answer to your main concerns, but if there are more queries, please feel free to contact me at 90110636  , or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.

Best regards
Ling CK
 90110636 
ling.ck7@gmail.com

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Hi,

You have to be aware that Bank valuation will always lag the actual market transactions.

Especially in an up-cycle market, it is perfectly normal that units will transact above the Bank valuation. This is the only way for property prices to move up.

Imagine, if all properties were to transact at Bank valuation, how would the prices move up then?

In today's market, because of the market sentiment, we are seeing a lot of resale Sellers asking above Bank valuation. And Buyers are also becoming aware of this situation and some are willing to pay "Cash-Over-Valuation" for a unit that they like.

Imagine this situation, Condo ABC is valued at $1.2m now, but you can get it at $1.3m ($100k COV) today. 6 months down the road because of the prices increase, Bank valuation for the same unit is now at $1.4m. Are you willing to pay $1.4m ($0 COV) even when it can match Bank valuation?

The market today is different from past few years. In today's market, it takes a shrewd buyer to secure their choice units before the rest of the buyers come into the picture. If you think that need assistance on this, you should consider engaging an experienced agent to assist you in your property purchase.

Should you need any further assistance in matters relating to property, please contact me at my mobile 9748 6305  . I will be happy to assess and share with you the possibilities for you and your partner in the current market.

Thank you.

Best regards,
Robbie Chen
 9748 6305 
PropNex Realty Read More