The valuation is based on market condition, similar transacted price for such units in the area and the condition of the flat.
You can ask the agent to reissue another Option to Purchase to negotiate for a lower purchasing price.
If you do not want to proceed, you will lose the $1,000 option fee. To check the market value of resale HDB flats in your area, you can click on the following link: https://services2.hdb.gov.sg/webapp/BB33RTIS/BB33PReslTrans.jsp. For more information, please refer to the following link https://www.propertyguru.com.sg/property-guides/hdb-valuation-sales-12882
Hope this answers your question.
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It is not uncommon to have COV, especially in areas of high demand, or if the unit has special attributes as compare to the other flats.
You can try to negotiate for a lower price, but that's also subjected to the Seller's agreement.
Many a times, Buyers go direct to Seller Agents thinking that they will be able to save on some commission. But little do they realize that by engaging a competent agent can actually help them prevent certain pitfalls, where overpaying for a unit is one of them.
I am experienced and well-versed in both HDB and private transactions. I will be able to assist you in your property plans.
Should you need require 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 in the current market.
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$40k difference is relatively huge in HDB pricing context, I am unsure what are the factors contributing towards you putting up this offer but it will definitely be good to have an open discussion with the seller. It is difficult to say if sellers will be agreeable to reduce price in such instance, however, I feel that the demand and supply of resale units in the location plays a great part in terms of the pricing, where if there is huge demand for units in the area with limited units for sale, this can drive up the expectations of sellers, thus they naturally will look into selling at a premium as compared to places where the is an abundant supply of resale units in the market for a small pool of buyers to choose from, and in this instance, I won't be surprise for a grossly under value transaction.
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There are lots of things could happen during a property purchase. Lots of thins unforesee or never thought off that could cost you a lot of money.
How does valuation work?
1) All valuation greatly dependent on past transactions, where the first few transactions are based on location; connectivity, amenities etc.
2) You have to understand what does connectivity means to valuer, and what are consider as amenities etc.
3) Lastly, condition of the unit, this actually will not mean much to valuer. There is a cap on amount they can insert under cunit's condition.
Without understand the above criteria, it is not surprise you fall in love with the unit and agreed with the seller's price.
In your situation, you will have to negotiate with the seller again. This is the only way, as you didn't consider asking price is way above the neighbourhood.
The worst is you forgo your $1,000 option and move on if all things fall apart. This is still better to incur higher cost in future when you try to sell and finds that you never get back your $40,000.
P.S. Do not try to patch a small hole by digging a bigger hole!
Hope the above answer to your main concerns, but if there are more queries, please feel free to contact me at 90110636, or email: firstname.lastname@example.org if more information is needed.
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COV is common in the current market after circuit breaker period for some unknown reasons. COV is based on the current market price of the flat which is based on the demand and supply of the flats on a particular area. There is a high chance of paying COV if demand for flats at the particular area is high or supply is low. Thus high COV might indicate a general positive market outlook and advantegeous to the seller. Other reasons for high COV involved is the failure of the buyer to do a proper research on the market price of flats in that area and succumb to seller's demand easily. This is a common case for DIY buyer. However I should say COV of $40,000 is too huge. You may want to negotiate with the seller's agent although there is no obligations on the seller part to reduce the purchase price. If you decide not too exercise the option, you will lose out on option fee placed. Do contact me at 93375051 for a free and non obligatory discussions on this.
ERA Realty Network Pte Ltd Read More