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I have already agreed and exercised the OTP on 20th June with approved letter of offer, however the seller agent has given 44 days before submitting to HDB. Recently the valuation report has expired and the seller agent will redo the report. If the valuation is lower than the original report, does it mean we have to pay higher on the COV? do we need to re-apply for the letter of offer from the bank again?
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1 Answer

Ken Tan
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Hi,

You might want to check with the seller agent if its possible to negotiate on the COV if the valuation drops.

As for the LO from the bank, check with the banker if you would need to re apply for the loan.

However, based on my experience, with regards to the current situation, I would not expect the Valuation to drop. I would think the valuation would increase instead.

Good luck.

Ken Tan
 96461490 
ken_tankw@yahoo.com.sg Read More
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