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Good morning Weikang,

It will be best for me to draft a financial calculation to estimate your sales proceeds and purchase first then we move on from there.

Due to current slow moving resale market, I will advise you to sell first while looking for a new place but don't commit to purchase first.

I do understand that new rules and regulation might be confusing but not to worry. I can send you a flowchart of a typical HDB sale so you will have a better idea.

For HDB purchase, once both parties (buyers and sellers) agree on a price, buyers will have to request for valuation. If the valuation turns out to be lower than agreed price then you will have to pay cash over valuation (COV). I will be able to advise you on the potential valuation based on past transactions etc and will try to minimise this risk for you.

Feel free to contact me if you need further clarifications or have any doubts. Cheers!

Warmest Regards,
YT TAN 陈永达 | ACCA Graduate, RES
Vice President (Agency)
R043025D
Property Avenue Pte Ltd
Estate Agent no. L3010650D
Blk 420 North Bridge Road #03-30 North Bridge Centre S188727

(M): +65 9111 5171 
(E): yt.tan@propertyavenue.com.sg
(W): www.yttan.com
(W): www.propertyavenue.com.sg Read More

Hi,

It will be great if I can meet up with you to illustrate the financial calculations so as to ensure you have a overall idea about the sell and buy transaction.

Essentially, the current procedures is such that price has to be agreed first, and if the valuation is lower than agreed price, COV is payable. If COV is too high, you can choose not to proceed to buy the unit.

It is best we discuss further and understand the nearby prices so to ensure you do not go in with too high a price for your unit, while ensuring you sell at a favorable price. Thanks and may I understand your housing plans so to further value-add?

Warm regards
Ivan ERA
 97432395 
Ivanng10@gmail.com
Website: http://www.ivanng10.com/#!reviews/c11r1
(Client's Testimonials) Read More

Morning Weikang,

As per current ruling, both buyers and sellers will agree upon the transaction pricing before signing the OTP. Buyer will the proceed with the valuation request. If the valuation turns out to be lower than agreed pricing, the buyer will need to prepare additional cash to top up on the purchase, if they decide to proceed to exercise the OTP.

Do contact me further for detail discussion.

Regards
Mike Lim
 96929209 
m52i@yahoo.com
Marketing Director
ERA Read More

Hi Weikang,

COV simply means Cash Over Valuation, therefore should transacted price be above the valuation, the excess amount should be paid for by cash. With the tweak in procedures for resale HDB, the tricky aspect is that valuation can only be done after seller grants the buyer the Option To Purchase. Should valuation be way lower than the purchase price and buyer has difficulty in raising the cash amount for the purchase or do not feel that it is worthwhile to proceed with the purchase, buyer can choose to forfeit the deposit given to the seller in this case. Coupled with the probable sale of your existing place, you could be looking at decent amount of cash proceeds from the sale therefore it is important to look into the financial element for this sale and purchase transaction. It is advisable to work with a proficient salesperson if you are unsure of these elements to managing the sales and purchase.

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Regards,

Geryl LIM
Real Estate Director
Masters Of Real Estate
M.O.R.E Property Pte Ltd (L3010548F)
CEA Reg R014783H
Mobile: +65-81577565  /+65-92787772
Email: geryl7772@gmail.com

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Hi WeiKang,
Sell and purchase is separate process. COV only apply to you on the purchase. Yes, COV depends on the valuation and the transaction price. To assist and advice you the details, pls drop me an email for me to explain.

I can be contactable at my mobile or email.

CK Ang
 9046 3808 
res.ckang@gmail.com Read More

Good day mr Weikang

Can use cpf or loan to pay for value for bishan EM .

CANNOT use cpf or loan to pay for bishan EM COV .

COV to be paid strictly by cash .

Kindly contact me for a no obligations chat for your property needs .

My charges are 1% commission for exclusive selling rights to your yishun EM , or 2% for open listing.

Joanne chia
Hp 8333 3327  Read More