7 Answers

Ivan Ng
Hi,

What he meant was seller and buyer agree price first before buyer uses the OTP to apply for valuation. Only the valuation figure done by the appointed valuer by HDB will be recognized for the transaction. This is the current HDB resale procedure set out by HDB.

Once buyer have the valuation figure, buyer can still back out by not exercising the OTP, but they will forfeit the option fee. Hence your concern will be cleared.

May I have more info and requirements about your plans so to make better recommendations? Thanks and look forward to value-add to your housing plans.

Warm Regards,
Ivan Ng ERA ASAP
(ASk Anything Property)
Proactive. Sincerity. Feedback.
SMU BBM (Finance), Magna Cum Laude

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Gavin Ng
Hi

Understand your concern to buy at fair market value.

If you would like to write to gavin.ng@orangetee.com, we will answer your question accordingly.

Regards

Gavin Read More

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Geryl Lim
Dear buyer,

Yes, it is true. This is the current procedure, where from the way I see it, it is to encourage buyers to exercise prudence and do their due diligence prior to entering into any negotiations and offers. This will encourage sellers to look into the bigger picture of the final selling price instead of focusing solely on how much COV their units can fetch, which was previously the main sales pitch by salespersons to obtain listings.

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Regards,

Geryl LIM
Associate Marketing Director
Global Alliance Property (L3010679B) - Century 21
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Email: geryl7772@gmail.com

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Robbie Chen Chee Howe
Hi,

It seems to me that you are not very familiar with the current HDB ruling. Valuation is done by the Buyers nowadays, not the Sellers. And to do a valuation, you will require an OTP, meaning Seller will have to agree to sell to you at an agreed price. No agent will be able to provide you with a "formal valuation" as you mentioned.

If the Valuation comes out to be below your Purchase Price on the OTP, you will have to pay COV should you choose to exercise the OTP. However you can also choose not to exercise the OTP if you deem the COV is too high for your liking. In this case, you can just forfeit the deposit.

My advice to you, engage a professional salesperson and handle your purchase for you. There are much more work to handle than just valuation in a property purchase. We are talking about a few hundred thousands of purchase here, not buying fish from the wet market.

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 in the current market.

Thank you.

Best regards,
Robbie Chen
9748 6305
PropNex Realty Read More

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Geryl Lim
Apologies, I misread your input. The valuation is done only when the buyer and seller has agreed to a price for the unit, where the Option To Purchase has been granted to the buyer by the seller. With the Option To Purchase, the buyer will then proceed to submit a valuation request and valuation will be done and with results should be ready before the exercise of Option To Purchase.

Valuation is not done after completion.

Take note that valuation request should be done within a working day to ensure that there is sufficient time to work on securing a bank loan for the purchase if purchase is done using bank loan.

Tenants can visit http://bit.ly/SGExpatRental (Official Rental Requirements - Singapore Expatriates) to indicate your rental requirements.

Thank you for your support in 2016 for the Top Producers Award - https://bit.ly/No1Team

Claim your free home report today at https://bit.ly/ClaimFreeReport.

Visit and Like my facebook page at https://www.facebook.com/propertyblogshop/

Room Rental @ https://www.facebook.com/SGRentARoom/

New Singapore Expatriates on facebook is up and running. Come join us at https://www.facebook.com/groups/newsgexpats/

My self introductory video on https://youtu.be/6UfrCOCB6Mg

Regards,

Geryl LIM
Associate Marketing Director
Global Alliance Property (L3010679B) - Century 21
CEA Reg R014783H
Mobile: +65-81577565/+65-92787772
Email: geryl7772@gmail.com

G.A Landed Dynamic Alliance
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CK Ang
Hi,
For HDB resale, the buyer can only apply valuation through HDB site after obtained the OTP. You may do private valuation, but HDB will only accept the appointed valuer report.

I normally assist my client to compute the estimated valuation of the interested unit with the past transaction. It is not 100% but quite accurate. Please drop me an email for me to share more of the details.

To assist and advise you more in details, kindly drop me an email for me to share.

I am contactable at my mobile or email.

CK Ang
9046 3808
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YT Tan (陈永达)
Good afternoon buyer,

Nowadays valuation will be applied by buyers after both parties have agreed on the pricing.

I understand that you might be worried you will have to fork out cash over valuation.

What I usually offer my clients will be estimated pricing based on recent past transactions which will be very assuring.

If not you might want to consider spending $250 for an informal valuation report before making an offer. Alternatively will be to agree on price first then apply for formal valuation. If there's excessive COV, you can choose to forfeit your option fee.

Hope I help in your decision making. How can I value add further in your property purchase?

- One of well-earned Star Performers under the category of Top Private Property Transactors in Jan 2017-

"Your Freehold Ally, Leasehold Tactician"

YT TAN 陈永达 | ACCA Graduate, RES
Associate Group Director
R043025D
Propnex Realty Pte Ltd
Blk 480 Lorong 6 Toa Payoh, #11-95 HDB Hub East Wing, Singapore 310480

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