4 Answers

askguru expert
Hi there, thanks for writing to us on AskGuru.

If the valuation is lower than the selling price, you will have to top up the difference in cash. This is also known as cash-over-valuation (COV).

Hope this answers your question.

Best Regards,

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Geryl Lim
Should valuation be lower than selling price, then the difference in amount will be considered as Cash Over Valuation, which means should buyer decides to proceed with the purchase, this amount is to be paid off in cash. No loan will be available on this sum of money and purchaser will also be unable to utilise the CPF monies for this difference.

Should purchaser decide not to proceed with purchase (do not exercise the Option To Purchase), they will stand to lose the deposit (Option money) paid to the seller.

I have been in the real estate business since 2009, with more than 10years of experience serving the Singapore real estate market.

I am very active in the residential segment of Singapore real estate market, having transacted hundreds of deals from HDBs to private condominiums and landed properties in Singapore, and have handled many unique cases in sales and purchases as well as rental deals.

Over the years, I have also established a network reaching out to more than 9,400 expatriates, bringing my market presence to both in and outside of Singapore. This has created an additional exposure when I manage my client's portfolios, on top of the conventional on and offline platforms, where other estate agents are relying on. This has allowed me to consistently convert leads into results.

With an evolving market, where change is the only constant, I have also been investing in upgrading of my knowledge and skills sets to improve myself and meet the demands of current and future market.

We are offering our clients a complimentary first consultation without obligations (Absolutely FREE!). Schedule for your FREE session today!

Warmest regards,
Geryl Lim
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Ling CK

1) When valuation < selling price, it means = COV.
2) You will have to this amount using cash only. The name Cash-Over-Valuation (COV) is self-explanatory.
3) Seller likes this very much because it means it is selling over the market value.
4) This has become very common since 3 quarter of 2020.
5) This could be caused by more and more DIY buyers in the market that had inflated the price by accepting it without understanding the market rate.
6) A lot of buyers did not aware that they can walk away and went on to exercise the OTP.
7) Some even only know they have to pay cash on this COV on the completion day.\
8) If you are taking a loan from a private bank, you will have to prepare this cash ~3~5 weeks before the completion day.

Hope the above answer to your main concerns, but if there are more query, 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

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Robbie Chen Chee Howe

In the event that the Valuation is lower than the transacted price, the Buyer will need to top up what we call the &quot;Cash Over Valuation (COV)&quot;.

This COV is to be paid in Cash, as the max loan will be based on the Valuation.

Should the Buyer is not able to fork out the Cash or secure a loan sufficient to purchase the property, he will have no option but to forfeit the option fee.

I am experienced and well-versed in both HDB and private transactions. I will be able to assist you in your property plans. Please get in touch with me for a more in-depth discussion.

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.

Thank you.

Best regards,
Robbie Chen
9748 6305
PropNex Realty Read More