Free advice/discussion on buy/sell of Resale flat (Part 6)

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Daniel.Y

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I too planning to self diy as a buyer but some lame agent wants to represent me instead as a buyer agent and i turn them off forfeiting the viewing of the flat as well.

And is more than 1 occasion that such things happen, next i m going to tell them i am not willing to pay any agent fee and if they are fine with pro bono i wouldnt mind. Lol

Directly approach the seller's agent and state your stand. Btw, hdb indicates clearly that an agent could only either represent the buyer, or seller, not both. Then again, it really depends on how you got to know the unit, whether through the agent, or through your own efforts, via online forums or newspapers.
 

Gribber

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Hey bros... Wondering how's the resale market like now? As in is it very difficult to find people selling their units? We are looking for a place in mature estates but find it difficult to find any.

same here also trying to look.

when people claim flats prices drop - i only see increase.

the agent still show me past transacted record - all only go up.
 

Gribber

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Directly approach the seller's agent and state your stand. Btw, hdb indicates clearly that an agent could only either represent the buyer, or seller, not both. Then again, it really depends on how you got to know the unit, whether through the agent, or through your own efforts, via online forums or newspapers.

via online - the agents both post they have a "unit" - when i contact them after alot of q & a (from them), they told me they will represent me (as a buyer agent) - and contact the seller agent.
 

sigeena

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My experience so far is that sellers are vainly holding out for the market price to pick up again. Visited a unit which has been on sale since last Aug. Their price was in the 550 range. The last transacted price for a similar unit in the area was 415k.
 

Daniel.Y

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I preferred hdb loan for stability.

Thanks vinz for he cov confirmation. May I ask one more impt question?

I had an existing hle which I did 2 months ago before signing the $1000 option Yesterday, which grants me an amount of $xxx. Today my boss told me I am promoted, and will be given a pay increment. Hr will credit my new salary on the 20th this month. Assuming I have to exercise my right to purchase on 22th, another $4000 cash to seller, am I still able to apply for another hle on the 20th, basing on my new salary, and get hdb to recognize it prior to my first appontment, assuming it's on end may?

Anyone can help to advise?
 

Gribber

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My experience so far is that sellers are vainly holding out for the market price to pick up again. Visited a unit which has been on sale since last Aug. Their price was in the 550 range. The last transacted price for a similar unit in the area was 415k.

Just afraid to pay tons of COV for nothing.
 

Gribber

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Anyone can help to advise?

Not that i know of, because HDB requires 3 months of payslip at least to adjust it.

Like that everytime people have pay increment, they want an adjust...

HDB not so good nor flexible.
 

popdod

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Indeed. Wonder how come from seller agent can become mine.

U can complain the agent.
Conflict of interest.

Take down the agent no. And make a valid complaint.
He has to learn a hard lesson.
Only then crook agents will stop ruining the property industry.

\o/ \o/ \o/
 

Gribber

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Anyone knows where to get latest valuation reports? Dont want to tio scam by lame agents keep using last transacted price as benchmark

Srx like not accurate also...
 
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noel13

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Anyone knows where to get latest valuation reports? Dont want to tio scam by lame agents keep using last transacted price as benchmark

Srx like not accurate also...

There is no way you can get the latest report. Unless you do it yourself when seller grant you the option.

If are referring recent transacted price. Hdb web will have.
 

Indomitable

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Which bto are going to MOP soon that are taller than 20 storey.?
I can't afford pinnacle but wondering are there other bto with good view and not so expensive (non mature estate maybe?)
 

sigeena

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Currently in some estates transacted prices are already moving below valuation prices. Its more market efficient if you rely on last transacted prices to derive on a price to agree on.

Moreover, if valuation reports are available to all parties again, you'll regress back to the earlier market situation where sellers ask for COV. Otherwise they'll feel they lugi.
 

Gribber

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There is no way you can get the latest report. Unless you do it yourself when seller grant you the option.

If are referring recent transacted price. Hdb web will have.

sadly, this system is damn lame. :(
 

Gribber

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Currently in some estates transacted prices are already moving below valuation prices. Its more market efficient if you rely on last transacted prices to derive on a price to agree on.

Moreover, if valuation reports are available to all parties again, you'll regress back to the earlier market situation where sellers ask for COV. Otherwise they'll feel they lugi.

now is also COV if the valuation turns out to be $100k cheaper than what was agreed. Isn't it ?
 

sigeena

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I think you have quite a misunderstanding of the current buying process. Suggest you sign up for a hdb resale seminar and seek clarifications there. Its not more than $40 and I'm sure you will find its well worth the cost
 

Gribber

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I think you have quite a misunderstanding of the current buying process. Suggest you sign up for a hdb resale seminar and seek clarifications there. Its not more than $40 and I'm sure you will find its well worth the cost

I have to work on every saturday and the course is only on saturday hence why i am relying on users who have experienced it to help here.

thanks.
 
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vinz

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Do understand that the current system is actually how the private property had been doing for many years (just that they don't have to ask URA to do a official report, usually the bank will do it).

For the previous system which a seller need to get a val report first, it had been shown on a uptrend market, the price keeps getting higher and higher due to the fact seller can ask for COV and there are buyers willing to pay (there have been buyers willing to pay 100k COV , that why seller keep asking higher and higher) .

Transacted prices keep breaking record months after month, and thus valuation report keep getting higher and higher, and prices keep moving upwards. And then the buyers start complaining that they can't afford to buy or chase the price anymore.

Government step in with cooling measures to stop the price from escalating and forming a property bubble.

This new system for valuation report to be done after a buyer had commit to purchase is actually more advantage for the buyer, thus I am not sure what the complain is about, other then to rant that the system is not right again ?

This system ensure that the seller is seriously in tune with the surrounding market price of similar property which had been SOLD, and thus will be advised by their marketing agent to price the property near the market price. Most buyer (in fact anyone) can just access hdb website and take note of the transacted price and then make an informed decision whether to make a purchase or not.

Most of the flats are basically sold at valuation (after valuation is out) , and most valuation report will not be far off from the latest transacted price nearby. So if a buyer want to commit to a seller whose price is 30k above the transacted price, I am sure its also done with the knowledge that he/she may need to pay 20- 30k COV.

Buyer a home is the single and biggest decision for most people.
I believe if you want to DIY please learn all the correct info and ways of doing things.

For buyer who do not want to pay comm to a seller's agent, then pls call and check whether you are calling an agent representing the seller on the very first instance.

You can use the below sentence as an example.

Eg.
Hi, I am interested in the advertisement I saw on blk 111 XXX estate, are you the marketing agent representing the seller ?

Once this is verified, there will be no misunderstanding about an agent trying to represent both side. You can be smart about it and inform the person you only want to speak to the marketing agent and not anyone else if he reply it's his/her colleague who is the marketing agent.

Or be upfront that you be representing yourself , but do know your stuff before you says that.


I always say this :
An agent job is always deem as easy money when everything goes well,
but when things goes wrong , it is always the agent who try to clear the mess by either side.

You can save your 1% when all goes well, but when things crop up it is always a matter of $10k - $50k and not just the 1% purchase price anymore.

-vinz
 
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Gribber

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Do understand that the current system is actually how the private property had been doing for many years (just that they don't have to ask URA to do a official report, usually the bank will do it).

For the previous system which a seller need to get a val report first, it had been shown on a uptrend market, the price keeps getting higher and higher due to the fact seller can ask for COV and there are buyers willing to pay (there have been buyers willing to pay 100k COV , that why seller keep asking higher and higher) .

Transacted prices keep breaking record months after month, and thus valuation report keep getting higher and higher, and prices keep moving upwards. And then the buyers start complaining that they can't afford to buy or chase the price anymore.

Government step in with cooling measures to stop the price from escalating and forming a property bubble.

This new system for valuation report to be done after a buyer had commit to purchase is actually more advantage for the buyer, thus I am not sure what the complain is about, other then to rant that the system is not right again ?

This system ensure that the seller is seriously in tune with the surrounding market price of similar property which had been SOLD, and thus will be advised by their marketing agent to price the property near the market price. Most buyer (in fact anyone) can just access hdb website and take note of the transacted price and then make an informed decision whether to make a purchase or not.

Most of the flats are basically sold at valuation (after valuation is out) , and most valuation report will not be far off from the latest transacted price nearby. So if a buyer want to commit to a seller whose price is 30k above the transacted price, I am sure its also done with the knowledge that he/she may need to pay 20- 30k COV.

Buyer a home is the single and biggest decision for most people.
I believe if you want to DIY please learn all the correct info and ways of doing things.

For buyer who do not want to pay comm to a seller's agent, then pls call and check whether you are calling an agent representing the seller on the very first instance.

You can use the below sentence as an example.

Eg.
Hi, I am interested in the advertisement I saw on blk 111 XXX estate, are you the marketing agent representing the seller ?

-vinz

This method makes the buyer blind.

In other words, you will need stacks of cash on hand just to be safe.

The valuation can be 50-100k different without you knowing. Based on previous transaction is a bad way of benchmarking / estimating how much the cost of the flat is actually gonna be.


Taken from here:
it's like going to the supermarket and looking to buy a loaf of bread without knowing the price.
Customer: "How much is this lof of bread?"
Cashier: "hmm, I'm not sure. How much do you think it's worth?"
Customer: "erm. $2?"
Cashier: "Ok, let's ask my boss"
Comes back awhile.
Cashier: "Boss says it's $1. But you have to pay $2. Cos you offered us $2"

and its not like transacted price now is not breaking record after 2014 (where the new system took place - Mar2014)

And also do understand that in private property, any qualified property valuer can be engaged.
 
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vinz

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This method makes the buyer blind.

In other words, you will need stacks of cash on hand just to be safe.

The valuation can be 50-100k different without you knowing. Based on previous transaction is a bad way of benchmarking / estimating how much the cost of the flat is actually gonna be.
Pls quote me a flat which is 50 - 100k diff in valuation from a surrounding flat of similar size which had been transacted and shown on HDB website.

If you got no proof or verification of this happening before , pls do not post blindly and mislead others this is actually happening.

By the way I do not work for HDB thus whatever system is thrown at us , we just follow.

Those who had been through a few property cycle will know this is HDB way (new valuation system) to pre-empt that prices won't run up too fast on an uptrend market again.

I am sure they will take your suggestion seriously if you can give them your suggestion on a better method.

-vinz
 
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