HDB Valuation

Kevin10

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My agent has access to a portal where some units sold have reflected valuation amount. So that’s a guide for buyer. Hdb website only can show transacted price, with cov if applicable.

So technically there’s no way to tell if those you’ve seen are at valuation or not, unless you’ve access to that portal or some agent’s intel.

Oh.. thanks. So if you have an buying agent to help you, you might have a chance to know the recent valuation of the units sold nearby. :):)
 

Amber2012

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Oh.. thanks. So if you have an buying agent to help you, you might have a chance to know the recent valuation of the units sold nearby. :):)

Welcome.
Yes pretty much so.
Waiting for valuation report is like waiting for PSLE result should you be ready to offer.
 

Kevin10

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Welcome.
Yes pretty much so.
Waiting for valuation report is like waiting for PSLE result should you be ready to offer.

:s13::s13: So meaning i this year busy.. got PSLE & N/O levels results to wait for and then also the Valuation. :s13::s13:
 

jianhua85

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The first valuer accidentally divulged some information to the buyer agent and seller agent which wasn't supposed to be known to valuers since valuation are supposed to be independent. Knowledge of such information would result in inherent bias in the valuation.

Needless to say, i wrote to HDB to make a lot of noise and they sent another valuer and i got a higher valuation.

So valuations can be contested in special circumstances. Of course, HDB will generally say it is not contestable, otherwise everyone would be writing to HDB to contest the valuation.


Hi, how u make noise ar? can I learn from you? need some help here as COV really too high.
 

sgpropertyblog

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So eve take bank loan, is also hdb valuer come down?

Bank no need come down?

Sent from Samsung SM-A705MN using GAGT

regardless of you take simi-loan, need to get a valuation report done.. and its only via HDB.. whether or not the valuers need to come down or not, it really depends..
 

sgpropertyblog

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If the range are quite big, still no COV ? Like there are some selling below 500K for 1-3 floor, and some posted 600K for high floors. There wont be any problem for valuation ?

I mean MOP flats, thanks.

abit hard to answer you on this, as the valuation also depending on many factors.. facing ,interior, renovation done etc.. best to check with your agent for a better gauge..
 

Amber2012

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Just sharing my valuation experience.

1st: Aug20
No buyer agent
Really liked the unit and offered same day. OTP done same day. 2WD later valuator visited the unit. Took 2weeks for the report to be out since OTP. The report gave everyone a bad shock. We let it lapse and moved on. Wasn’t interested to appeal to HDB (as suggested by seller agent). Because I felt even if appeal, the difference won’t be a lot, especially the COV is big to begin with. As much as we liked the unit, we didn’t feel it’s worth that COV, or near to it.

2nd : Sep20
Engaged buyer agent
When this unit listing popped out, we were then very sure we did the right thing in giving up the first unit, COV aside. Valuation report came out 3WD after OTP (praying then no call from HDB as we don’t wish to trigger a visit from valuator). Thank you HDB for matching our offer price.

Lesson learnt - engage a buyer agent 😝😝. There are qualities of agents which diy-er won’t possess. They have the negotiation skills that are fit for the trade. Plus other know-hows. My agent did a good job for this unit. It was a few ding dongs with the seller agents (yes the seller engaged more than 1 agents). Not saying that there are no success stories on doing DIY. But speaking for myself, engaging one made me find my dream home in all aspects; and fast. Of course, tip of the iceberg is you have the right agent that works for you.
 

sgpropertyblog

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Just sharing my valuation experience.

1st: Aug20
No buyer agent
Really liked the unit and offered same day. OTP done same day. 2WD later valuator visited the unit. Took 2weeks for the report to be out since OTP. The report gave everyone a bad shock. We let it lapse and moved on. Wasn’t interested to appeal to HDB (as suggested by seller agent). Because I felt even if appeal, the difference won’t be a lot, especially the COV is big to begin with. As much as we liked the unit, we didn’t feel it’s worth that COV, or near to it.

2nd : Sep20
Engaged buyer agent
When this unit listing popped out, we were then very sure we did the right thing in giving up the first unit, COV aside. Valuation report came out 3WD after OTP (praying then no call from HDB as we don’t wish to trigger a visit from valuator). Thank you HDB for matching our offer price.

Lesson learnt - engage a buyer agent 😝😝. There are qualities of agents which diy-er won’t possess. They have the negotiation skills that are fit for the trade. Plus other know-hows. My agent did a good job for this unit. It was a few ding dongs with the seller agents (yes the seller engaged more than 1 agents). Not saying that there are no success stories on doing DIY. But speaking for myself, engaging one made me find my dream home in all aspects; and fast. Of course, tip of the iceberg is you have the right agent that works for you.

thanks for sharing your experience.. im sure the few thousand dollars of agency fees spared you lots of headache & COVs.. congrats on your new home..
 

Kevin10

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Just sharing my valuation experience.

1st: Aug20
No buyer agent
Really liked the unit and offered same day. OTP done same day. 2WD later valuator visited the unit. Took 2weeks for the report to be out since OTP. The report gave everyone a bad shock. We let it lapse and moved on. Wasn’t interested to appeal to HDB (as suggested by seller agent). Because I felt even if appeal, the difference won’t be a lot, especially the COV is big to begin with. As much as we liked the unit, we didn’t feel it’s worth that COV, or near to it.

2nd : Sep20
Engaged buyer agent
When this unit listing popped out, we were then very sure we did the right thing in giving up the first unit, COV aside. Valuation report came out 3WD after OTP (praying then no call from HDB as we don’t wish to trigger a visit from valuator). Thank you HDB for matching our offer price.

Lesson learnt - engage a buyer agent 😝😝. There are qualities of agents which diy-er won’t possess. They have the negotiation skills that are fit for the trade. Plus other know-hows. My agent did a good job for this unit. It was a few ding dongs with the seller agents (yes the seller engaged more than 1 agents). Not saying that there are no success stories on doing DIY. But speaking for myself, engaging one made me find my dream home in all aspects; and fast. Of course, tip of the iceberg is you have the right agent that works for you.

Thanks for sharing ur inputs. So how much did u lose for the 1st OTP ?

And just to check, what will a seller agent do if both buyer which offer the same price but 1 without agent and 1 with agent ? Most likely the seller agent will choose the 1 without agent right to earn more on comm ?
 

Amber2012

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thanks for sharing your experience.. im sure the few thousand dollars of agency fees spared you lots of headache & COVs.. congrats on your new home..

Thanks.
Property agents (some) deserve the kudos. We all work for money. And it’s those who take pride in their works that deserve appreciation and shout out. My agent told me from the very beginning “most importantly is I help you find your dream home. The rest we will discuss later”. To him, we can discuss about money (agent fee) when he has “proven his worth”. Needless to say, we will reward him rightfully.
 

Amber2012

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Thanks for sharing ur inputs. So how much did u lose for the 1st OTP ?

And just to check, what will a seller agent do if both buyer which offer the same price but 1 without agent and 1 with agent ? Most likely the seller agent will choose the 1 without agent right to earn more on comm ?

My pleasure.
$1k forfeited.
I think no difference to seller agent? Since his agent fee won’t be shared with buyer agent anyway. It’s not a co-broke case.
Maybe just maybe the difference for seller’s is which buyer can offer higher deposit for the OTP.
 

Amber2012

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And my valuation matches exactly SRX. Edgeprop valued 2% lower. As for unbanzoom, I think it’s nonsense for my case. Way way too high value.
 

Kevin10

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My pleasure.
$1k forfeited.
I think no difference to seller agent? Since his agent fee won’t be shared with buyer agent anyway. It’s not a co-broke case.
Maybe just maybe the difference for seller’s is which buyer can offer higher deposit for the OTP.


Well noted with thanks. :):)
 

sgpropertyblog

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Thanks for sharing ur inputs. So how much did u lose for the 1st OTP ?

And just to check, what will a seller agent do if both buyer which offer the same price but 1 without agent and 1 with agent ? Most likely the seller agent will choose the 1 without agent right to earn more on comm ?

nope, for HDB agents dont share comm, meaning buyer will pay their own agents.. so for HDB, we agents prefer those WITH agents if its the same price they offering.. else we need to do double work .. need to handle the buyer's side as well..
 

Laneige

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Nah vinz we been looking for house for the past half a year. And this is unit till now is the only one we both really like

Pissed cause the agent told us there's 3 offers, we are neither the lowest nor the highest. Also like I said, the agent has stated clearly that the owner do not need any extension, so why is he telling us that the owner is taking into consideration of that now?

Well I guess we take this as a lesson learnt and move on! There's always better ones out there

To seller, it seems the buyer more interested in the deal n gd to sell to someone that appreciates or really like the place
 

Kevin10

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nope, for HDB agents dont share comm, meaning buyer will pay their own agents.. so for HDB, we agents prefer those WITH agents if its the same price they offering.. else we need to do double work .. need to handle the buyer's side as well..

Oh.. many thanks for your kind info, I guess I mixed up with Co-broke. :s13::s13: Sorry and thanks for info.
 

Desaturated

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Hi guys, one question. what if the sellers still do not what to sell the unit at a reasonable price even after the valutor provided the valuation? like example, the unit only cost 800k but seller die die want to sell at 1million. Is it illegal or can HDB do anything about it?
 

Lmao0101

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Hi guys, one question. what if the sellers still do not what to sell the unit at a reasonable price even after the valutor provided the valuation? like example, the unit only cost 800k but seller die die want to sell at 1million. Is it illegal or can HDB do anything about it?

Willing buyer, willing seller. Takes two hands to clap here, it isn't illegal to sell a HDB for 1m or more as demonstrated by the recent transactions in the market.
 

Amber2012

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Hi guys, one question. what if the sellers still do not what to sell the unit at a reasonable price even after the valutor provided the valuation? like example, the unit only cost 800k but seller die die want to sell at 1million. Is it illegal or can HDB do anything about it?
The cash to be paid by buyer for the difference is called COV. Totally legit.
Buyer/seller can chose to walk away before any formalisation in paper is done.
 
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