COV Discussion

[red_devilz]

It depends on the circumstances lor but in general is more cons than pros…

• Seller agent unhappy cos needs to advertise longer = pay more
• Seller not happy cos may miss out some better offer while locked in and waiting
• Unit will be out in market longer - often times people view such units negatively: “aiyah so long cannot sell sure something wrong”
• If seller needs to buy another HDB to move in is lagi worse - timing is everything to this group - while waiting the seller may miss out other good deals in the resale market, or may not even find a similar unit at all if they have specific requirements

so you see usually the situation is not favourable to the seller… unless the seller is those sell for fun one just shake leg and wait for offer.

Totally agree on this. On the last point, seller might also want to enter into a new launch on launch day and need to match timelines too. $1k to be played around is definitely not fun.

 

[marshmallow96]

Totally agree on this. On the last point, seller might also want to enter into a new launch on launch day and need to match timelines too. $1k to be played around is definitely not fun.

I know someone who paid OTP twice to the same house and in the end decided not to buy… i told them they are seller’s nightmare locked them 42 days lehhhh

 

[red_devilz]

I know someone who paid OTP twice to the same house and in the end decided not to buy… i told them they are seller’s nightmare locked them 42 days lehhhh

Actually if buyer is loaded, can go around and whack multiple OTPs, and ultimately decide on something that suits him/her best. $1k otp really too low for 21 days lock in period la...

 

[cyberklan]

I know someone who paid OTP twice to the same house and in the end decided not to buy… i told them they are seller’s nightmare locked them 42 days lehhhh

Walau weyyyyy…

 

[ctstalin]

Reviving this thread.. anybody bought resale recently? The places I viewed are all looking at close to 200k COV based on indicative valuation/ past recent transactions seems pretty impossible for me to get a hdb at this rate

This one is seller try luck see got caitao come or not. Not serious to sell one.

 

[hwmook]

Offer 1k otp then dissappear then how ah? Then otp nv exercise only right?

Secure offer with 1k then look for another unit, if can get cheaper unit then give up on that 1k.

 

[我要买GTR]

Secure offer with 1k then look for another unit, if can get cheaper unit then give up on that 1k.

Smart move, but hell for genuine seller indeed..

 

[我要买GTR]

It depends on the circumstances lor but in general is more cons than pros…

• Seller agent unhappy cos needs to advertise longer = pay more
• Seller not happy cos may miss out some better offer while locked in and waiting
• Unit will be out in market longer - often times people view such units negatively: “aiyah so long cannot sell sure something wrong”
• If seller needs to buy another HDB to move in is lagi worse - timing is everything to this group - while waiting the seller may miss out other good deals in the resale market, or may not even find a similar unit at all if they have specific requirements

so you see usually the situation is not favourable to the seller… unless the seller is those sell for fun one just shake leg and wait for offer.

Very true regarding highlighted point. As a buyer hunting for resale flat myself I have that exact thought when I see ads that have been on for weeks & constantly refreshed/bumped by their respective agents.

 

[DevilPlate]

Also if the valuation come out lower, buyer can js walk away forfeiting 1k nia.

 

[hwmook]

Very true regarding highlighted point. As a buyer hunting for resale flat myself I have that exact thought when I see ads that have been on for weeks & constantly refreshed/bumped by their respective agents.

Same, those keep bumping one either have unrealistic expectation of price or not keen on selling. I basically monitor the listings a few months before I started the buying process so I know which units have been bumping around. 2 of the units I viewed have just been listed for 1-2 weeks, 1 unit I viewed have been listed for a few months but I went to view when I notice the asking price is reduced by 50k.

 

[hwmook]

Also if the valuation come out lower, buyer can js walk away forfeiting 1k nia.

No choice, government should just increase the option fees to 5k so buyers cannot back out easily without paying a high price.

 

[DevilPlate]

No choice, government should just increase the option fees to 5k so buyers cannot back out easily without paying a high price.

Or follow pte resale….up to 1%

Then perhaps, buyers will become more cautious not to overbid as well.

**But HDB might afraid some sellers will not refund back the deposit if the deal somehow didn’t go through due to neither parties fault?

 

[hwmook]

Or follow pte resale….up to 1%

Then perhaps, buyers will become more cautious not to overbid as well.

**But HDB might afraid some sellers will not refund back the deposit if the deal somehow didn’t go through due to neither parties fault?

Never heard of neither parties fault and no refund issues before.

 

[Caterpillars]

I heard of story where buyer placed otp option fee and don't want to exercise thereafter. Insist seller to give further discount on the purchase price undertable before he will exercise the option. Valuation matches buyer asking in the first place.

 

[Nanonited]

Don't think it's a buyer's market yet especially for HDB, price is still rising. A similar unit as the one I bought just transacted at a 40k higher price.

Wow how long ago you bought?

 

[hwmook]

Wow how long ago you bought?

Sales completion last month.

 

[我要买GTR]

Such a dilemma to offer in an estate that just MOP, no transaction records. Later over offer cov gg sia..

Valuation on sites like srx & 99co where you can input address & unit no. cannot fully rely on right?

 

[vinz]

which estate in Singapore just MOP ?

surely there are older blks nearby ??

if u think not worth the price ,or difficult to guage ,then just wait for some units to be sold before you put your deposit .

all valuation are not valid except hdb .

and all those website put disclaimer they are just a guide / estimate . +/- 5% to 10% can be 20k to 80k diffrent from hdb valuation. take reference from them with a pinch of salt .

-vinz

 

[DevilPlate]

Such a dilemma to offer in an estate that just MOP, no transaction records. Later over offer cov gg sia..

Valuation on sites like srx & 99co where you can input address & unit no. cannot fully rely on right?

1k deposit to test the valuation lol

 

[zeroX26]

which estate in Singapore just MOP ?

surely there are older blks nearby ??

if u think not worth the price ,or difficult to guage ,then just wait for some units to be sold before you put your deposit .

all valuation are not valid except hdb .

and all those website put disclaimer they are just a guide / estimate . +/- 5% to 10% can be 20k to 80k diffrent from hdb valuation. take reference from them with a pinch of salt .

-vinz

Bedok north (blks next to 85 market). Difficult to compare against the blks around coz those are at least 30-40 yrs older liao.