HDB Resale Valuation

[darcbleu]

i recently got my resale purchase valuation too at COV of $30K. written in an appeal to try but agent says quite slim chances.

i had viewed another unit at the same block earlier which is 2 floors up and gotten to know the valuation is 10K above mine but the reno is not as good, in fact quite bare. so really wanted to at least match this.

really sian. heard from agent now valuer told to "lower" their valuation as a "cooling" measure. not sure if this is true. wasn't expecting such high cov.

 

[simon_84]

Unit is renovated and ready to move in kind, same block got 360,370 and 400k recent transacted prices.

make sure you check the flooring thoroughly so as to avoid any hollowness particularly in the kitchen...

 

[simon_84]

i recently got my resale purchase valuation too at COV of $30K. written in an appeal to try but agent says quite slim chances.

i had viewed another unit at the same block earlier which is 2 floors up and gotten to know the valuation is 10K above mine but the reno is not as good, in fact quite bare. so really wanted to at least match this.

really sian. heard from agent now valuer told to "lower" their valuation as a "cooling" measure. not sure if this is true. wasn't expecting such high cov.

sometimes is better to get a bare unit at a lower price and reno to your desire.
i'm not a believer in good reno unless the flooring and kitchen cabinet are kept in decent condition.

 

[koohansen]

Just to provide some data points from the various free indicative valuation figures provided by SRX & Jetval.
This is for a 3 room BTO that just MOP at BP

Jetval: 340k
SRX: 362k
HDB: 365k

 

[Kevin.S]

Just to provide some data points from the various free indicative valuation figures provided by SRX & Jetval.
This is for a 3 room BTO that just MOP at BP

Jetval: 340k
SRX: 362k
HDB: 365k

hi you got this from SRX public site or agents panel?

 

[koohansen]

hi you got this from SRX public site or agents panel?

Public Site

 

[darcbleu]

sometimes is better to get a bare unit at a lower price and reno to your desire.
i'm not a believer in good reno unless the flooring and kitchen cabinet are kept in decent condition.

i am going to renovated it myself as well and will prefer bare unit too. just tot with the current state, i could get a higher expected valuation. who knows

 

[simon_84]

i am going to renovated it myself as well and will prefer bare unit too. just tot with the current state, i could get a higher expected valuation. who knows

HDB valuation report is something that buyers have no control over, just pray hard is close to your offer price.

 

[Kevin.S]

just one more question -

I'm trying to understand this HDB valuation because we don't have any public record of the actual valuation amount. We only have transacted price to compare.. let me give you a scenario

# 3rd floor unit near punggol area
Seller asking price $460k

around that area if the unit is 01-03 max transacted price is $420k-440k

Now, from what i know HDB will assign someone to physically go and do the valuation if they feel asking price is out of the range of median/transacted price around that area..

I'm just trying to understand when they say transacted price around that block means, they will consider only same floor units i.e. 01-03 or will they also take higher floor units transacted price into consideration?

Sorry i know im asking quite a lot of questions, im excited and stressed also lol

 

[weitinq]

When I bought my 5rm flat at fernvale, srx shows #04-06 is at $460k, HDB past transaction shows around $455k
But I got mine matched at $475k so I guess luck plays a part since we have no control over the valuation.

Valuation factors are dependent on the following:
(1) Location
(2) Amenities
(3) Transportation
(4) Size
(5) level
(6) Condition of the unit

 

[todomachi]

just one more question -

I'm trying to understand this HDB valuation because we don't have any public record of the actual valuation amount. We only have transacted price to compare.. let me give you a scenario

# 3rd floor unit near punggol area
Seller asking price $460k

around that area if the unit is 01-03 max transacted price is $420k-440k

Now, from what i know HDB will assign someone to physically go and do the valuation if they feel asking price is out of the range of median/transacted price around that area..

I'm just trying to understand when they say transacted price around that block means, they will consider only same floor units i.e. 01-03 or will they also take higher floor units transacted price into consideration?

Sorry i know im asking quite a lot of questions, im excited and stressed also lol

They will take all transacted units around the area regardless of floor for comparison. So recent transacted price could be all of high COV. Using your 01-03 Max transacted price as an example, the valuation could be at 360 to 380K, so those transacted units could have paid the COV of 60 to 80K.

 

[todomachi]

From seller point of view, they don't really care how much the COV is which is why they tend to use transacted price to price their unit. Whereas from valuer point of view, they do take into consideration on what are those transacted price actual valuation as well as the transacted price. so ultimately is how niao or relax that appointed valuer are.

 

[darcbleu]

update. Valuer replied and pretty much standard saying that it is based on industry standard and observation. so, still stay at 30k COV. sigh.....

 

[Kevin.S]

guys a quick question.. lets say we are proceeding with COV and all, when exactly i need to pay COV? can you check this timeline and let me know if its correct -

1) Exercise OTP
2) Submit Resale Application
3) Wait for approval - 3-4 weeks
4) Endorsement
5) Date of completion - approx 2 months then go to HDB pay COV, sign and collect keys etc

Is that correct? No need to pay COV now itself right?

 

[vinz]

Between 4) and 5) , get ready your COV money (play safe)

At least a few weeks before completion your money should be on standby for HDB to collect from u.
They won't do it last minute. (what if u don't pay last minute and they need to answer to seller)

 

[Kevin.S]

Between 4) and 5) , get ready your COV money (play safe)

At least a few weeks before completion your money should be on standby for HDB to collect from u.
They won't do it last minute. (what if u don't pay last minute and they need to answer to seller)

Thanks @vinz just to confirm endorsement will be always 3 weeks after the acceptance right? after that only need to arrange this payment?

 

[vinz]

Thanks @vinz just to confirm endorsement will be always 3 weeks after the acceptance right? after that only need to arrange this payment?

HDB got tons of backlog . 3 weeks , 4 weeks, 5 weeks. all seem pretty normal nowadays.

 

[assertives]

Thanks @vinz just to confirm endorsement will be always 3 weeks after the acceptance right? after that only need to arrange this payment?

In my case, the endorsement came exactly 1 week after the acceptance sms.

 

[ppancke]

Thanks @vinz just to confirm endorsement will be always 3 weeks after the acceptance right? after that only need to arrange this payment?

Not true... I got my endorsement SMS the very next day after acceptance SMS. Better start to get your cash ready after acceptance I guess.

 

[Kevin.S]

guys im stuck and need your advice.. we did a valuation near punggol and that unit got COV, so we are looking for other units and we like one other unit near sengkang.

Now if i do another OTP for that sengkang unit and submit for valuation, what will happen to my 1st OTP? my 1st OTP is still valid, in case if i dont like the 2nd unit's (sengkang) valuation, can i still go back to my 1st unit and proceed with the application? it will be valid or null and void?

Thanks