HDB Resale Valuation

[slwsglz]

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

If you want to do another OTP for another flat, SORRY, it is not allowed.

First OTP u paid earlier- u should let this lapse the expiry of the OTP. then you can do OTP for sengkang so can able to do valuation.

HDB do not allow you to do 2nd valuation for another house unless you allow the option for 1st house to lapse and forfiet the 1st option cash because OTP have expiry date to excerise OTP.

Because HDB have the record getting all OTP information.

we did a valuation near punggol and that unit got COV, :- how much you are willing to pay COV? now resale market is going up hot lah. Hard to tell if got COV or not.. If you dun wan to proceed, then let OTP laspe. Then move on.. If you ask the seller to reissue the OTP with lower price, it is not possible because the seller know the price which you OTP and paid first deposit.

Think carefully.

Is it your first time buying this flat or what?

Hope it helps you.

 

[Kevin.S]

If you want to do another OTP for another flat, SORRY, it is not allowed.

First OTP u paid earlier- u should let this lapse the expiry of the OTP. then you can do OTP for sengkang so can able to do valuation.

HDB do not allow you to do 2nd valuation for another house unless you allow the option for 1st house to lapse and forfiet the 1st option cash because OTP have expiry date to excerise OTP.

Because HDB have the record getting all OTP information.

we did a valuation near punggol and that unit got COV, :- how much you are willing to pay COV? now resale market is going up hot lah. Hard to tell if got COV or not.. If you dun wan to proceed, then let OTP laspe. Then move on.. If you ask the seller to reissue the OTP with lower price, it is not possible because the seller know the price which you OTP and paid first deposit.

Think carefully.

Is it your first time buying this flat or what?

Hope it helps you.

Thanks for the reply but this information is incorrect... when i log in to my hdb resale portal under valuation i can see this -

"You may submit another request if the value given earlier has expired, or if you have obtained an OTP to buy another flat."

and I managed to submit another valuation request and it's pending now (my previous one is still active, but i dont see that record anymore).

So what i really wanted to know is, since i've already submitted my 2nd valuation, my 1st OTP is still exercisable or not?

and yes this is the 1st time im buying a flat, I dont mind paying COV if its less than 10k but more than that need to consider first..

 

[halfnode]

did you exercised the otp already? if yes, you are legally required to follow through with it, so in this case your otp is valid and cant exercise the 2nd otp. if signed but not exercised at most lose the 1k. iirc you can have multiple otp but you will lose all your other deposit when you pick one to exercise.

Anyway best is ask hdb or the agent to clarify some finer points.

 

[hosehbo?]

he said he hasn't exercise otp. he submit otp, got valuation, with cov. so he wants to submit another otp for another unit to get another valuation. probably he's gonna exercise otp with whichever he's comfortable. not sure if its a good way though.

essentially taking 1k to gamble. but what if both cov comes out and reject. :c

 

[MoneyHoney]

hi guys...got a question:

if the COV is say...$30k and u choose to exercise option (total deposit = $1k + $4k = $5k),

what is the remaining cash balance u have to pay (for the purpose of this question, dont consider other cash outlays such as stamp duties etc.)?

is it $30k? or $30k-$5k=$25k (because u have paid deposit $5k in cash)?

 

[vinz]

if the COV is say...$30k and u choose to exercise option (total deposit = $1k + $4k = $5k),

what is the remaining cash balance u have to pay (for the purpose of this question, dont consider other cash outlays such as stamp duties etc.)?

is it $30k? or $30k-$5k=$25k (because u have paid deposit $5k in cash)?

$25k remaining COV. other answers all wrong.

 

[simon_84]

hi guys...got a question:

if the COV is say...$30k and u choose to exercise option (total deposit = $1k + $4k = $5k),

what is the remaining cash balance u have to pay (for the purpose of this question, dont consider other cash outlays such as stamp duties etc.)?

is it $30k? or $30k-$5k=$25k (because u have paid deposit $5k in cash)?

COV is inclusive of the OTP you have paid.
so is COV-OTP=remaining amount of COV to be paid in cash

 

[MoneyHoney]

noted...thanks for the clarifications!

 

[Kevin.S]

he said he hasn't exercise otp. he submit otp, got valuation, with cov. so he wants to submit another otp for another unit to get another valuation. probably he's gonna exercise otp with whichever he's comfortable. not sure if its a good way though.

essentially taking 1k to gamble. but what if both cov comes out and reject. :c

yes you're correct. i didnt exercise my 1st otp, waiting for my 2nd units valuation now... i know its a gamble but dunno if i can chose between 2 OTP's - they're still valid so not sure..

 

[hosehbo?]

should not be an issue for you to choose between either unit. its your 1k to lose. and that 1k will go to whichever seller that you chose not to exercise otp. should you make a decision and exercise your otp, maybe you wanna be nice and tell seller you won't be exercising otp so that they can proceed to find other buyers.

 

[todomachi]

yes you're correct. i didnt exercise my 1st otp, waiting for my 2nd units valuation now... i know its a gamble but dunno if i can chose between 2 OTP's - they're still valid so not sure..

You just have to hope that the 2nd unit valuation is out before your 1st unit OTP expired.

 

[Kevin.S]

should not be an issue for you to choose between either unit. its your 1k to lose. and that 1k will go to whichever seller that you chose not to exercise otp. should you make a decision and exercise your otp, maybe you wanna be nice and tell seller you won't be exercising otp so that they can proceed to find other buyers.

Of course, thats only fair. I'll immediately let them know if im taking the other unit. They're stuck for 21 days anyways but still they can have my OTP fee

You just have to hope that the 2nd unit valuation is out before your 1st unit OTP expired.

It wont be that long. So im not that worried. Received my 1st valuation results within 3 days. So the 2nd one should be out by this week.

 

[koohansen]

Of course, thats only fair. I'll immediately let them know if im taking the other unit. They're stuck for 21 days anyways but still they can have my OTP fee



It wont be that long. So im not that worried. Received my 1st valuation results within 3 days. So the 2nd one should be out by this week.

Mine took damn long, submitted for valuation on 23rd July, 3rd Aug then come out

 

[Kevin.S]

Mine took damn long, submitted for valuation on 23rd July, 3rd Aug then come out

did you login to your hdb portal and check? sometimes their SMS/email notifications will be delayed so i always login and check

 

[koohansen]

did you login to your hdb portal and check? sometimes their SMS/email notifications will be delayed so i always login and check

yup, i login like every day lol

 

[Kevin.S]

just an update - got my valuation report yesterday. No COV - it matched. I called in and checked. HDB told me i can pick and choose between 2 OTP because they're still valid it seems..

Also regarding COV I did some homework and checked SRX value, recent transaction price etc. Based on that i signed the new OTP. They are mainly looking at recent transacted price around that area. If that matches, or average + - few 1000s they approve.

 

[todomachi]

Mine took damn long, submitted for valuation on 23rd July, 3rd Aug then come out

my friend's one took about 13 days for the result to be out.

 

[vinz]

Also regarding COV I did some homework and checked SRX value, recent transaction price etc. Based on that i signed the new OTP. They are mainly looking at recent transacted price around that area. If that matches, or average + - few 1000s they approve.

Seller can't "disapprove" no matter how much the valuation comes out to be.

Even if sign OTP at 400k , valuation is 450k, they still have to sell you at 400k.
(of course HDB valuation nowadays always try to match the price signed so no seller's remorse)

Usually is buyer using valuation to try to engage seller to lower price and redo a new OTP and valuation report.

-vinz

 

[Bluehouse]

Just curious how to guage a price to offer

Unit selling at $550k

SRX x-value $500k
99.co last sold $509k (same size, different floor, sold in Jan 2021)

 

[edisonhui1220]

hi guys...got a question:

if the COV is say...$30k and u choose to exercise option (total deposit = $1k + $4k = $5k),

what is the remaining cash balance u have to pay (for the purpose of this question, dont consider other cash outlays such as stamp duties etc.)?

is it $30k? or $30k-$5k=$25k (because u have paid deposit $5k in cash)?

law firm will help you to do the calculation