hdb valuation need to tell seller agent?

[cheeky_hippo]

but in this case, im the buyer. the seller dont know their valuation right?

base on what i understand when i sold my place, buyer offer first, den put deposit, seller will get valuer to assess den let buyer knows the price so he can prepare cash if the offer is higher than value

hdb/bank only loan u the amount base on value, anything more buyer has to top up in cash

 

[NatureKeeper]

then what u all usually tell the seller if they keep asking about the valuation?

If you really want to tell them, do it after the whole transaction is complete.
Tell them u will tell them after transaction complete
Don't give them a chance to push out reasons to back out the deal.
Trust me. There are many kinds of people.

 

[virtualape]

If you really want to tell them, do it after the whole transaction is complete.
Tell them u will tell them after transaction complete
Don't give them a chance to push out reasons to back out the deal.
Trust me. There are many kinds of people.

seller can still back out. they just return the deposit. wait for otp to expire and reissue to a new buyer.

previous buyer can seek recourse but its too troublesome and things will get ugly very fast. on 1 hand you need to handle this case, on the other, you cant find another unit. so theres no meaning in pursuing it. better off look for another unit.

 

[ksapple]

In my case i jus tell the seller agent i need my valuation to be xxx if need cov i dun wan buy

 

[dilphinus]

Yes. They don't know.

No penalty. Just seller return otp money but buyer wasted revaluation money
and time for nothing. Buyer semula again

Add-on: just did a quick search - it seems only buyer can accept or reject. Seller cannot cancel as otp is issued

your info all wrong.

there is a penalty if seller doesn't want to go ahead with the purchase. the seller will forfeit the deposit paid for the otp.

seller can decide to accept or reject. no such thing as seller cannot cancel as otp is issued.

 

[ecAnonymous]

what a cock system... just buy/sell at valuation lah

 

[ctstalin]

i just tell the seller agent

some misinformation here, seller cannot say don't want to sell after issuing otp

 

[NatureKeeper]

your info all wrong.

Ok.After further googling, I admit some parts are wrong but not all.

Yes. They don't know.

This part is remains correct.

No penalty. Just seller return otp money but buyer wasted revaluation money
and time for nothing. Buyer semula again

there is a penalty if seller doesn't want to go ahead with the purchase. the seller will forfeit the deposit paid for the otp.

May I know where the penalty stated? OTP?
The only thing i know for now is return deposit to buyer and possible legal action from buyer

Add-on: just did a quick search - it seems only buyer can accept or reject. Seller cannot cancel as otp is issued

seller can decide to accept or reject. no such thing as seller cannot cancel as otp is issued.

Ok. You are right about this.

6. Can the sellers or buyers back out after exercising the OTP?

Either party can back out after the OTP has been exercised, but not without cost.

https://blog.bluenest.sg/hdb-option-to-purchase/#buyerscancel

 

[Wendy Chow]

Most of the time yes, but may not be. I still bought the house with $30k COV

On the surface people will think the house is actually valuated at the price I bought

hi , can i know how long the valuation come out ?

 

[weathersohot]

hi , can i know how long the valuation come out ?

Start of WFH period took me about 2 week? Recently sold another flat, and the valuation came in less than a week (I think about 3 days)

 

[Moowoow]

If no need loans, no need valuation rite?

 

[moonraiser]

I am a part time property agent and the answer ish if the seller agent is doing his job, there is no need for buyer to inform him honestly

 

[itedino]

Dun need to hide.the seller agent already told the seller his area or his block and nearby block similar to his flat's valuation +-20,000/. Wun fluctuate too much. Hdb officer not stupid. Unless is bank.

U think the seller dunno the valuation meh unless seller agent screwed up.

Otp issued buyer and seller still can back out. Only OTP all signed and remaining deposit + 1k given mean u are in the game. Seller and buyer if backout have to pay. Otp is a phrase buyer check with bank if loan approved a not and to ensure adequate money for downpayment. If not approve, seller will return the deposit. Hdb is 1k. Pte is 5k option fee. Seller very difficult to back out unless he seek approval from buyer. Cos when otp signed mean seller agreed to sell at this price to the buyer. The 14 days is for buyer to exercise whether to proceed the transaction. When 14 days the buyer paid the remaining deposit mean agent or himself will have to apply through hdb, for pte lawyer will initiate the buying with URA for approval of transferring ownership with the the seller. Prepare documents, coordinate with bank to get the cheque, asking u to pay buyer stamp duty and additional stamp duty if any. Last your cheque for downpayment and bank cheque to the seller. Upon completion, URA need 2 to 3 weeks to issue u a deed to confirm u r the owner of the property(bank name). For hdb, go down to toa payoh, hdb officer will settle go through the details and ask u to prepare cashier order or cheque.signed documents with bank or hdb to deduct from cpf. Pay 200plus for hdb lawyer fee. Upon completion, can ask agent help u go down see if the house is ok and hand over the key to agent and agent pasd to u.ownership can be viewed directly from hdb website

 

[Lss]

No. Keep to yourself. Do not tell.
You (buyer) paid for the hdb valuation after agree with price and getting otp with seller.
It is for your information to see if you can accept the COV (if any)

The current resale market is already on 'daylight robbery' mode
Why give such info to seller/seller agent to give them a chance to cancel/void the current agreement to increase selling price and COV to the next buyer?

Sale can fall through if they offer too high and can't get enough loan. You decide bah.

 

[Lss]

If no need loans, no need valuation rite?

Not true. Valuation needed for calculating stamp duties. Coz they always say transacted or valuation whichever higher

 

[itedino]

Start of WFH period took me about 2 week? Recently sold another flat, and the valuation came in less than a week (I think about 3 days)

Last time not like that. Seller agent inform the buyer how is the valuation. And buyer decided whether to pay more. He decided to buy den pay for the valuation report to the seller agent

 

[I want to be Your Canary]

Sale can fall through if they offer too high and can't get enough loan. You decide bah.

how about private property? is the process similar, and bank will only loan based on valuation but not actual price?

 

[jim889]

how about private property? is the process similar, and bank will only loan based on valuation but not actual price?

should be same ba
bank offer based on wat chiu ask for..
if chiur offer ish lower than valuation then ok.
if offer ish higher than valuation, then chiu pay the difference and bank lend chiu the rest if chiu can afford

 

[itedino]

how about private property? is the process similar, and bank will only loan based on valuation but not actual price?

Pte is bank access and give u loa.

Same that why can tell bank that u want this valuation.the bank valuer can help and match your buying price. More flexible than hdb

 

[jim889]

Pte is bank access and give u loa.

Same that why can tell bank that u want this valuation.the bank valuer can help and match your buying price. More flexible than hdb

just payed more interst lor