HDB Valuation

[harky]

But he is ID, so he maybe got lobang....

I see one house, he also told me, he is Interior Designer but i dont really like his design style. The colour he choose, make the whole house so dark. He told me he got lobang, so some of the thing, he can get it quite cheap..

 

[kelvin.wolfbane]

ya this one i understand as well. Considering that he have his own supplier and stuff, so only less the profits and overheads.

 

[SylTSH]

Hi bros,

Have a situation here to seek your advice

Am looking at a heavily renovated unit.
Seller wanted 520k
We offered 500k and the seller agent replied saying "the owner asking if that is our best offer??"
I called him and ask him again if there's any other offers but he refuse to tell me, saying that it's for fair competition.

I don't get his mindgame here, cause we are thinking if there's any better offer than us he would have told us. Cause we have expressed obvious interest in the unit. And which agent doesn't want to earn more commission??

As to the question of the valuation. We checked the last 12 months transacted price to be around 480 to max 495k. Our unit is using quartz kitchen top and high end homogeneous tiles and whole unit is totally renovated with lots of built in stuffs.

Any ideas will all these be factored in during valuation?

Will we have an heart attack in COV when valuation is out? We are prepared to pay 20k COV. How safe are we?

The extent of renovation will not affect the valuation cos the valuer won't physically inspect the unit, unless your offer is way off the recent transaction prices for similar units in the area. For my case, my valuation report came out just 2 days after we submitted the OTP. No HDB officer visit

 

[light84]

Yea we know, we did tell the agent that we offer higher but the option fee be lower. And he himself first mentioned this during our first viewing too.

Anyway the owner is a Interior Designer himself and he did all his home ID himself. The agent apparently said that the owner calculated his ID cost to be around 90k. Which means fair enough from what I saw. So ya, we both also was thinking what you said. Us paying 20k COV for that house is still a steal from the looks of his ID

Reno cost is subjective

My reno cost 60k but agent tell buyers who came is 80k.

Dun ask a fishmonger if his fish is fresh or not ...

 

[kelvin.wolfbane]

Reno cost is subjective

My reno cost 60k but agent tell buyers who came is 80k.

Dun ask a fishmonger if his fish is fresh or not ...

Haha we know that as well. But we are good cause we still offering a price we deemed fit and within our budget

Still anxiously waiting for his agent to call us. Damn, this wait is killing me

 

[kelvin.wolfbane]

Haha we know that as well. But we are good cause we still offering a price we deemed fit and within our budget

Still anxiously waiting for his agent to call us. Damn, this wait is killing me

F***ING bs, someone offered higher than us and what pissed me off is that that guy offer 3 month extension as per of the deal

The agent made it very clear in the beginning that the owner doesn't need any extension so this guy throwing this condition in sounds like a piece of bull to me

Unless of course, his case is that his PR is not yet 3 years and he is buying time

 

[vinz]

move on.

The key point is they accepted someone who offered HIGHER THAN YOURSELF, not same price or lower.

not sure why u super pissed with the extension condition seller may suddenly need?

I know its a bad feeling to miss out on your dream home.

Thus the next time you see another dream unit, just offer your max price and move on if not accepted.

This round I guess most likely you offered lower, and thinking to slowly make your way up if rejected.

For good units, people who had missed other units will just go all out.
Maybe you just started viewing resale flats?

 

[kelvin.wolfbane]

move on.

The key point is they accepted someone who offered HIGHER THAN YOURSELF, not same price or lower.

not sure why u super pissed with the extension condition seller may suddenly need?

I know its a bad feeling to miss out on your dream home.

Thus the next time you see another dream unit, just offer your max price and move on if not accepted.

This round I guess most likely you offered lower, and thinking to slowly make your way up if rejected.

For good units, people who had missed other units will just go all out.
Maybe you just started viewing resale flats?

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

 

[shadow84]

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

The extension does nt matter, maybe buyer give out of goodwill on top of highest bid. No matter what, the offer is what that mattters, the rest are just perks.

Besides, sometimes for some reason, agents tend to exaggerate a little. If i were owner, even if i dun need extension, i will still take if offered for free on top of highest bid. Better be safe than sorry if nt enough time to move out due to delayed reno in new place. Can always move out earlier if needed as well.

In short, nth to get angry abt, esp for a small thing like this.

 

[light84]

F***ING bs, someone offered higher than us and what pissed me off is that that guy offer 3 month extension as per of the deal

The agent made it very clear in the beginning that the owner doesn't need any extension so this guy throwing this condition in sounds like a piece of bull to me

Unless of course, his case is that his PR is not yet 3 years and he is buying time

Always got another house that u will like

The owner does not need extension but most owners would love to have extensions cos can stay longer, no need stress over next house cos ow got more time to buffer for ..

Maybe next time u can offer extension as goodwill even if owner no need. But extension 3 months means u need to wait very long to collect ur keys, easily 5 to 6 months.

At least this agent not too bad, did not make the 3 of u all open bid...

 

[kelvin.wolfbane]

Always got another house that u will like

The owner does not need extension but most owners would love to have extensions cos can stay longer, no need stress over next house cos ow got more time to buffer for ..

Maybe next time u can offer extension as goodwill even if owner no need. But extension 3 months means u need to wait very long to collect ur keys, easily 5 to 6 months.

At least this agent not too bad, did not make the 3 of u all open bid...

Well for our situation we can't make the extension as part of our deal simply because we are still renting together. Extend 1 month means 1 more month of rental of us, damn bo hua

In a way yes and no. Cause its like at least we know where we stand and at least we have a control over our situation. Like know straight from the start if we can push more or just drop out if it's way beyond our budget.

 

[Ashton]

Just paid deposit for a unit that i really like, now waiting for hdb valuation. Sellers quite steady agreed on a very low deposit.

Fingers crossed on valuation as there's zero transaction in this project and even the entire area, can only guesstimate based on nearby areas. I'm okay with some COV but if differ by too much seller agree to discuss again and lower their selling price.

All the best to fellow buyers like @harky and @kelvin.wolfbane !

 

[KusitoriBuro]

Hi all, which is the best website to check on latest estimated HDB valuation?

Will this differ alot from the actual valuation? Will not want to have any heart attack after signing the OTP. Will the covid19 has a major effect?

closest thing that available to you is HDB past transaction records lol

or.. u can ask ur agent show you the actual evaluation, they have a portal that only agents can access

but dont really bet on past valuations. you future house may have different valuation even it's the same floor, same size.

more prudent way is to be clear about what you can afford. set a max amount of what you can afford in cash/ cpf/ loan. then work from there

 

[kelvin.wolfbane]

closest thing that available to you is HDB past transaction records lol

or.. u can ask ur agent show you the actual evaluation, they have a portal that only agents can access

but dont really bet on past valuations. you future house may have different valuation even it's the same floor, same size.

more prudent way is to be clear about what you can afford. set a max amount of what you can afford in cash/ cpf/ loan. then work from there

Second this. All we have are past transaction price on the Internet. Even so, we don't know if any of them paid COV on top of that.

I once offered for a unit but lost the offer. And the agent told me afterwards that the valuation came out 50k or so below which was a shock to all of us. Cause there's a lot of units sold there that's around the same price range.

So ya don't count on the transaction price that much, can only serve as a reference. Work out your loan, cpf and cash on hand to give an offer that's comfortable for you

 

[harky]

agent got actual evaluation to access?

closest thing that available to you is HDB past transaction records lol

or.. u can ask ur agent show you the actual evaluation, they have a portal that only agents can access

but dont really bet on past valuations. you future house may have different valuation even it's the same floor, same size.

more prudent way is to be clear about what you can afford. set a max amount of what you can afford in cash/ cpf/ loan. then work from there

 

[drkcynic]

Second this. All we have are past transaction price on the Internet. Even so, we don't know if any of them paid COV on top of that.

I once offered for a unit but lost the offer. And the agent told me afterwards that the valuation came out 50k or so below which was a shock to all of us. Cause there's a lot of units sold there that's around the same price range.

So ya don't count on the transaction price that much, can only serve as a reference. Work out your loan, cpf and cash on hand to give an offer that's comfortable for you

You win some and you lose some. TBH, it is not too much to pay if you pay 10-20k above valuation for a unit both you are your spouse like and can move in immediately. IDs are expensive nowadays and there is no guarantee it will come out the way you imagine. So paying some money for a "final" product works.

If you keep getting caught up to make sure you "win", it will be very difficult to get a unit, and especially a choice unit where there are likely other people who likes it as much as you do.

Time is money imo, you should just get on with it and move on to better things instead of getting caught up in cycles of hunting and losing out on something you fancy.

 

[kelvin.wolfbane]

Oh and I forgot to add on, only the buyer will have the access to the valuation report. And he doesn't have the obligation to share it with the seller nor the agent if he doesn't want to

 

[kelvin.wolfbane]

You win some and you lose some. TBH, it is not too much to pay if you pay 10-20k above valuation for a unit both you are your spouse like and can move in immediately. IDs are expensive nowadays and there is no guarantee it will come out the way you imagine. So paying some money for a "final" product works.

If you keep getting caught up to make sure you "win", it will be very difficult to get a unit, and especially a choice unit where there are likely other people who likes it as much as you do.

Time is money imo, you should just get on with it and move on to better things instead of getting caught up in cycles of hunting and losing out on something you fancy.

Yea man this is our thoughts too exactly. But if it's 50k COV then nah, we shall pass

We already continuing on with our hunt and hopefully, just hopefully, we can find another unit that we both really like. Cause 1 more month of hunting means 1 more month of rental for us. And like we always tell others, faster we get our own house the better it is cause the monthly mortgage installment is so many times cheaper than our monthly rental now

 

[light84]

Second this. All we have are past transaction price on the Internet. Even so, we don't know if any of them paid COV on top of that.

I once offered for a unit but lost the offer. And the agent told me afterwards that the valuation came out 50k or so below which was a shock to all of us. Cause there's a lot of units sold there that's around the same price range.

So ya don't count on the transaction price that much, can only serve as a reference. Work out your loan, cpf and cash on hand to give an offer that's comfortable for you

I had a similar situation before. We bid for a 15 year old plus flat in a mature estate in the south very near MRT and we lost on the bid to the buyer who put in a slightly higher price den recent transactions so we tot maybe that buyer okay to pay some COV.

After valuation come out, the seller agent updated us that valuation is 50k below the bid.

So nearby transactions price does not mean it is valuation price

 

[light84]

You win some and you lose some. TBH, it is not too much to pay if you pay 10-20k above valuation for a unit both you are your spouse like and can move in immediately. IDs are expensive nowadays and there is no guarantee it will come out the way you imagine. So paying some money for a "final" product works.

If you keep getting caught up to make sure you "win", it will be very difficult to get a unit, and especially a choice unit where there are likely other people who likes it as much as you do.

Time is money imo, you should just get on with it and move on to better things instead of getting caught up in cycles of hunting and losing out on something you fancy.

Ya I agree. If TS want everything he must win, very difficult to get a place

Need to be more flexible and give and take