HDB Valuation

[magna_strike]

Just one question, how much do you guys usually pay for otp? Is there a standard number used by many or wat?

 

[Kevin10]

Just one question, how much do you guys usually pay for otp? Is there a standard number used by many or wat?

I believe should be btw $500-$1K. Definitely there are some cases which is lower, but I think case to case basis.

 

[halfnode]

OTP has 2 set of fee. granting otp max is 1k and max 4k for executing otp. amount nego between buyer and seller. usually buyer may max out both amount to show how interested they are.

 

[magna_strike]

I believe should be btw $500-$1K. Definitely there are some cases which is lower, but I think case to case basis.

Thanks guys! Guess i will play smart abit and not give so high.

 

[Kevin10]

Thanks guys! Guess i will play smart abit and not give so high.

But it depends on the seller as well and how popular the unit are, if there are another buyer who offer 1K OTP, i believe the seller will prefer that, so take note.

 

[digiET]

Just to share mine in case someone got a shock from urban zoom valuation. Just got my valuation today.

SRX valuation is 19K below my offer price (a week ago was 26K below)
Urban zoom is 60K below my offer
(I just got to know abt urban zoom this morning and got a bit worried when I see e estimated valuation so so Low!!!)

Hdb valuation just came out, matched my offer

One thing though, prices in my area surged a lot since post circuit breaker.

 

[Kevin10]

Just to share mine in case someone got a shock from urban zoom valuation. Just got my valuation today.

SRX valuation is 19K below my offer price (a week ago was 26K below)
Urban zoom is 60K below my offer
(I just got to know abt urban zoom this morning and got a bit worried when I see e estimated valuation so so Low!!!)

Hdb valuation just came out, matched my offer

One thing though, prices in my area surged a lot since post circuit breaker.

May I know ur location ?

 

[digiET]

Bukit Panjang

 

[Kevin10]

Bukit Panjang

Thanks

 

[OnePunchMan]

Hi guys, one question. what if the sellers still do not what to sell the unit at a reasonable price even after the valutor provided the valuation? like example, the unit only cost 800k but seller die die want to sell at 1million. Is it illegal or can HDB do anything about it?

need to plan before otp, otp helps the seller not the buyer. There are even times when seller come up with excuses not to sell and drag on returning of otp

 

[digiET]

Not to sell? Tot they can’t don’t sell after they issue OTP?

 

[halfnode]

Not to sell? Tot they can’t don’t sell after they issue OTP?

they can dont sell if the buyer after valuation offer a lower price than the price written in the OTP.

 

[digiET]

Oooo, didn’t know can offer lower than OTP. Does that requires to go through the whole process again? E.g reissue new OTP?

 

[halfnode]

yes and you restart the whole process again from step 1 with a brand new OTP including paying HDB the fees for valuation etc. the previous OTP is void.

 

[OnePunchMan]

they can dont sell if the buyer after valuation offer a lower price than the price written in the OTP.

even if you offer the same price, seller can threaten to drag into civil proceeding. its just trouble one doesn’t want to have. Known a case on my colleague that drag 1 year+. With covid, I just aint got the energy to fight it.

 

[Motexh]

even if you offer the same price, seller can threaten to drag into civil proceeding. its just trouble one doesn’t want to have. Known a case on my colleague that drag 1 year+. With covid, I just aint got the energy to fight it.

You don’t need to let seller know the valuation price if you are worried that he will back out.

 

[g_t2006]

they can dont sell if the buyer after valuation offer a lower price than the price written in the OTP.

what talking you

valuation price is lower than OTP selling/buying price means the buyer has to pay COV. The seller get to get cash. Why would the seller change his/her mind?

buyer cannot offer another price after valuation is done unless buyer forfeit the OTP deposit.

 

[halfnode]

what talking you

valuation price is lower than OTP selling/buying price means the buyer has to pay COV. The seller get to get cash. Why would the seller change his/her mind?

buyer cannot offer another price after valuation is done unless buyer forfeit the OTP deposit.

yar thats what i meant. the answer was to a qns about a situation why a seller doesnt want to sell. if buyer refuse to meet the otp price after valuation due to various reasons the seller can refuse to lower the price and void the otp and keep the otp money.

 

[Motexh]

yar thats what i meant. the answer was to a qns about a situation why a seller doesnt want to sell. if buyer refuse to meet the otp price after valuation due to various reasons the seller can refuse to lower the price and void the otp and keep the otp money.

This is the decision of the buyer to not proceed with the transaction and not the seller deciding not to sell.

 

[harky]

seller wont know the valuation price unless buyer tell seller..

they can dont sell if the buyer after valuation offer a lower price than the price written in the OTP.