HDB Valuation

[zackontherun]

Hi, anyone knows if seller can intentionally drag the application process? He tenanted the unit out till aug and we exercised otp on 22/04/21. The otp was offered almost one month ago in March. Now they want to drag out the full 30 days and ask us to submit with them at the end of 30 days (or near the end). It's quite unfair for us since we are getting married in Sept and will have no time to reno it. Is it their right to do so? Can we even do anything?

 

[japst3r]

Hi, anyone knows if seller can intentionally drag the application process? He tenanted the unit out till aug and we exercised otp on 22/04/21. The otp was offered almost one month ago in March. Now they want to drag out the full 30 days and ask us to submit with them at the end of 30 days (or near the end). It's quite unfair for us since we are getting married in Sept and will have no time to reno it. Is it their right to do so? Can we even do anything?

Did you know it was tenanted when you exercised the option? Anyway if the OTP clause 12 give full 30 days to apply to hdb for approval then you're stuck lor. Black and white there already. These are things agent should have advised you especially if you had timeline concerns.

 

[todomachi]

Hi, anyone knows if seller can intentionally drag the application process? He tenanted the unit out till aug and we exercised otp on 22/04/21. The otp was offered almost one month ago in March. Now they want to drag out the full 30 days and ask us to submit with them at the end of 30 days (or near the end). It's quite unfair for us since we are getting married in Sept and will have no time to reno it. Is it their right to do so? Can we even do anything?

if the 30 days is stated in the OTP then you cannot do much. By right, you should have asked roughly when seller will submit the application before even putting up an offer for the unit.

 

[Laneige]

Hi, anyone knows if seller can intentionally drag the application process? He tenanted the unit out till aug and we exercised otp on 22/04/21. The otp was offered almost one month ago in March. Now they want to drag out the full 30 days and ask us to submit with them at the end of 30 days (or near the end). It's quite unfair for us since we are getting married in Sept and will have no time to reno it. Is it their right to do so? Can we even do anything?

why they can’t drag? Max 30days, they do at 30th day also not wrong according to contract. Did u inform seller of yr difficulty n see how he can settle tenant?

 

[Laneige]

my point is the valuation is coMpletely based on nothing.

all recent transactions for a 68sqm unit is sold for 310k to 330k and they value the 75sqm unit for 300k. and all years lease are similar.

Is it those also on cov? Then they didn’t update valuation?

 

[Laneige]

nope, must lapse then can issue.

What abt both decided to void first one.

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.

dont understand
since buyer offers lower price than the agreed amt then why r buyer allowed to do that? It’s agreed on that amt so buyer want to give up or lower price n seller sue buyer? Waste so much time for what? seller has prob finding better buyer?

 

[halfnode]

even if both sides ok to void, die die gotta wait. thats what happened to me.

 

[todomachi]

Is it those also on cov? Then they didn’t update valuation?

Those transacted prices likely are with COV and probably on a high, which is why valuation for similar unit may still be low as valuation it will probably take 2 to 6 months (depending on number of surrounding transaction) for valuation price to move up.

 

[todomachi]

What abt both decided to void first one.


dont understand
since buyer offers lower price than the agreed amt then why r buyer allowed to do that? It’s agreed on that amt so buyer want to give up or lower price n seller sue buyer? Waste so much time for what? seller has prob finding better buyer?

Think not able to void the first one since in the HDB system there is already a record of the OTP being clocked in (request for valuation) with the option expiry. only can reissue option after the 1st one has lapsed.

 

[Rabbit^]

Anyone appeal valuation to HDB before? What are the steps, and is it successful?

 

[tetryo]

Hihi I understand u are looking for hdb resale. I am selling my soon mop unit in the west. My high floor unit is well maintained and reno that fits ur budget.
If u interested we can communicated further.

Hi! Is your unit sold already?