How much COV did you pay?

[DevilPlate]

Actually HDB max option money only $1k and lock in seller for 3weeks.

If COV turn out to be too high from yr estimation based on similar past transactions, then js forfeit lah

 

[ZacharyA]

$1k is not the maxed, some agents have requested for a higher deposit (3-5k) which counts towards exercise fee as well to secure the unit for you if your HFE is not ready or under processing.

 

[DevilPlate]

$1k is not the maxed, some agents have requested for a higher deposit (3-5k) which counts towards exercise fee as well to secure the unit for you if your HFE is not ready or under processing.

Thats illegal
report CEA

 

[ZacharyA]

Thats illegal
report CEA

This is between buyer and seller. If buyer's HFE not ready but keen with the unit, they will take it to reserve it. Else, another buyer can scoop it up in the next few viewings.

There is no right or wrong. And if you feel that this is not up your alley you can always pass. The seller has advantage at the end of the day.

 

[DevilPlate]

This is between buyer and seller. If buyer's HFE not ready but keen with the unit, they will take it to reserve it. Else, another buyer can scoop it up in the next few viewings.

There is no right or wrong. And if you feel that this is not up your alley you can always pass. The seller has advantage at the end of the day.

U mentioned agents requested/facilitate which make it illegal already.

Also HDB rules stated very clearly……these undertable dealings like u said even tho if u deem it as willing buyer willing seller don’t make it less illegal

remember last time got many undertable unreported COV?

 

[ZacharyA]

U mentioned agents requested/facilitate which make it illegal already.

Also HDB rules stated very clearly……these undertable dealings like u said even tho if u deem it as willing buyer willing seller don’t make it less illegal

remember last time got many undertable unreported COV?

Undertable and unreported COV is two different matter.

Which part of HDB rules state that you cannot have a contract prior to your eligibility to obtain OTP if one does not have his HFE ready because it is under processing ??

So you are saying it is illegal to go into a contract with a seller to reserve the unit, when the consideration you paid to reserve will be used and applied towards the OTP issuance and exercise fee?

 

[HdbTaiTai]

TS, just fyi I sold my tampines central flat end of 2022. The buyer paid 70k cov

 

[vinz]

Which part of HDB rules state that you cannot have a contract prior to your eligibility to obtain OTP if one does not have his HFE ready because it is under processing ??

https://www.hdb.gov.sg/residential/...cation-for-an-hdb-flat-eligibility-hfe-letter

click on "when to apply " at the above Webpage .

Valid HFE is not under processing.

the new hfe format is to make it easier for buyer and seller to meet up and close the deal immediately ..

not to have buyer who waste seller's time unnecessarily , while buyer go do HFE after they view and is keen to buy . (this is what happened last time ).

 

[DevilPlate]

Undertable and unreported COV is two different matter.

Which part of HDB rules state that you cannot have a contract prior to your eligibility to obtain OTP if one does not have his HFE ready because it is under processing ??

So you are saying it is illegal to go into a contract with a seller to reserve the unit, when the consideration you paid to reserve will be used and applied towards the OTP issuance and exercise fee?

U can always prove me wrong by checking with HDB

 

[ZacharyA]

https://www.hdb.gov.sg/residential/...cation-for-an-hdb-flat-eligibility-hfe-letter

click on "when to apply " at the above Webpage .

Valid HFE is not under processing.

the new hfe format is to make it easier for buyer and seller to meet up and close the deal immediately ..

not to have buyer who waste seller's time unnecessarily , while buyer go do HFE after they view and is keen to buy . (this is what happened last time ).

Surely I know that one needs to have HFE in order for seller / seller's agent to grant and issue you the OTP. But which part of "when to apply" states that it is illegal to reserve a unit by giving a deposit to seller prior to having a valid HFE letter?

U can always prove me wrong by checking with HDB

Why do I have to prove you wrong when you are the one who claimed it is illegal. So now you can't prove it? Or what?

 

[cyberklan]

Then go to HDB website to see last 6-12 months transaction in the same cluster of flats. Same floor area. And better if same range of floors.

Then you will have a sense of got COV or no COV. Nobody can tell you for a fact that the last transacted price is $600k and the seller asking for $650k so the COV is $20,591.60

just to share with TS (and without going into the details )..
- my ex neighbour sold their 4room hdb for $490k in Jan23, from what I know, no COV
- I sold mine (same floor) in Apr23, for $570k.. $40k COV

so willing buyer…

 

[ZacharyA]

just to share with TS (and without going into the details )..
- my ex neighbour sold their 4room hdb for $490k in Jan23, from what I know, no COV
- I sold mine (same floor) in Apr23, for $570k.. $40k COV

so willing buyer…

So.... if the price agreed was 531k, got 1k COV bo? What is the minimum COV threshold? $5k?

 

[cyberklan]

So.... if the price agreed was 531k, got 1k COV bo? What is the minimum COV threshold? $5k?

This remind me when the time Arsenal bid to buy Luis Suarez for £1 extra of the release clause

 

[vinz]

Surely I know that one needs to have HFE in order for seller / seller's agent to grant and issue you the OTP. But which part of "when to apply" states that it is illegal to reserve a unit by giving a deposit to seller prior to having a valid HFE letter?

seriously pls stop writing nonsense .

in a hdb resale transaction ,
only the otp is the valid document to sign and pay deposit for a buyer to get the process rolling .

no other special document or deposit is valid under the eyes of the law/hdb.

what 3k 5k deposit to reserve and wait for buyer to settle HFE is utter nonsense .

pls don't write nonsense and then go about telling others we don't know our stuff.

seriously either u meet utter nonsense agents, or u been brainwash by people thinking what u wrote are the norm out there .

-vinz

 

[ZacharyA]

seriously pls stop writing nonsense .

in a hdb resale transaction ,
only the otp is the valid document to sign and pay deposit for a buyer to get the process rolling .

no other special document or deposit is valid under the eyes of the law/hdb.

what 3k 5k deposit to reserve and wait for buyer to settle HFE is utter nonsense .

pls don't write nonsense and then go about telling others we don't know our stuff.

seriously either u meet utter nonsense agents, or u been brainwash by people thinking what u wrote are the norm out there .

-vinz

In the eyes of the law, a contract is valid if it has an offer, an acceptance, and a consideration.

Since when I said that the arrangement = OTP??

If one wants to buy, and offer an amount that the seller is willing to accept and wait, then who is to stop them from having their arrangement while seller wait out for buyer to complete HFE processing?

 

[Mephist0pheLes]

HDB transaction is the transacted price, which may or may not include COV. That's not the valuation price. So looking at HDB transactions only tell you the price trend, not the COV.

valuation is based on transacted price. if the price u r paying is not a big jump from the recent transacted price (taking into account the different floor level, distance to mrt, etc.), u likely will not need to pay any COV.

 

[ZacharyA]

seriously pls stop writing nonsense .

in a hdb resale transaction ,
only the otp is the valid document to sign and pay deposit for a buyer to get the process rolling .

no other special document or deposit is valid under the eyes of the law/hdb.

what 3k 5k deposit to reserve and wait for buyer to settle HFE is utter nonsense .

pls don't write nonsense and then go about telling others we don't know our stuff.

seriously either u meet utter nonsense agents, or u been brainwash by people thinking what u wrote are the norm out there .

-vinz

The question here is, is it illegal? And you pointed me to a section which did not clarify on that.

So whos the one writing nonsense?

If it is illegal, then share where does it state so and I can stand corrected. Rather than jjww say nonsense this and that when you are not even clarifying the point but digressing.

 

[stsilverbullet73]

just call hdb to ask if you can offer seller a higher OTP. they will give you the answer.
no need argue on the internet

 

[lethiaa]

just to share with TS (and without going into the details )..
- my ex neighbour sold their 4room hdb for $490k in Jan23, from what I know, no COV
- I sold mine (same floor) in Apr23, for $570k.. $40k COV

so willing buyer…

Thank you! This is very useful

 

[8zaoyu]

just to share with TS (and without going into the details )..
- my ex neighbour sold their 4room hdb for $490k in Jan23, from what I know, no COV
- I sold mine (same floor) in Apr23, for $570k.. $40k COV

so willing buyer…

So your unit level HDB valuated at about $530k for loaning? Valuations subject both facing the same sun-facing view, reno conditions, not beside the rubbish chute?
Ultimately, can roughly gauge the HDB valuations for buyers to take up loans one.