dannywmp

Hi, I am puzzled too, sometimes I just wonder whether is it really the seller intention to ask for such high COV or it the idea of the agent. Today, I call up an agent for an EM and was told that the valuation not out yet but owner asking for 40k COV... As my budget is around $400K, I feel like telling him I will give 40K COV if the valuation is at 360k... I may have the cash for the COV but I am not buying an overly price unit... I think 10 to 20K COV is still reasonable but not anything higher....

Hi, Some agents or seller practicing "under-table" cash transaction when selling their unit. My queries: 1) What is the different between COV and this "under-table" transaction 2) What does the seller gain from doing the "under-table" transaction, since both ways involved buyer giving them Cash money? The agency say that the seller do so because they need the cash to do renovation for new house etc... but from my understanding if someone selling their flat, the amount of cash proceeds generally is the amount balance from: selling price - (CPF utilised + interest)- HDB Loan outstanding - Misc(Conveyancing fee, legal fee etc) Using the following example: Unit Valuated at =$280K (CPF utilised + interest) = $200K HDB Loan outstanding =$70K Misc = $2k For the case of COV at $20K, Selling Price = $300K (280+20) therefore Amount of Cash Proceed after unit sold will be = 300K- 200K - 70K -2K = $28K but for the case of "Under-table" transaction, assume the seller request for $20K to be under-table, with the same figures stated for calculation, what is the amount of cash proceed the seller get from the transaction. Kindly advice, thanks...

Thanks for all the reply and yes I am taking a bank loan. All in all, I must have at least $45K cash in hand for settlement... not forgetting the Renovation cost----Easily hit another $40K Total $85K HARD CASH!!! Must relook into my cash planning already....

Hi, I am kinda confused with the term COV - Cash Over Valuation Take for instant I am interested in an unit valuation at $380K and seller request $20K COV. Thus Selling Price = $400K For this $20K COV, must I really pay it in cash? Since I am getting a bank loan, that require to pay 5% cash downpayment of the selling price - another $20K Cash, Therefore, I need to pay a total of $40K Cash? If the above is so, when must this $40K be paid, is it during the 1st appointment or 2nd appointment? Thanks in advance for help....

I saw your leaflet in my letter box at blk 97X....frankly, it looks like another agent advertising leaflet...if it is not because of your name, I will have discard to the waste bin... All Bros and Sis, can any of you share with us how to write/ design a leaflet that the first instant will capture the potential seller eye and believe that we are genuine and sincerely buyer thus call us to discuss further... Just like Donny, I will like to find out who is interested to sell their EM unit in block 974 and 714, so that I can approach them direct without going thru agent... Thanks in advance....

Not sure about st 92 but for St 93 is only 5mins walk to the MRT station...btw are you sure the price is so low for those units in St 93 too ? I may be selling my 4 rms but if the price is so low, then I will do renovation instant liao... FYI...if you look at the transaction price lately, all Jurong estate price had gone up although still one of the lowest priced estate among all...

I totally agree with asoon88...St 93 is really a good location...as I am a proud owner of a unit in one of the block ...heheee... Never thought that I will have all these...MRT and stadium when I move in here 9 years ago... some of the highlights... -Stadium with swimming pool is just beside the blocks here... -MRT is 5 mins walk -Pioneer Mall is 5 mins walk -Caltex petrol stadium 3 mins walk (24 hours convi) -All the groceries marketing and eating place (coffee shops) are by 3-5 mins walking distance... -Bigger units then those 6XX blocks As such, unless I can find some really godd EMs around the same area...else, I will stay on for a couple of few good years...

Hi, Can you tell me whether those EM in st 72 and st 93 affected?

Thanks for the great advice. Yes, I know there is not many EM around the area but elsewhere I will not consider. I like EM because of the concept...as for the floor area, my present 4 rm is actually sufficient for my family of 3... If by Oct. this year, I cannot source for a suitable unit, I will do a complete renovation to my existing unit... Tats y I decide to source for a unit before putting my unit on sale. Cheers

Hi, I am new to this forum and is glad to know that so many EM lover out there... Presently staying in 4 rm at Jurong West...and is thinking to upgrade to bigger unit...but with the 2 storey concept so EM is my choice. I am used to my present location with Sport complex just next to my block and MRT station within 5 minutes walk. Most important it is near my son's Primary School and student care centre. As such, my search of EM is confined to just this 2 blocks...974 Jurong West St 93 or 714 Jurong West St 71 which are both not too far from where I presently staying... Anybody in this forum planning to sell their unit in this 2 block, kindly reply me an email or sms me at 81259873. Thanks....