wikipicky

therat: the seller might worry. What if the valuation report is lower? Will buyer ask for discount? wikipicky: No need to worry. Option exercised already and total transacted price fixed, see my earlier posts. if buyer refuse to proceed without discount, seller get to pocket 5k for nutz. ========================================== chronograph: You have already submitted OTP, current valuation report and obtained 1st appointment. So why make it so complicated? Asking for another valuation will mean cancel this appointment and resubmit your OTP and new valuation. If u cancel, it will mean re-negotiating a new deal, if i'm the seller i will ask for more. Its poor planning at your part, you should have called for a revaluation before submitting to HDB. Which means you have 2 valid valuation reports to choose from and of course subject to seller cooperation for 2nd valuation. wikipicky: As my earlier post mentioned, 1st apptment is 6 weeks away. if do revaluation now, at most take 2-3 weeks. For the cancelling part, its not true. As long u have done a valuation before submission and can produce new report by your first appt, HDB will take which ever valuation report you produce on that day. Check it out if you don't believe. On the contrary, if you think about it, this is strategic planning. I am fine with no revaluation. If can have added bonus of reval, why not ? ============================================ bepgof: Swee ! Simply put it: Wiki does not understand the rules of game. HDB web already puts it SUPER CLEARLY that revaluation needs seller's permission....., & revaluation to be done before resale application submission, & revaluation report takes 2 weeks "to cook". Young ppl nowaday like to talk abt rights and forget their duties, why like that? wikipicky: Old ppl nowadays ah, like to make fun of young ppl in the name of duties, why like that? Wiki only dun understand this term of the game, if understand still need to post question here and get some old geezer to answer? Anyways, you are right valuation is to be done before submission but old ppl also not 100% accurate here leh....geez... As long as new valuation report is out before 1st appt, you can still use the new report on 1st appt day. Go email HDB if u dun believe. bepgof: ..... Respect needs to be earned and it takes time. Likewise while claiming one's rights, make sure one's responsibilities and obligation to be fulfilled first. In a queing society, responsibility is to join the queue at the back and wait for one's turn, cutting q and claiming to be "creative" and shouting for rights is like Dr CSC......... wikipicky: Haha, amusing. My post is really a query on the buyer's rights with regards to revaluation and whether anyone has similar experiences. You rattle on about respect, claiming rights, responsibilities, obligations, cutting queues and whatnots, kind of irrelevant and no link. You can try searching for some youth forums and post them there. ====================================== neubie: if first time val = 350k, seller asking 50k COV, if buyer agrees to pay 400k, case closed, everyone happy. if buyer request reval and seller agrees, if reval is lower, say, 330k, COV to be paid will be 70k as per rules. would buyer be willing to fork out extra 20k cash? i mean put oneself in seller's shoes, would u prefer more cash from COV or from CPF??? wikipicky: If valuation lower, i use my original report. neubie, valuation only affects buyer side. cash proceeds and CPF proceeds for seller side is not affected by valuation. ========================================= Warrior88 part1: Seller no obligation to consent and give reasons for reevaluation. Comes End Aug, you don't turn up. OTP to resubmission date expires. Your *** on fire. Deposit gone, agency fees must pay. Check your your agent contract. Sales don't go through also must pay agency fees. Now, who is on mercy. You ask for resolution. Seller says can, but new OTP at higher price. For resale, buyer always slightly on the losing side You can request, but subject to acceptance. You can appeal, but you have no grounds. This is not an entiltlement, not even a privilege. Singaporean like that, no benefits, no deal. Regardless whether seller is affect or not. Just like, you go rent a house. request to move in early, saying "Why not, after all your house is vacant what!" Don't think owner will budge. "Why not, I compensate your inconvenience by $XXX" .... " Sure, heres the key. If you keep playing this game and evaluation keep going up. When will this end ? wikipicky: I like your poetry, LOL. I change it to " You can request, but subject to acceptance. You can appeal, but you have no grounds. This is not an entiltlement, not even a privilege. But Singaporeans are no fools either, see got opportunities and don't try? Not too likely" Not sensible to keep doing valuation, this is too much a sweeping statement. There are special circumstances when you see valuation is way below by 20-30k, got opportunity you keep quiet and don't ask also don;t make sense. Plastic3 ... wikipicky Thanks for your post, I understand your point. We all know HDB resale price index has been increasing and COV as well. Its just that there are certain circumstance that there is a need to act, see my replies above.

Haha, it be very simple and straight forward if the seller agrees to my request. But as always, life is seldom a bed of roses. My goal quite simple, just wanna pay less cash and more CPF. To achieve that, I'll need to "convince" seller to let me do revaluation the "hard way". And to do that, I need to know how to make full use of Singapore's law and housing regulation to do that..

Hi therat, Really appreciate your reply. Thanks for your help. I guess I'll need to seek a private solicitor to find out to what end I can go for those 2 queries.. Am hoping also if theres a buyer out there who has encountered such situations and done a revaluation despite seller disagree or seller back out and the extent to which he could seek compensation to share their stories.. Of course, I would not hope to go to such ends but at the end of the day, I guess its about knowing our rights and how we can fully utilise our rights.

Thanks for your replies guys, ----------------------------------------------- forgotten said: What for go challenge and provoke your seller? It's not worth it. Before your resale app is approved (usually approved 1 week after 1st appt), your seller can back out of the deal without your consent. And HDB doesn't entertain complaints of such cases wikipicky: Legally, the OTP is a legal binding contract. From a contractual perspective, the OTP only indicates the transaction price and does not include valuation. So even after revaluation, as long as we keep to the contractual terms i.e. total transacted price, technically, I have not violated the contract. But if seller backs out, it is a violation of a legal contract. This is really where my second question is: So from a legal perspective, how far can I pursue my case whether via HDB lawyer or taking up a civil suit? Anyone has similar experience whereby seller backs out of a deal after OTP has been exercise? --------------------------------------------- scenium said you only think of opportunity for yourself to earn extra money. what about other people? When you execute the OTP at that time is based on the other day market condition & environment. You said that the current valuation of the house should be higher. What if the seller said, based on current market condition my house should also have higher COV? I would say whatever extra money you earn from the revaluation, half of them you give to the seller. What do you think? wikipicky: Earn extra money ?? Actually, if you understand HDB resale policy and my 1st post above correctly, by doing a revaluation, any change in valuation price will not affect the amount of money coming out of my pocket. If valuation increases after revaluation, it means that less cash is coming out of my left pocket but more CPF is coming out of my right pocket. Remember the total trasacted price remain the same. From a seller's perspective, the change in valuation will NOT affect the total sales proceeds he will be getting, neither will it affect the cash or CPF component he will be getting. I just like to pay with more CPF and less cash and i be paying for the revaluation as well. ----------------------------------------------- Plastic3 said Yes, valuation maybe more...but I feel you should just go through with your original agreement...doing a revaluation can lead to a whole lot of trouble. wikipicky: The procedure is actually quite simple... Seller agrees, then I arrange for valuers to go to his flat on just one day (10-1pm) to take a few photos, probably around 20 mins. Then from then on, seller dun have to do anything else. For my side, valuaers will give me a valuation report which I need to present by First Appt and thats it. So, the question is really my 1st question, is it legally a buyer's right to revaluation?

Hi, I am a direct buyer and am buying a flat recently at Yishun, valued at 350k. I have exercised the option and paid 5k deposit in all, now waiting for First Appointment in end Aug. I did some checks with similar neighboring units (same flat model and size) that are at the same level and had their valuation done recently. I believe with the current valuation, which is done about 1 plus months back, my flat is undervalued as compared to neighboring units that are valued at around 380k. If I were to do another valuation, my gut feel is that most likely the valuation will increase by at least 10k or more considering my deco is quite good. I like to have more cash on hand and hence pay less with cash for the flat, more with CPF. However, the seller refuses to allow revaluation (let valuers enter the flat) although I have explained to him that the amount he will be getting in cash and CPF components will still be the same since we have agreed on the total price and that the revaluation only affects my end, perhaps he is not happy that should the valuation increases, he could have asked for a higher price if he had not granted me the option yet. My questions are: 1. Is revaluation a buyer's right now that I have exercised the option? 2. In the event that if we fall out, and he refuses to attend our 1st Appointment, is there any legal recourse I can take against him ? Thanks, ZhiQiang