vinzy

Simple point for all potential buyer or seller to note. Valuation had gone up. COV will still depend on the seller. If you are viewing a unit now at CCK crescent blk 68X, 5rm valuation as of March and April is around 320-325k. Any new valuation report that comes out in the month of MAY may give a higher valuation. For those who are keen to purchase, get the deal sign if the price + COV is within budget. Then redo a valuation report, most likely this will reduce your COV, but of cos it will increase your loan amount. Example: Purchase price at 360k March 2008 valuation $325k + COV 35k = 360K MAY 2008 valuation $330k + COV 30k = 360K Spending $180+ on a new valuation may reduce your cash outlay by a few thousand dollars, no gurantee on valuation price keep going up though. If I am representing the seller, of course I will be fighting for the highest price for the unit to be sold. I just sold off a unit at Blk690D high floor ( Jan 2008 valuation: $326k), sold at $26k COV, total $352k, and another $800 for some of the furniture to the buyer. Just help a buyer buy at unit at blk 687C, valuation + COV 6.5k only. Interior nicely done up, was actually an amazing steal for us! If you are a buyer, please be sure you have some cash budget (at least $10-15k COV). Not everyone is lucky to get a cheap and good house. There are still great buys out there, but be realistic about the market prices. Luck does play a part if a great bargain comes along, but don't depend too much on it, Its a realistic world we are living in, do not be in a dreamland and expect prices to be like those in Year 2005 where units are sold at below valuation. Those who are waiting by the sideline can just expect COV to get slightly lower ,but the OVERALL PRICE will remain at this level for some time to come. It might still inch up, but at a slower pace. Good luck to all. vinz

Most buyer are looking to get at a good location, not those ulu or far off location from the estate town centre which also makes up the average STATISTICS from HDB. Valuation price had gone up, so maybe COV has slightly gone down, if you meet an owner who is realistic, the overall selling price remains the same. Example: 3months ago : Valuation 320k + COV 40k = 360k Purchase price Now : Valuation 340k + COV 20K = 360k Purchase price For an unrealistic owner, he will be asking on a revised price of 340k + COV 40k = 380k. Market forces in play, supply vs demand. If everyone stop paying high COV, owners cant sell their unit, they will lower the COV accordingly over time Seller should be educated on the overall purchase price, and not look at how much the valuation is and still expect the same type of COV as few months back. (which will bring the overall purchase price even higher if they insists) Of course buyer must be realistic and do not keep thinking that prices will fall back to 2005 level, selling at zero COV or even below the valuation for bigger units. Those times are over and wont return for quite a while.

It's a good buy, considering its high floor , valuation still quite reasonable.Total u just be paying 257k for a 4rm. Please note those just opposite the mrt selling at 330k. And many 4rms 10mins walk from yew tee mrt are sold at 260-300k.

Use of CPF Housing GrantThe CPF Housing Grant can be used to pay towards the purchase of the resale flat or to reduce the mortgage loan. Hence, if you do not have enough CPF savings, the grant can be used to pay for the initial payment towards the purchase. The balance, if any, must be used to reduce the mortgage loan. However, the grant cannot be used to offset the cash payment where the declared resale price exceeds the market valuation. If you are buying the resale flat with a bank loan, the CPF Housing Grant will be treated as part of your CPF fund. It can be used to pay for the CPF portion of the initial payment towards the purchase of the resale flat or to reduce the mortgage loan. It will be included in the computation of the CPF withdrawal limit. It cannot be use for stamp duties, legal fees etc.

Not that seller do not want to sell to you, just that nobody bothered to check the Minimum occupation period (MOP). You cant sue the seller based on this. Valuation will go up slightly.What I suggest you do is to request a valuation report in your name now, and for the valuation report to be posted directly to your house. Re-sign or do a proper OTP with the approval date before your OTP date. Inform the agent that if the valuation goes down by a certain amount ($1k -5k up to your comfort level), then you will not go ahead to purchase the house as you do not have to cash on hand. If valuation remain the same or goes up, you will go ahead. In this way it's fair to you. good luck, vinz

Just for everyone's info, the valuation price of most HDB resale flat had increases since last Dec07/Jan 08 period. For those who had signed their OTP recently and their valuation report is dated 2months back, there is no harm paying $180+ to request for another one, this will usually decrease your cash outlay by a few thousand at least. Oh yes, pls only get this done when you signed on the dotted line with the seller. Who knows how much the seller will increase the overall price if he knows the valuation prices had increased for his hse? (if nothing was being signed between seller and buyer) Everyone becomes greedy when its your turn to be the seller.

Yes you can request for a 2nd valuation report. But of course you have to inform the owner as the valuer need to drop by their house during office hours to snap some photos and take a look at their house.Yes you can use back the 1st valuation report if the 2nd one comes out lower. Most recent valuation reports are higher than the one done earlier recently. Please note if you are taking bank loan, it gets trickier as you might had already signed the Letter of Offer with the bank , with the required cash components , loan amount already fixed. For HDB loan, shouldn't be much of an issue as you would be required to submit the valuation report only on 1st appointment, and your loan amount will be calculated then by the HDB officer. vinz

Step 1 : Apply for balloting with fiancee for BTO flat. As long as a sporean and a PR, then eligble for brand new HDB flat. Step 2 : If you get the ballot and choose a flat, then Sell existing flat and put parent's name as seller. Step 3 : Proceed to sign purchase agreement for new flat with fiance/wife. Above condition may involve RESALE LEVY if the existing flat with your parents is a BRAND new flat and your name is included when they purchase the flat, and not added in recent years when you start working. Resale levy applies if 1) 1st flat is Brand NEW, and want to apply a brand new flat again 2) 1st flat Resale WITH GRANT, and want to apply a brand new flat again. vinz

If u did not turn up for the 2nd appointment without valid reasons, then HDB will calculate the number of days which is being postponed, u have to pay a penalty of 10% (per annum, pro rated on daily basis) based on your purchase price. Should work out to a few hundred dollars for 2weeks or so. If there is a letter being faxed (i dont think HDB will accept faxs, usually they want the original copies which was signed by both buyer and seller), then the HDB officer in charge of your case should had know, and wouldnt had sent u the letter dated mid march. (**hope u get the hint) vinz