Selling Below Valuation

[vibranze 0]

Bros,

Really need your valuable advice here, what is your opinion about seller that want to sell the unit below valuation price, and in other hand buyer need to give undertable undeclare cash to seller? How often you guys seen this practice and if this is illegal and if it is illegal, what is the opportunities for HDB to find out and what is the penalty? Please let me know all the possible causes for the case to be arose and found out by HDB. Thanks.

Kindly advise urgently. Thanks.

Cheers,

V

Edited November 28, 2007 by vibranze

[applefreak 1]

yes it's illegal

please don't do it, you will lose your money AND your flat !!

[yoongf 11]

but.. it comes with a free stay at Changi Hilton (all inclusive package) for making a false statutory declaration. Not attractive enough?

[gumbokins 5]

three words: not worth it.

turn around, and walk away.

[vibranze 0]

Thanks to all Bros here, finally I decided to not take that unit since this is my first time and I don't want to do this kind of stuff:)

Cheers,

V

[raincole 0]

Will u like to report to hdb? was it initiated by agent? Should remove bad agent from the mkt.

[vibranze 0]

Will u like to report to hdb? was it initiated by agent? Should remove bad agent from the mkt.

No ler, it is initiated by the seller agent, my agent's only explained to me the situation and all the possible impact.

It's ok anyway I've decided not to take, heng ar!

Cheers,

V

[applefreak 1]

good for you. why should you go to jail for someone else's greed? !! !!

[Phantom 1]

I got offered also before I bought my place. SGD10k cash.

25k below valuation.

My friend said its not legal.. and i didn't know.. but had to ask around coz i was at first wondering why ppl would do that... lol..

[applefreak 1]

it's the cashback scam

basically it's considered cheating i.e. inducing hdb into believing that the selling price is lower than the actual transacted amount

this is usually done by pple who used their cpf to get the flat, then realised that they won't get any cash back when selling

so by doing this they get some cash to settle debt / reno next place / return ah long

Edited November 29, 2007 by applefreak

[gumbokins 5]

i think this is known as cashdown though.

[Phantom 1]

it's the cashback scam

basically it's considered cheating i.e. inducing hdb into believing that the selling price is lower than the actual transacted amount

this is usually done by pple who used their cpf to get the flat, then realised that they won't get any cash back when selling

so by doing this they get some cash to settle debt / reno next place / return ah long

lol.. yeah.. i figured that out only later.. i realized that its a crime because its defrauding the government.

and you are right.. these ppl need cash.. only way is to sell the house cheaper but get undertable cash.

[Yuntlh 0]

Bros,

Really need your valuable advice here, what is your opinion about seller that want to sell the unit below valuation price, and in other hand buyer need to give undertable undeclare cash to seller? How often you guys seen this practice and if this is illegal and if it is illegal, what is the opportunities for HDB to find out and what is the penalty? Please let me know all the possible causes for the case to be arose and found out by HDB. Thanks.

Kindly advise urgently. Thanks.

Cheers,

V

Ya. it will be a lawsuit case if found out. sure lose one.

[wenniee 0]

dont do it!!i recently also meet this kind of seller!!(at joo seng)

he asking us to do undertable!!

Edited November 30, 2007 by wenniee

[vibranze 0]

Thanks to All of you!

Case Closed:-)

Cheers,

V