Should I Ask For A Revaluation?

[smartbuy 0]

Hi ppl

Last week we went to view a 5-room flat and we like the unit very much. The valuation price is $360k. The selling price will be $360k + $22k(cash) = $382k. At the same time we pay the option fee $1k and option exercise fee $4K cos we already got HLE. The couple divorce and wanted to sell their house.

The valuation report is going to expired in 7 days. The owner want a revaluation cos she want to delay the submission and put it as 30 days cos she need time to look for a new house. We had both buyer and seller agreed both party had to accept the outcome of the new valuation as the selling price fixed at $382k.

Today my agent called mi and say i have a choice now. The seller dun need to look for a new house anymore she will be staying with her mother. My agent ask mi whether i wan to do the submission today anot by using the seller valuation report which is going to expired in 3 days. I can ask for a revaluation also but i cannot use the seller valuation report anymore cos it is going expiry and I have to accept whatever the price of the new valuation report if i wan a revaluation.

I had checked the HDB resale transactions. The surrounding block units at the flat i am buying is between 360k to 382k for the month of Jul to Oct and mine unit is a high floor 11th storey.

I asked my agent she say most likely the valuation will go up but no comfirm lor. If valuation goes up i pay less cash if goes down i got to fork out more cash . But i relli hope that i can pay less cash cos i can use the money for a small renovation.

I am thinking of asking the agent to use the seller valuation report for the submission 1st and do another revaluation at the same time. So that i can choose which 1 to use at the 1st appointment. But worry that end up i will be paying for 2 valuation report which i think is not worth.

Do you all think i should ask for a revaluation or use the seller old valuation report?

Thanks

[hello88 2]

Hi ppl

Last week we went to view a 5-room flat and we like the unit very much. The valuation price is $360k. The selling price will be $360k + $22k(cash) = $382k. At the same time we pay the option fee $1k and option exercise fee $4K cos we already got HLE. The couple divorce and wanted to sell their house.

The valuation report is going to expired in 7 days. The owner want a revaluation cos she want to delay the submission and put it as 30 days cos she need time to look for a new house. We had both buyer and seller agreed both party had to accept the outcome of the new valuation as the selling price fixed at $382k.

Today my agent called mi and say i have a choice now. The seller dun need to look for a new house anymore she will be staying with her mother. My agent ask mi whether i wan to do the submission today anot by using the seller valuation report which is going to expired in 3 days. I can ask for a revaluation also but i cannot use the seller valuation report anymore cos it is going expiry and I have to accept whatever the price of the new valuation report if i wan a revaluation.

I had checked the HDB resale transactions. The surrounding block units at the flat i am buying is between 360k to 382k for the month of Jul to Oct and mine unit is a high floor 11th storey.

I asked my agent she say most likely the valuation will go up but no comfirm lor. If valuation goes up i pay less cash if goes down i got to fork out more cash . But i relli hope that i can pay less cash cos i can use the money for a small renovation.

I am thinking of asking the agent to use the seller valuation report for the submission 1st and do another revaluation at the same time. So that i can choose which 1 to use at the 1st appointment. But worry that end up i will be paying for 2 valuation report which i think is not worth.

Do you all think i should ask for a revaluation or use the seller old valuation report?

Thanks

i think nobody can really predict the outcome of the next valuation. In fact, heard recently that some of the valuation had fallen so its really up to u.

For me, I think I might just settle for the 1st valuation since the agreed price is 382k. I'll opt for a re-valuation if sellers agreed to settle a selling price eg. 20k abv whatever the next valuation. I'm not sure if u can submit the 1st valuation then choose to use whichever is higher during 1st appt. Sure this can be done?

[yokine9a 1]

If I were you, I would stick to the old valuation report.

Since both parties have agreed to fix the sale price at $382K, why need a new val report?

To me, the val report is only useful when applying for loan. If you have gotten your loan approved, can do without it.

[smartbuy 0]

If I were you, I would stick to the old valuation report.

Since both parties have agreed to fix the sale price at $382K, why need a new val report?

To me, the val report is only useful when applying for loan. If you have gotten your loan approved, can do without it.

I asked my agent she say most likely the valuation will go up but no comfirm lor. If valuation goes up i pay less cash if goes down i got to fork out more cash . But i relli hope that i can pay less cash cos i can use the money for a small renovation.

Pls read carefully before u post. Dun post forsake of posting

Edited October 30, 2008 by smartbuy

[yokine9a 1]

Pls read carefully before u post. Dun post forsake of posting

I have read carefully your quoted text & my comments. Sorry but I still don't see my comments as nosense.

At the end of the day, be it CPF or cash, they are still your $$. However, you need to incur an extra sum of $$, which is the new val report.

Anyway, I will take it that my comments are not useful to you. I shall stop posting to this thread.

[nesh 0]

I have read carefully your quoted text & my comments. Sorry but I still don't see my comments as nosense.

At the end of the day, be it CPF or cash, they are still your $$. However, you need to incur an extra sum of $$, which is the new val report.

Anyway, I will take it that my comments are not useful to you. I shall stop posting to this thread.

i guess ur comments are needed at all thread...

we welcome ur comments...

[pinkitsch 0]

I guess Smartbuy is trying to say she/he hopes to be able to have more cash on hand for renovation. But Smartbuy, if you ask for a reval, you'd better cross your fingers & hope it won't go down cos that means you'll have to pay the seller more cash as the agreed price is at $382k right?

But off the record, on average, HDB valuation is going up but w/r or not your val will go up, i think lah hor, it'll also depend on where your flat is located and if there're any news like near the new circle line or things like that.

But if i were you, i will also stick to the old val report cos don't take the risk mah and pay $$$ for the new val report since all's well at the agreed price above

[smartbuy 0]

I guess Smartbuy is trying to say she/he hopes to be able to have more cash on hand for renovation. But Smartbuy, if you ask for a reval, you'd better cross your fingers & hope it won't go down cos that means you'll have to pay the seller more cash as the agreed price is at $382k right?

But off the record, on average, HDB valuation is going up but w/r or not your val will go up, i think lah hor, it'll also depend on where your flat is located and if there're any news like near the new circle line or things like that.

But if i were you, i will also stick to the old val report cos don't take the risk mah and pay $$$ for the new val report since all's well at the agreed price above

Hi pinkitsch

Whether i choose to use the seller old valuation report or a revaluation i only need to pay for 1 valuation report cos the seller valuation report is going to expiry.

Edited October 30, 2008 by smartbuy

[tower 0]

If I would you, I would do a re-valuation since the valuation prices are still going up slightly. No harm if u can save a few more $K. Prices on average have gone up bet 10 to 20 k over the last 2 mths depending on the location. It's ur call really.

[mwerkz 0]

I guess Smartbuy is trying to say she/he hopes to be able to have more cash on hand for renovation. But Smartbuy, if you ask for a reval, you'd better cross your fingers & hope it won't go down cos that means you'll have to pay the seller more cash as the agreed price is at $382k right?

But off the record, on average, HDB valuation is going up but w/r or not your val will go up, i think lah hor, it'll also depend on where your flat is located and if there're any news like near the new circle line or things like that.

But if i were you, i will also stick to the old val report cos don't take the risk mah and pay $$$ for the new val report since all's well at the agreed price above

i tot if valuation goes down, u can still choose to use the higher valuation report? i read this somewhere previously. maybe u'll like to check with hdb.

n if this is true, definitely no harm doing another valuation report =)

Edited November 1, 2008 by mwerkz

[smartbuy 0]

The problem is the old valuation is going to expiry, pls read my post. Anyway i had tell my agent to go ahead and do a revaluation. Now i had to accept whatever the new valuation price is, i cannot use the old valuation anymore. Thank you all for reading. Wish mi good luck bah!!!

Edited November 2, 2008 by smartbuy

[hello88 2]

The problem is the old valuation is going to expiry, pls read my post. Anyway i had tell my agent to go ahead and do a revaluation. Now i had to accept whatever the new valuation price is, i cannot use the old valuation anymore. Thank you all for reading. Wish mi good luck bah!!!

Good Luck

do let us know the outcome

[zeegi 0]

I had checked the HDB resale transactions. The surrounding block units at the flat i am buying is between 360k to 382k for the month of Jul to Oct and mine unit is a high floor 11th storey.

Thanks

I was facing the same dilemma when i first brought my resale flat few months back, my original COV was 34K> However after revaluting, i only end up paying 13K. Chances are that the house would not drop to much below the previous price since the valuers are from HDB.

Unless we are in deep recession now, even though we are still in the early stage for many industries across, i guess HDB won't want to devalute their flats if given a choice.

So you are betting on your chances with $100+, why not?

All the best.

[smartbuy 0]

Hi guys.

My valuation report is out today.

The new valuation price is $380K. $20K more than the old valuation report

Now i no need to pay the remaining $17k COV le cos my option fees $1k and excrcise fee $4k is more than enough to cover.

Hehe. A bit reget leh...i shouldn't place so much deposit $5k if not i can save $3k cash. Anyway is ok la, i still have to pay in the end.

Thank you guys for all for yr advices and supports!!!!

[hello88 2]

Hi guys.

My valuation report is out today.

The new valuation price is $380K. $20K more than the old valuation report

wow, congrats. So lucky...cos heard valuation starting to drop