Valuation Fee

[looneygas 13]

I mean for a layman first timer. How are we going to know about the "market practise"? of course we ask the Agent about whatever need to pay , pls highlight to us. But it was not.

If u were in my shoe...wat will u think?

Why do u think property agents get so many complaints online and in the media? That's one lot of people u can't trust fully. Frankly, it's a job that doesn't really require specialised skills apart from PR, manipulating and spouting hogwash. Almost anybody sane can do it after a period of being on the job. Key point everyone has been emphasizing is do your homework. They don't care whether u are a first/old-timer or if u've been cheated 100 times. All they care about is getting you to sign and receiving the moolah. OF course, there are honest agents around but they are rare species. Hope u get the drift...I would pay only if I really like the unit and price is right else I will not wana give that agent a single cent.

[othello 0]

frankly speaking, only buyers who need to take loan needs the valuation report.

for eg. the avg selling price of my unit is 300K, I ask for 300K. If buyer paying cash/CPF (dun need to take loan), there is no need for any valuation report. However, most buyers not that rich so have to take loan. Now the lending party (HDB/banks) need to know the value in order to determine how much to lend, therefore buyer will have to present one.

Do note that the seller do not need a valuation report to sell his house, so rightfully the cost has to be borne by the party who needs it (buyer).

Edited July 29, 2009 by othello

[therat 18]

frankly speaking, only buyers who need to take loan needs the valuation report.

for eg. the avg selling price of my unit is 300K, I ask for 300K. If buyer paying cash/CPF (dun need to take loan), there is no need for any valuation report. However, most buyers not that rich so have to take loan. Now the borrowing party (HDB/banks) need to know the value in order to determine how much to lend, therefore buyer will have to present one.

Do note that the seller do not need a valuation report to sell his house, so rightfully the cost has to be borne by the party who needs it (buyer).

buyer buy the HDB with cash + CPF, don't need valuation report?

CPF don't need to know how much they need to pay the seller?

If w/o valuation report, how the CPF know the selling price which is val price . which is COV?

Example, if the unit selling price is 300k. 280k val + 20k cash

If happen the buyer CPF has 300k. Can they use up all the 300k @ CPF for the purchase?

it don't sound right.

[othello 0]

buyer buy the HDB with cash + CPF, don't need valuation report?

CPF don't need to know how much they need to pay the seller?

If w/o valuation report, how the CPF know the selling price which is val price . which is COV?

Example, if the unit selling price is 300k. 280k val + 20k cash

If happen the buyer CPF has 300k. Can they use up all the 300k @ CPF for the purchase?

it don't sound right.

all this info can be found in the sales purchase agreement. At HDB, you'l fill up a form to authorise HDB to deduct whatever amount from CPF. actually, CPF do not care how much is COV, CPF only disburses the amt in one's account.

Lets put it this way. If me and wife have combined 200K in CPF, there's nothing wrong in me using it to pay for a 2 rm flat (180K) in full right ?

Edited July 29, 2009 by othello

[therat 18]

need valuation report?

[merryman 0]

to me, I think need valuation report lor, if not anyone with enough money in cpf but not enough money for cash will be using it for COV liao.. don't think CPF will allow it without a report...

(not answering the threadstarter but for the above 4 posts)

Edited July 29, 2009 by merryman

[born_again 0]

i think valuation not require only if using Cash to pay off the entire purchase....if using CPF to pay off the entire purchase then I not sure if valuation is required

[othello 0]

sorry my bad from HDB website -->

You need to produce a valid valuation report to support your resale application if you are:

taking a HDB loan; or

withdrawing CPF savings for the flat purchase; or

obtaining a bank loan and using your CPF savings in the flat purchase or servicing of loan instalments; or

requesting for the CPF Housing Grant.

[othello 0]

but still the need to have a valuation report is on the BUYER, not the seller.

[born_again 0]

yup, buyer to pay for the valuation report.

[hightlighter 0]

Hi all,

I was told by my agent that i need to pay him or buy over the valuation report.

I was disapointed by the hidden cost which was not put up to me before. even thou i have ask him for all hidden cost.

Do i need to pay for that??

It is not a hidden cost at all.

Everyone who need to take a loan or need to use their CPF funds need this valuation report to submit to the relevant department.

If you don't think there is a need for the report, you can don't pay for it.

Not as if you are force to pay.

You pay because you need it. Get the diff?

Why would seller pay for you? unless you gong gong give them 5k extra, then of cos they jolly well pay it for you.

Do u know about other hidden cost like stamp fees, legal fees, caveat fees, fire insurance, HPS etc?

U mean you dont know, means dont have to pay now?

Buy house such a big issue, never do homework still complain.

[therat 18]

It is not a hidden cost at all.

Everyone who need to take a loan or need to use their CPF funds need this valuation report to submit to the relevant department.

If you don't think there is a need for the report, you can don't pay for it.

Not as if you are force to pay.

You pay because you need it. Get the diff?

Why would seller pay for you? unless you gong gong give them 5k extra, then of cos they jolly well pay it for you.

Do u know about other hidden cost like stamp fees, legal fees, caveat fees, fire insurance, HPS etc?

U mean you dont know, means dont have to pay now?

Buy house such a big issue, never do homework still complain.

agree with you.

Read other forum.

Some buyer even scold property agent, say they're trying to cheat them.

[looneygas 13]

that's because some ppl have the mentality that the agent must do and tell them everything since they paid for the service....

[born_again 0]

no hidden cost. Buyer pay for the valuation reports. 1 copy to submit to HDB by agent and buyer to keep the other copy.

[therat 18]

that's because some ppl have the mentality that the agent must do and tell them everything since they paid for the service....

why don't say

some of them think they paid for the service so they expected King level of service.