Queries On Hdb Valuation

[ME1548 0]

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

Hi May i know what is yr blk # and the size of yr unit if you dun mind to tell . thanks

[mach668 0]

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?

bcos young ppl r more creative these days.

[neubie 2]

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???

[Warrior88 0]

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

[chronograph 0]

Valuation report is only valid for 3 months from date of issue.

You can ask for 2nd valuation if your first one is expiring soon before submission to HDB. Then u can take which ever is higher to reduce your COV part.

Of course seller must be kind, understanding and reasonable, seller need to know that it will not change anything, the selling price is fixed at OTP. Otherwise it can turned ugly.

Some seller might create problem if they knew 2nd valuation is much higher. Anyway seller doesn't gain from 2nd valuation.

[Roflmaoxz 0]

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.

Fully agree with you on the above.

Seems that buyer here agrees with the OTP, pays the deposit. Went home rethink & research, maybe the value might go up and ask for a revaluation. Seek help here and think of a way to deal with the seller if seller back up or didn't give in to his buyer's way?

Planning is the word. Seller not to blame or has the rights not to have another revaluation. Done deal.

Edited July 28, 2010 by Rof|maoxz

[Warrior88 0]

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 ?

[bepgof 20]

bcos young ppl r more creative these days.

From history angle, young ones are more bold, like to challenge the limits and wanting to break the record, while doing so, steping into underground mines and start sending SOS signals. Can understand, have been "young" before.

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.........

Edited July 28, 2010 by bepgof

[Plastic3 0]

Thanks for your replies guys,

-----------------------------------------------

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?

I know the procedure for valuation...I'm an Agent

The trouble I mentioned has nothing to do with the process of getting another valuation, the trouble may start after you get the new valuation.

Like what the others have mentioned, if the valuation is lower would you pay more COV?

If the valuation is higher, there is a good chance Seller will ask for the new valuation + the same COV from you

In every home purchase on the date of completion there will always be one party happier than the other, why?

because it takes time for the transaction to complete (especially HDB transactions), after 2-3months prices would have changed,

either the Seller benefit or the Buyer benefit....price go up Buyer happy, price go down Seller happy...this is inevitable...

If let's say the Seller allow you to do another valuation, after that valuation...maybe you find out you can get yet another valuation at higher price, are you going to do another valuation?

[wikipicky 0]

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.

[bepgof 20]

I'm in fact not that old, still can jog 5km without break.

Where got make fun of young ppl? I like to "hint" instead of "pok" directly, to queries, seem no link, but go and think ,of the whole process you have gone through. Done it, regretted, thought it could have been done more towards your interest by RIGHTS, but worry this & that, and wanted to prepare a "shield" by LEGAL RECOURSE for just in case, so asked for opinions, inputs in, seem you "reiterate" "negative inputs by putting up a shield. You already have a wanted answer within heart!Just a forum, don't take it too serious

Edited July 28, 2010 by bepgof

[gimz63251073 0]

hmm...why should the seller do anything which would only benefit you? Whichever outcome, seller has no benefit, so why do it?

the big question "what is it in for me?"

i think u need to address this issue when putting the idea across to seller.

[neubie 2]

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.

in life, u can't always tilt the winning odds to your favor lor....you as a buyer maybe smart-thinking, but dun forget the seller ain't dumb either... you also got to consider the profile of seller. if seller is in need of $$$, would he agree to reval that might cause the COV to be reduced?

so if the next time u sell house, and your prospective buyer ask for reval, would you agree to it?

Edited July 28, 2010 by neubie

[chronograph 0]

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 ?

Ok, job well done, u have done your home work. Like u said HDB will accept 2nd valuation as long it is produced before first appt. But the fact is that seller is not allowing 2nd valuation and it is his rights, no?

Many pointed out, what is there for the seller? 2nd valuation price up, u happy, seller lugi?

And if u r not concern with "no revaluation", so why am all of us writing here, waste of BW.

Pay money, talk to your lawyer.

[chronograph 0]

I'm in fact not that old, still can jog 5km without break.

Where got make fun of young ppl? I like to "hint" instead of "pok" directly, to queries, seem no link, but go and think ,of the whole process you have gone through. Done it, regretted, thought it could have been done more towards your interest by RIGHTS, but worry this & that, and wanted to prepare a "shield" by LEGAL RECOURSE for just in case, so asked for opinions, inputs in, seem you "reiterate" "negative inputs by putting up a shield. You already have a wanted answer within heart!Just a forum, don't take it too serious

Jackpot.