Which Valuation Report To Choose?

[pixie 0]

Here goes the story...

The seller wants a fixed price to sell, regardless of valuation, ie 500K.

Her val report was expired and require a COV of 55K.

We paid for a new val and was done up this week that requires us to top up to COV of 35K.

Now, can we OTP based on this final amount, since she wants 500K, and then, we go ahead to try for another valuation?

Her neighbours are getting 500K with a super nice hotel deco style, and we were hopping to get around 480K.

If the new report is higher than the older one, can we use this val report? I reckon that 14days of OTP period, we will get the val by the new accessor.

If the new report is lower, can we adopt the older one? does the new report supercedes the old one or we can basically use any report that is more favourable to us?

[pixie 0]

To add on, seller is a very reasonable lady. She just want to cash out anyway since she is migrating to elsewhere. So COV or not, doesnt really matter to her. She just want to sell at 500K.

[therat 18]

base on what I had read somewhere in the forum.

As long as the valuation report is not expire when the resale application was submit.

You are free to use any valuation report regardless is #1 or #10

[Warrior88 0]

I also read in another forum, can resubmit new valid val report before 1st appointment.

Thats what the forumer says. I did't verify that.

[owentch 0]

the new val report will superceded the old valuation report.

In my opinion... you need to access your loan amount... Sign OTP.. you need a valid valuation report for apply bank loan/HLE.. bank will produce letter offer... this LO is needed to exercise OTP...

[pixie 0]

the new val report will superceded the old valuation report.

In my opinion... you need to access your loan amount... Sign OTP.. you need a valid valuation report for apply bank loan/HLE.. bank will produce letter offer... this LO is needed to exercise OTP...

Thanks Everyone for the information.

By the time first appt, i would have 2 valid reports, since the new will supercede, there might be a chance the new val report is lower, then another risk to take. hmm... =(

I am using HDB, so to exercise OTP, i can just show the old one, then in first appt show the new one (if it is better than the old one)?

[Plastic3 0]

Thanks Everyone for the information.

By the time first appt, i would have 2 valid reports, since the new will supercede, there might be a chance the new val report is lower, then another risk to take. hmm... =(

I am using HDB, so to exercise OTP, i can just show the old one, then in first appt show the new one (if it is better than the old one)?

Can use either valuation report as long as its valid upon submission date.

[Warrior88 0]

Before the 1st appt, need to submit the new val report to Bank since loan amt goes up.

After which bank will reissue the new letter of Offer to buyer. Make sure the date of the LO

is within 14 days from the OTP. Means bank need to back date the LO.

So you produce, OTP, new val report & new LO to HDB on the 1st appt .

[pixie 0]

Can use either valuation report as long as its valid upon submission date.

Thanks much! Do u all see any differences in valuation done 2 weeks apart?

[pixie 0]

Before the 1st appt, need to submit the new val report to Bank since loan amt goes up.

After which bank will reissue the new letter of Offer to buyer. Make sure the date of the LO

is within 14 days from the OTP. Means bank need to back date the LO.

So you produce, OTP, new val report & new LO to HDB on the 1st appt .

But i am going thru HDB loan. How would it differ?

[Plastic3 0]

Thanks much! Do u all see any differences in valuation done 2 weeks apart?

2 weeks apart not likely to differ....

[pixie 0]

2 weeks apart not likely to differ....

Thanks! In that case ... probably we will raise it nearer to the first appt date, that is ard1.5 mths later? We are so cash tight that 5K really would love us!

[mel77 1]

Thanks! In that case ... probably we will raise it nearer to the first appt date, that is ard1.5 mths later? We are so cash tight that 5K really would love us!

Now it triggers me if i should re-value before my 1st appt. Anybody knows if the bank will charge any admin fees for processing the new LO?

[pixie 0]

Now it triggers me if i should re-value before my 1st appt. Anybody knows if the bank will charge any admin fees for processing the new LO?

I dunno about bank, as mine is HDB.

Just to update, the second valuation, done approx 3-4weeks apart, was up 8K.

[mel77 1]

I dunno about bank, as mine is HDB.

Just to update, the second valuation, done approx 3-4weeks apart, was up 8K.

Hmm....3 - 4 weeks apart up by 8K. Will be submitting next week for re-valuation. (about 12 weeks apart) Kekekeke!!!