Which Valuation Report To Choose?

[wrx2.0 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?

The new report will not supercede the old report. You can have as many report as you want. Each report cost $180. Just furnish the report that you want to the HDB officer.

I got 2 valuation report prior to my 1st appointment and I used the newer report as I can save a bit more on COV. I did called up HDB to check and they are perfectly fine with either report as long as the valuers are HDB assigned valuation firm.

Hope this little info can help.

[Everybody 0]

The new report will not supercede the old report. You can have as many report as you want. Each report cost $180. Just furnish the report that you want to the HDB officer.

I got 2 valuation report prior to my 1st appointment and I used the newer report as I can save a bit more on COV. I did called up HDB to check and they are perfectly fine with either report as long as the valuers are HDB assigned valuation firm.

Hope this little info can help.

The date of the latest VR must be before the signing of the OTP date. Need revised OTP date.

Also the loan agreement date must be after your latest VR date with the revised loan amount.

No big deal, HDB will advise agent on this amendment. Transaction will be proceed accordingly

[mel77 1]

Just rec'd my new valuation report. ( gap of abt 10weeks apart from the 1st valuation)

Managed to save 23k on COV.

[mel77 1]

I dunno about bank, as mine is HDB.

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

Have you done your new valuation?

[Origami 0]

Hi, I am a seller and paid for valuation, done online.

Just curious, is it right to say if there is no valuation and buyer requests for one, buyer will pay?

If valuation expires before my 1st appt with buyer, it is mandatory to get a revaluation even though price is fixed? Cost borne by seller?

[Warrior88 0]

Hi, I am a seller and paid for valuation, done online.

Just curious, is it right to say if there is no valuation and buyer requests for one, buyer will pay?

If valuation expires before my 1st appt with buyer, it is mandatory to get a revaluation even though price is fixed? Cost borne by seller?

If buyer pay cash, no need VR, only when buyer is taking a housing loan or using CPF savings for the purchase. Of course, buyer pay.

[Origami 0]

If buyer pay cash, no need VR, only when buyer is taking a housing loan or using CPF savings for the purchase. Of course, buyer pay.

Hi Warrior thanks for reply.

Is your reply specific to

-all valuations or only

-when buyer requests for one either before or

-after the OTP?

And this is on top of transacted price?

I would think both buyer and seller would want a valuation (even if paying in cash) for a smoother/less hesitant transaction? unless of course they foresee it'll be of a disadv to them..

Edited September 15, 2010 by Origami

[therat 18]

buyer pay valuation report in CASH.

Period

[bepgof 20]

Hi Warrior thanks for reply.

Is your reply specific to

-all valuations or only

-when buyer requests for one either before or

-after the OTP?

And this is on top of transacted price?

I would think both buyer and seller would want a valuation (even if paying in cash) for a smoother/less hesitant transaction? unless of course they foresee it'll be of a disadv to them..

Actually we should give thank to HDB who regulates and setup the "valuation system" quite well and neutral in some sense, otherwise it will be quite "messy", like what is happening in private resale where no VR is required during selling = that's to say buyer has to somehow settle the VR himself to secure mortgage loan, as loan subject to certain % of the "valuation price". Each valuation to pte unit cost about some $600, if no loan taken. Each bank has their own pool of evaluator...

- VR is good for both buyer & seller, so less "arguments" over price. But has created the COV issue. The COV issue is actually an insult to HDB or its valuation bodies in one way or another.

- For HDB resale, most of the situation, is VR done before selling. If buyer wants to "revalue", he should absorb the cost. Report takes a week or so to be "baked".

- If the seller is confident & mkt-well informed, he needs not to make any VR, like me in 1997, & the interest buyer needs to get one arrranged by himself or agent with the consent of seller (to open door for evaluator to see see look look & take pictures).

- VR lasts for 3 months.

- So long as the validity is within the resale submission date, then it is ok.

- Buyer needs VR to secure mortgage loan, unless he needs no loan.

Cleared?

Edited September 16, 2010 by bepgof

[pixie 0]

Just rec'd my new valuation report. ( gap of abt 10weeks apart from the 1st valuation)

Managed to save 23k on COV.

OMG!!!! Congrats!!