Anyone Done Valuation Since The New Ruling

[bepgof 20]

I thought once LO has sign. Cannot change the loan amount?

Unless cancel the LO and re-sign a new LO

If cancel, got cancel fee , right?

LO is not the final legal doc, effect very much like the AIP. Important thing is: must get revaluation done before subsimitting resale application. valuation itself "choy choy" takes 2 wks. Seller must "open door" to valuer...... troublesome leh. Seller can tahan to wait? Value/date in OTP can remain the same. I've mentioned my "resale application" submission kena delayed for 15 days.

[Warrior88 0]

I thought once LO has sign. Cannot change the loan amount?

Unless cancel the LO and re-sign a new LO

If cancel, got cancel fee , right?

It is okay, if from same bank.

HDB check if doc is in proper order means.

(HDB transaction)

Bank LO date and quantum should be accompanied with OTP and valuation.

Bank cannot offer LO without OTP and valuation report

Thus, if valuation date is revised, Bank LO and OTP date must revised.

Of course, the sales will be go through, HDB will advised buyer/seller to amend the date so that HDB records are in order. Subject to both party agreement (Buyer/Seller)

[Jgal 0]

LO is not the final legal doc, effect very much like the AIP. Important thing is: must get revaluation done before subsimitting resale application. valuation itself "choy choy" takes 2 wks. Seller must "open door" to valuer...... troublesome leh. Seller can tahan to wait? Value/date in OTP can remain the same. I've mentioned my "resale application" submission kena delayed for 15 days.

Assuming, what you say is true. Do you think the seller can "walk" out of the deal citing prolong delay in completion of transaction, resulting in changing the mkt value of the property?

[bepgof 20]

Assuming, what you say is true. Do you think the seller can "walk" out of the deal citing prolong delay in completion of transaction, resulting in changing the mkt value of the property?

Cannot lah, seller can either don't agree to re-valuation (seller has right to insist), or , showing the black face to buyer, so long as the resale application submission date is within timeframe stated/hand written in OTP (Usually seller agent kiasu & kiasi, put "90days" without telling buyer the implication of this figure, thus allow seller to take own sweet time to look for next accomodation slowly)

Note: actually from depositing 1K(give otp) till submit otp = 14 days, buyer has limited time to look for a good/sound mortgage loan with LO(a bank takes abt a wk to process & confirm status). Hope the new bill change 14 days to may be 4 weeks. New pte pty got 8/9 wks for this.

90 days = 3 months, so buyer better watch out this field, don't "gong gong" let seller agent manipulates the situation.

Then again, there is another disadvantage to buyer, for hdb resale, banks usually give 6 months grace period from generating LO to the 1st cash disbursement, longer than this will kena penalty. Of course, buyer can write in to extend this grace period, but troublesome lah. I was the "idiot" almost kena this, alerted the banker and "tolong" me, so I rememember so well. Imagine, during viewing immediately paid 5K and signed otp, produced LO within 8 days and almost kena this penalty. Still wondering whether I too fast hand fast leg, or seller side too slow hand and slow leg.

Edited October 11, 2010 by bepgof

[mel77 1]

Cannot lah, seller can either don't agree to re-valuation (seller has right to insist), or , showing the black face to buyer, so long as the resale application submission date is within timeframe stated/hand written in OTP (Usually seller agent kiasu & kiasi, put "90days" without telling buyer the implication of this figure, thus allow seller to take own sweet time to look for next accomodation slowly)

Note: actually from depositing 1K(give otp) till submit otp = 14 days, buyer has limited time to look for a good/sound mortgage loan with LO(a bank takes abt a wk to process & confirm status). Hope the new bill change 14 days to may be 4 weeks. New pte pty got 8/9 wks for this.

90 days = 3 months, so buyer better watch out this field, don't "gong gong" let seller agent manipulates the situation.

Then again, there is another disadvantage to buyer, for hdb resale, banks usually give 6 months grace period from generating LO to the 1st cash disbursement, longer than this will kena penalty. Of course, buyer can write in to extend this grace period, but troublesome lah. I was the "idiot" almost kena this, alerted the banker and "tolong" me, so I rememember so well. Imagine, during viewing immediately paid 5K and signed otp, produced LO within 8 days and almost kena this penalty. Still wondering whether I too fast hand fast leg, or seller side too slow hand and slow leg.

Now you got me thinking....didn't know there is a 6 months grace period for LO to 1st disbursement. I may hit that now that my seller has postpone the 1st appt.

[therat 18]

Now you got me thinking....didn't know there is a 6 months grace period for LO to 1st disbursement. I may hit that now that my seller has postpone the 1st appt.

It stated inside your LO.

Better read it.

[blue_skies 3]

Now you got me thinking....didn't know there is a 6 months grace period for LO to 1st disbursement. I may hit that now that my seller has postpone the 1st appt.

It's ok, don't panic Call the bank officer that handled your loan and inform him asap.

Edited October 12, 2010 by blue_skies

[bepgof 20]

Now you got me thinking....didn't know there is a 6 months grace period for LO to 1st disbursement. I may hit that now that my seller has postpone the 1st appt.

Banks are all like that. Employees(Commission-based)of banks are another "like that" - I called and alerted the situation, she said should not be a problem and asked me: "write in". I "wrote in" and merely asked for an extension of one additional month and requested an "confirmation" in black & white, till today, have not received the black & white.

For full redemption, banks kena $ par par, "spring" you here & there until hairs stand up and feel like closing all the accounts with them immeditately. Now smart already, just look for a lawyer first and "shoot" them a "tokong" lawyer letter on your intention, they will "KK" reply you promptly and courteously, and you will receive the title deed not long after full payup.

Edited October 12, 2010 by bepgof

[blue_skies 3]

Would like to understand if there is any impact on the valuation since the new ruling?

I have a valuation done in week 1 of Sept, and thinking if i do now, will it increase? or valuers also value lower due to new ruling.

Anyone recently done a valuation and has comparison with the previous?

Just to share - a comparison in valuation prices between my neighbour's flat and mine. Both are 5 room.

My direct neighbour did a valuation of their 5 rm flat about 4-5 mths ago. Valuation was 405K. They managed to get 32K COV, total sale price 437K.

I just a valuation for my 5 rm and it was 415K.

I think valuers are keeping a tab on HDB prices by not overly increasing the valuation prices. Just wondering how much COV I can get now based on current market conditions. Keeping fingers crossed.

[kelvinangsw 0]

Just to share - a comparison in valuation prices between my neighbour's flat and mine. Both are 5 room.

My direct neighbour did a valuation of their 5 rm flat about 4-5 mths ago. Valuation was 405K. They managed to get 32K COV, total sale price 437K.

I just a valuation for my 5 rm and it was 415K.

I think valuers are keeping a tab on HDB prices by not overly increasing the valuation prices. Just wondering how much COV I can get now based on current market conditions. Keeping fingers crossed.

For HDB flat, we must get the valuator from HDB, right?

Edited October 13, 2010 by kelvinangsw

[pixie 0]

Seller can block you from using the new valuation by stopping you from altering the otp date.

Any case, good luck.

BUt there is no change in the OTP date.

What we did was, when we submit the application form, there is an option to request for valuation. We opted that.

[pixie 0]

Banks are all like that. Employees(Commission-based)of banks are another "like that" - I called and alerted the situation, she said should not be a problem and asked me: "write in". I "wrote in" and merely asked for an extension of one additional month and requested an "confirmation" in black & white, till today, have not received the black & white.

For full redemption, banks kena $ par par, "spring" you here & there until hairs stand up and feel like closing all the accounts with them immeditately. Now smart already, just look for a lawyer first and "shoot" them a "tokong" lawyer letter on your intention, they will "KK" reply you promptly and courteously, and you will receive the title deed not long after full payup.

For HDB loan, it wont be affected as our HLE is valid for 3mths.

Actually this round is quite fast for us. For those who remember my previous case, i waited 6weeks, this round, is only 3weeks. But we took a week later date, mutually agreed with seller cos that day, we are all on leave.

[pixie 0]

Just to share - a comparison in valuation prices between my neighbour's flat and mine. Both are 5 room.

My direct neighbour did a valuation of their 5 rm flat about 4-5 mths ago. Valuation was 405K. They managed to get 32K COV, total sale price 437K.

I just a valuation for my 5 rm and it was 415K.

I think valuers are keeping a tab on HDB prices by not overly increasing the valuation prices. Just wondering how much COV I can get now based on current market conditions. Keeping fingers crossed.

Thanks! Where is your location, if you dont mind?

For my previous case, I did a revaluation 1 mth apart, and gotten $8K, but before that, there is a report that was expired, so we paid to do it before we decide OTP or not. That 3 mths apart, went up $25K. So for that place, within 4 mths, up abt $33K

[blue_skies 3]

For HDB flat, we must get the valuator from HDB, right?

Yes you can contact HDB using the online valuation request

http://services2.hdb.gov.sg/webapp/BB31ERE...B31SEresaleMain

They will then arrange for a property valuer to contact you. It's quite fast. I got a call within 2 days after submitting the online request from HDB.

[blue_skies 3]

Thanks! Where is your location, if you dont mind?

For my previous case, I did a revaluation 1 mth apart, and gotten $8K, but before that, there is a report that was expired, so we paid to do it before we decide OTP or not. That 3 mths apart, went up $25K. So for that place, within 4 mths, up abt $33K

You got a good deal for your valuation! I was in a similar situation 2 yrs ago when I bought my flat. The difference in valuation price (expired report vs. new valuation) was 30K and I basically bought at valuation price so it saved me the COV.

Will let you know location once I sell the place. Currently waiting for offer from prospective buyer.