thickhead79 Posted March 10, 2014 Report Share Posted March 10, 2014 Tot cov already dropped or zero before tis new ruling announced?the govt now is trying to remove Quote Link to comment Share on other sites More sharing options...
thickhead79 Posted March 10, 2014 Report Share Posted March 10, 2014 if after the valuation out and u decide not to carry on u lost $1-1000 desposit Quote Link to comment Share on other sites More sharing options...
alien Posted March 10, 2014 Report Share Posted March 10, 2014 Tis new ruling mean tht if i want to buy a resale flat, i need to decide on the price with the buyer before i request for the valuation? So if i agreed on the price of $330K, and the valuation came out is $340K, i need to pay the difference of $10K as cov? If the valuation is $320K, then the buyer must sell me at $320K? Quote 对自己好是一种幸福， 对别人好是一种积福。 Spend time counting your blessings, not airing your complaints. Link to comment Share on other sites More sharing options...
Guest Guest Posted March 10, 2014 Report Share Posted March 10, 2014 For those buying 1st HDB, just stick to new BTO near MRT station. Todays announcement not such a concern to you. Quote Link to comment Share on other sites More sharing options...
Guest Guest Posted March 10, 2014 Report Share Posted March 10, 2014 For those buying 1st HDB, just stick to new BTO near MRT station. Todays announcement not such a concern to you. Quote Link to comment Share on other sites More sharing options...
thickhead79 Posted March 10, 2014 Report Share Posted March 10, 2014 Tis new ruling mean tht if i want to buy a resale flat, i need to decide on the price with the buyer before i request for the valuation? So if i agreed on the price of $330K, and the valuation came out is $340K, i need to pay the difference of $10K as cov? If the valuation is $320K, then the buyer must sell me at $320K?yes yes so that seller from now on cannot decide on COV to sell ucos nobody know the rate but govt will release everyday the resale guide Quote Link to comment Share on other sites More sharing options...
alien Posted March 10, 2014 Report Share Posted March 10, 2014 For those buying 1st HDB, just stick to new BTO near MRT station. Todays announcement not such a concern to you.Haha, why those buying 1st hdb must stick to new BTO? Quote 对自己好是一种幸福， 对别人好是一种积福。 Spend time counting your blessings, not airing your complaints. Link to comment Share on other sites More sharing options...
alien Posted March 10, 2014 Report Share Posted March 10, 2014 yes yes so that seller from now on cannot decide on COV to sell ucos nobody know the rate but govt will release everyday the resale guideIn tis case buyer shld ask for lower or higher price, so tht the buyer wld not lagi if the valuation is out? Quote 对自己好是一种幸福， 对别人好是一种积福。 Spend time counting your blessings, not airing your complaints. Link to comment Share on other sites More sharing options...
Guest Guest Posted March 10, 2014 Report Share Posted March 10, 2014 Firstly, HDB loan your income cannot exceed 5k/mth. If exceed, no need to think about HDB loan. HDB loan is quite fixed in terms of %. So you will get a mostly even repayment $$ amount over the 30 years. Bank loan is a floating rate (fixed based on how many years you sign for). Bank rates can go up to 4-5% every month to every 3 months. It can go to as low as less than 1% also. This is based on the SIBOR (how much interest banks loan each other money). Though when giving out the loan, banks use 3% interest rate to calculate how much loan you are eligible for. You also get to loan less (80%) under a bank loan. Prudence is advised, only buy what you can afford.All loans are inclusive of other loans you have and credits, e.g. car, credit cards all deducted from the total loan amount you can get.Also note the "not so new" ruling about how many years you can loan for. http://www.dbs.com.sg/personal/homeloans/calculators/mortgage-affordability/default.page Maybank offering 1.2% first year, 1.3% second year, 1.4% third year....lock in period 3 years on these rates....is it a good deal? UOB is offering 1.38% first year, 1.48% second year...fixed at these rates for two years.... are these considered 'good' deals? Standard chartered about 1.9% fixed for two years...very confusing where all these banks use different rates, and I mean VERY different rates....where's the catch? how to analyse which is the best? what's the basis for comparison? or is SIBOR better? arrgghhh....HELP! Quote Link to comment Share on other sites More sharing options...
flexhunk Posted March 10, 2014 Report Share Posted March 10, 2014 Wondering is this new ruling good for the buyer or seller? Quote Link to comment Share on other sites More sharing options...
thickhead79 Posted March 10, 2014 Report Share Posted March 10, 2014 Wondering is this new ruling good for the buyer or seller?sound good for buyer Quote Link to comment Share on other sites More sharing options...
thickhead79 Posted March 10, 2014 Report Share Posted March 10, 2014 To reduce the focus on Cash-Over-Valuation, the Housing and Development Board will only accept valuation requests from resale flat buyers after they have been granted an Option to Purchase by flat sellers. The HDB will also publish daily prices of resale transactions as soon as they are registered. Quote Link to comment Share on other sites More sharing options...
HydroNaut Posted March 11, 2014 Report Share Posted March 11, 2014 To reduce the focus on Cash-Over-Valuation, the Housing and Development Board will only accept valuation requests from resale flat buyers after they have been granted an Option to Purchase by flat sellers. The HDB will also publish daily prices of resale transactions as soon as they are registered. Can anyone clarify on the new HDB ruling? So no more Cash-Over-Valuation meaning the buyer no longer need to fork out a single cent in cash for resale flat purchase? So if the buyer exercise the OTP, he need to put down a down-payment in cash right? How much is it? So the valuation will only comes from HDB valuers, when both sellers and buyers exercise the OTP right? So what if the buyer decided to withdrawn from the sale, when he find the difference of the valuation is too great? Will his deposit be forfeited? Also will the difference in the valuation be in cash term? Anyone can answer the above questions? Quote Link to comment Share on other sites More sharing options...
faberC Posted March 11, 2014 Report Share Posted March 11, 2014 it's a bad move. Sellers and buyers now has to rely on past transactions as benchmark for negotiation, which the actual valuation of the transaction is hidden to public? The valuation comes only after Options To Purchase. Say if the valuation is lower than the agreed price between the seller and the buyer, the buyer has to fork out additional COV to top it up? That's like gamble, see if you 'heng' or not buy it at below or above valuation. Quote Link to comment Share on other sites More sharing options...
alien Posted March 11, 2014 Report Share Posted March 11, 2014 The deposit for the buyer to pay is abt $1k plus, if buyer dun want to continue the buying process, the deposit will be forfeited. Quote 对自己好是一种幸福， 对别人好是一种积福。 Spend time counting your blessings, not airing your complaints. Link to comment Share on other sites More sharing options...
thickhead79 Posted March 11, 2014 Report Share Posted March 11, 2014 $ 1 to $1000 Quote Link to comment Share on other sites More sharing options...
Marineboy Posted March 11, 2014 Report Share Posted March 11, 2014 It's natural for one to resist a change after getting use to some ways of doing things.Not saying it's a good move but already in effect that can cause some confusion to many. Time will tell if this really works out for the general good.I see a good in that one pays say 1k for the option...so one stands to lose this deposit. So only serious buyers are involved in such agreements.This removes the testing market folks in a sense.Vs the old system...valuation is cheap to obtain n many non serious buyers are quoted to be interested in a certain price...so better buy it before its gone. Quote Link to comment Share on other sites More sharing options...
MobyDick Posted March 11, 2014 Report Share Posted March 11, 2014 Well.. here r the cons of this system. Anyway I wonder if the valuation report can be furnished within 21 calendar days. - Sellers who upgraded to ECs might be forced to sell their units at a lower price (since they cannot hold 2 HDB properties at same time)- Valuation is based on the condition of the unit.. one may sell it at a lower price if the unit is not well kept vs move-in condition- Buyers who paid more than the valuation will have to fork out more cash since loan is based on the valuation- Buyers will most likely forgo the deposit if they realize that the unit is undervalued Quote Link to comment Share on other sites More sharing options...
alien Posted March 11, 2014 Report Share Posted March 11, 2014 Dun like abt the new system is tht buyer needs to pay a sum of deposit and guessing game on the price of the flat. Nobody will know the actual valuation price tht will come out later. Quote 对自己好是一种幸福， 对别人好是一种积福。 Spend time counting your blessings, not airing your complaints. Link to comment Share on other sites More sharing options...
thickhead79 Posted March 11, 2014 Report Share Posted March 11, 2014 Dun like abt the new system is tht buyer needs to pay a sum of deposit and guessing game on the price of the flat. Nobody will know the actual valuation price tht will come out later.is like u go market how u cut the price lo Quote Link to comment Share on other sites More sharing options...
HydroNaut Posted March 11, 2014 Report Share Posted March 11, 2014 It's natural for one to resist a change after getting use to some ways of doing things.Not saying it's a good move but already in effect that can cause some confusion to many. Time will tell if this really works out for the general good.I see a good in that one pays say 1k for the option...so one stands to lose this deposit. So only serious buyers are involved in such agreements.This removes the testing market folks in a sense.Vs the old system...valuation is cheap to obtain n many non serious buyers are quoted to be interested in a certain price...so better buy it before its gone. The OTP amount I read from the HDB website is $1-$1K.....who would wanna pay $1K if they can just pay $1 as the option fee? Quite silly right? For me, I dun mind forfeiting over 50 times of OTP of $1 just to try out the system. Quote Link to comment Share on other sites More sharing options...
HydroNaut Posted March 11, 2014 Report Share Posted March 11, 2014 Well.. here r the cons of this system. Anyway I wonder if the valuation report can be furnished within 21 calendar days. - Sellers who upgraded to ECs might be forced to sell their units at a lower price (since they cannot hold 2 HDB properties at same time)- Valuation is based on the condition of the unit.. one may sell it at a lower price if the unit is not well kept vs move-in condition- Buyers who paid more than the valuation will have to fork out more cash since loan is based on the valuation- Buyers will most likely forgo the deposit if they realize that the unit is undervalued Also I found certain loopholes in the new ruling.... dun go for refurnished house if you mind paying COV, cause the worst the current state of the flat, the tendency is that HDB valuers will valuate the flat below the intended published price of the flat. Quote Link to comment Share on other sites More sharing options...
Guest Guest Posted March 11, 2014 Report Share Posted March 11, 2014 Would a seller accept deposit of $1 when a plate of chicken rice is $3.00? Quote Link to comment Share on other sites More sharing options...
thickhead79 Posted March 11, 2014 Report Share Posted March 11, 2014 Would a seller accept deposit of $1 when a plate of chicken rice is $3.00?so all depend seller and buyer lo how desier the buyer wan the flat Quote Link to comment Share on other sites More sharing options...
LongCurious Posted March 12, 2014 Report Share Posted March 12, 2014 Valuation report is non transferable, once buyer back out, a new valuation report have to be made for the next buyer yes option is $1-1000, normally will be at $1000 to prove sincerity. Which seller will think you are serious in buying his unit with $1 option fee? Quote Link to comment Share on other sites More sharing options...
abang Posted March 12, 2014 Report Share Posted March 12, 2014 Interesting read to clear some doubts:http://business.asiaone.com/personal-finance/credits-and-loans/refinancing-home-loan-many-do-list Another source of information:http://www.smartloans.sg/ Quote Link to comment Share on other sites More sharing options...
alien Posted March 12, 2014 Report Share Posted March 12, 2014 Valuation report is non transferable, once buyer back out, a new valuation report have to be made for the next buyer yes option is $1-1000, normally will be at $1000 to prove sincerity. Which seller will think you are serious in buying his unit with $1 option fee?$1000 a bit too much if the deal 50-50 only, wht if the valuation doesnt favour the buyer n buyer needs to foregone the $1000, a bit waste money lor. Unless u think the deal 99% will closed, then i dun mind paying high option fee. Quote 对自己好是一种幸福， 对别人好是一种积福。 Spend time counting your blessings, not airing your complaints. Link to comment Share on other sites More sharing options...
HydroNaut Posted March 13, 2014 Report Share Posted March 13, 2014 $1000 a bit too much if the deal 50-50 only, wht if the valuation doesnt favour the buyer n buyer needs to foregone the $1000, a bit waste money lor. Unless u think the deal 99% will closed, then i dun mind paying high option fee. Yeah, especially when currently the valuation process is so new and dunno how HDB valuers works. Too risky to dump, $1000 into it. If both buyer and seller are serious in closing the deal. Accepting $1 is just a gesture to secure the deal, the seller has nothing to lose from accepting $1 as a token. Quote Link to comment Share on other sites More sharing options...
alien Posted March 13, 2014 Report Share Posted March 13, 2014 Agreed, nothing to lose for seller no matter how much is the deposit from buyer. The only thing seller may lose is time. Cos when buyer submit the OTP to hdb for valuation, until when the valution is out and before the buyer make any decision on the deal. During tis time the seller cannot involve with another deal with another buyer. Shld be one OTP can take place for a flat at one point of time, until the deal is called off, then can submit another OTP to hdb. Quote 对自己好是一种幸福， 对别人好是一种积福。 Spend time counting your blessings, not airing your complaints. Link to comment Share on other sites More sharing options...
HydroNaut Posted March 13, 2014 Report Share Posted March 13, 2014 Agreed, nothing to lose for seller no matter how much is the deposit from buyer. The only thing seller may lose is time. Cos when buyer submit the OTP to hdb for valuation, until when the valution is out and before the buyer make any decision on the deal. During tis time the seller cannot involve with another deal with another buyer. Shld be one OTP can take place for a flat at one point of time, until the deal is called off, then can submit another OTP to hdb. Yeah, agreed....Time is an issue. But when it comes to Housing it is all about serious consideration, it is not like buying a toy off the rack. It involved a lot of $$$ and planning. Basically, if either party expressed interested....the $1 OTP fee is acceptable.If the seller just waiting to get $1K OTP just for the hope that the deal might be called off so he can confiscate the fee, I dun think he is serious enough to be selling his flat away. Quote Link to comment Share on other sites More sharing options...
thickhead79 Posted March 13, 2014 Report Share Posted March 13, 2014 now i ask this valuation is how much each time?who bear the cost? seller right? Quote Link to comment Share on other sites More sharing options...
alien Posted March 13, 2014 Report Share Posted March 13, 2014 U need to pay the valuation fees when u make a request for a valuation report for the buyer. Other than the deposit buyer need to pay, buyer needs to pay $191.90 for 3 rm or bigger, and $133.05 for 1-2 rm flat. Buyer also needs to pay $60 resale application fees for 3 rm or bigger and $30 for 1-2 rm flat. Quote 对自己好是一种幸福， 对别人好是一种积福。 Spend time counting your blessings, not airing your complaints. Link to comment Share on other sites More sharing options...
thickhead79 Posted March 13, 2014 Report Share Posted March 13, 2014 U need to pay the valuation fees when u make a request for a valuation report for the buyer. Other than the deposit buyer need to pay, buyer needs to pay $191.90 for 3 rm or bigger, and $133.05 for 1-2 rm flat. Buyer also needs to pay $60 resale application fees for 3 rm or bigger and $30 for 1-2 rm flat.who payseller or buyer or agent so more conflict to happen Quote Link to comment Share on other sites More sharing options...
alien Posted March 13, 2014 Report Share Posted March 13, 2014 Valuation report fees pay by buyer. Resale application fees pay by buyer n seller. Agent dun pay for all these, they only help u to submit doc. In the end both seller n buyer still need to pay the agent a sum of agent fee!I guess anyone who plan to get a flat n intend to get hdb loan is advisable to get a hdb loan eligibility. Tis letter act as a guide on mthly instalment etc without having to overstretch ur finances. Quote 对自己好是一种幸福， 对别人好是一种积福。 Spend time counting your blessings, not airing your complaints. Link to comment Share on other sites More sharing options...
thickhead79 Posted March 13, 2014 Report Share Posted March 13, 2014 yes my HLE have comethey only allow me to loan 156kmean i got no hope for resale market Quote Link to comment Share on other sites More sharing options...
thickhead79 Posted March 13, 2014 Report Share Posted March 13, 2014 does BTO need HLE too? Quote Link to comment Share on other sites More sharing options...
alien Posted March 13, 2014 Report Share Posted March 13, 2014 yes my HLE have comethey only allow me to loan 156kmean i got no hope for resale marketY no hope for resale flat? 156k is loan amt, have u include the grants and the amt available in ur cpf OA, after all these added in, wht is ur final loan amt and instalment? For 3 rm price now is abt 310-340k. Quote 对自己好是一种幸福， 对别人好是一种积福。 Spend time counting your blessings, not airing your complaints. Link to comment Share on other sites More sharing options...
alien Posted March 13, 2014 Report Share Posted March 13, 2014 does BTO need HLE too?Hdb advise u to get the HEL for bto also. But since singles only allow to buy 2 rm, and the price is abt 90k-140k. Think many shld be able to afford. Unlike resale flat, cheapest also need abt 300k. Quote 对自己好是一种幸福， 对别人好是一种积福。 Spend time counting your blessings, not airing your complaints. Link to comment Share on other sites More sharing options...
thickhead79 Posted March 13, 2014 Report Share Posted March 13, 2014 Y no hope for resale flat? 156k is loan amt, have u include the grants and the amt available in ur cpf OA, after all these added in, wht is ur final loan amt and instalment? For 3 rm price now is abt 310-340k.example this flat 300k max loan 156kcpf 70k= 216 i need 90k more? where to find 90k govt grant 5k only Quote Link to comment Share on other sites More sharing options...
alien Posted March 13, 2014 Report Share Posted March 13, 2014 Balance for flat 300k shld be 69k include the govt grant. Tot tis 69k not thru mthly instalment thru cpf and cash top-up? Quote 对自己好是一种幸福， 对别人好是一种积福。 Spend time counting your blessings, not airing your complaints. Link to comment Share on other sites More sharing options...
thickhead79 Posted March 13, 2014 Report Share Posted March 13, 2014 Balance for flat 300k shld be 69k include the govt grant. Tot tis 69k not thru mthly instalment thru cpf and cash top-up?90k how u get 60k? CPF 70k all 1 time deduct off to 300k Quote Link to comment Share on other sites More sharing options...
alien Posted March 13, 2014 Report Share Posted March 13, 2014 Haha, whether it is 60k or 90k, thing is tis amt not thru mthly instalment from cpf n cash top-up? Quote 对自己好是一种幸福， 对别人好是一种积福。 Spend time counting your blessings, not airing your complaints. Link to comment Share on other sites More sharing options...
thickhead79 Posted March 13, 2014 Report Share Posted March 13, 2014 Haha, whether it is 60k or 90k, thing is tis amt not thru mthly instalment from cpf n cash top-up? mthly installement is for the 156k approved by HDB cash top up yeswhere to find 90k cash? Quote Link to comment Share on other sites More sharing options...
alien Posted March 13, 2014 Report Share Posted March 13, 2014 Haha, seems like really need to get the HLE before commit to buy any flat, esp resale. Quote 对自己好是一种幸福， 对别人好是一种积福。 Spend time counting your blessings, not airing your complaints. Link to comment Share on other sites More sharing options...
thickhead79 Posted March 13, 2014 Report Share Posted March 13, 2014 Haha, seems like really need to get the HLE before commit to buy any flat, esp resale.that is a must to get HLEthis will tell u how much flat u can buy can find so my loan is approved at 156k mean no hope for resale liao Quote Link to comment Share on other sites More sharing options...
LongCurious Posted March 13, 2014 Report Share Posted March 13, 2014 $1000 a bit too much if the deal 50-50 only, wht if the valuation doesnt favour the buyer n buyer needs to foregone the $1000, a bit waste money lor. Unless u think the deal 99% will closed, then i dun mind paying high option fee. 50-50 ? where do you get that? buy or not to buy? I think we should not think in this direction, IF valuation doesnt favour the buyer, example Offer 500k value at 450k, COV is 50k, not enough cash, 1k eaten by the seller.Blame who? > Agent/Buyer never do enough homework or get enough information By checking the past transaction i dont think the buyer will OFFER 500k, today is a buyer's market, more and more sellers are trying to sell below valuation even without this new scheme from the government Agreed, nothing to lose for seller no matter how much is the deposit from buyer. The only thing seller may lose is time. Cos when buyer submit the OTP to hdb for valuation, until when the valution is out and before the buyer make any decision on the deal. During tis time the seller cannot involve with another deal with another buyer. Shld be one OTP can take place for a flat at one point of time, until the deal is called off, then can submit another OTP to hdb. Nothing to lose? Time is money, if HDB price will go up, sure, why not hold it, why are sellers SELLING? because for a reason, and one of them is BECAUSE THE PRICE WILL DROP ( caps to highlight a point and not to offend anyone) When OTP issued, 21 days no matter deal call off or not, seller cannot issue another OTP. ( 21 days of waiting time, if any BUYER just come and offer 1$ + 192.5 to make you hold your property for 21 days, would you issue him an OTP if you are the seller? considering you have a reason to sell, be it you bought a private property, needed the cash, or upgrading? Yeah, agreed....Time is an issue. But when it comes to Housing it is all about serious consideration, it is not like buying a toy off the rack. It involved a lot of $$$ and planning. Basically, if either party expressed interested....the $1 OTP fee is acceptable.If the seller just waiting to get $1K OTP just for the hope that the deal might be called off so he can confiscate the fee, I dun think he is serious enough to be selling his flat away. Just to let you know the buyer will pay for the valuation as well, total cost is 1-1000 + 192.50 If seller waiting to get 1k OTP just for hope that the deal might call off <<< what is this? Put yourself in the sellers shoes, if you trying to sell, why got buyer offer 1$ in hope that the valuation is LOW so he can buy? 1k is being sincere. Quote Link to comment Share on other sites More sharing options...
Guest Guest Posted March 13, 2014 Report Share Posted March 13, 2014 Don't over stretch into financial trouble. Stick to BTO with sure profit after MOP. Quote Link to comment Share on other sites More sharing options...
thickhead79 Posted March 13, 2014 Report Share Posted March 13, 2014 Don't over stretch into financial trouble. Stick to BTO with sure profit after MOP.need to wait 3 years is pain Quote Link to comment Share on other sites More sharing options...
Guest Guest Posted March 13, 2014 Report Share Posted March 13, 2014 That you will have to endure if you are not rich. Quote Link to comment Share on other sites More sharing options...
LongCurious Posted March 13, 2014 Report Share Posted March 13, 2014 not all investment to BTO is earning money, but yes BTO is a good way, rent after you get your keys, keep one room locked. HDB have very high rental yield! Quote Link to comment Share on other sites More sharing options...
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