New HDB rule - Sell first then check COV

[Himawari]

Last time, check COV then sell. Now, sell first then check COV. For those who had served NS will find this familiar. This is called Lan Pa Pa Lan.

After finding out COV then buyers back out, this is a waste of resources.

 

[AhMeng]

Last time, check COV then sell. Now, sell first then check COV. For those who had served NS will find this familiar. This is called Lan Pa Pa Lan.

After finding out COV then buyers back out, this is a waste of resources.

Million Dollar Minister's logic...you must obey

 

[Gigo88]

Last time, check COV then sell. Now, sell first then check COV. For those who had served NS will find this familiar. This is called Lan Pa Pa Lan.

After finding out COV then buyers back out, this is a waste of resources.

This is making the process more opaque. Now, seller has to give a 21 day period for buyer to exercise option for a princely sum of $1,000.

And it is more difficult to determine the right selling price.

 

[Cerebral]

Knn. If sell first then find out COV is beyond the cash you have then how? Cock right

 

[spotter542]

Go Braddell Brothel can fuck first then pay later or not ?
KNN , million dollar scholars flushing their heads in the toilet bowl is it :oIo:

 

[laksaboy]

What is this COV thing for anyway? Uniquely Sillypore invention like lo hei yusheng.

If you want to buy a property, what's wrong with stating a reasonable price up front to potential buyers? No COV nonsense.

 

[garlic]

So Khaw is want to skew it towards buyers' market or what? I fail to understand what this latest measure will do... aren't there already lots of cooling measures?

 

[blissquek]

So Khaw is want to skew it towards buyers' market or what? I fail to understand what this latest measure will do... aren't there already lots of cooling measures?

Hey...this is just to keep them busy...telling you people they are innovative, working with new ideas. new packages, telling you peasants to do this to do that.

And hopefully the people will appreciate their great effort and accept the idea to pay a new and higher pay scale for these elitist ideas.

 

[aerobwala]

COV in a price rising property market, is an open bribery by buyer to get seller to release the title house/=

 

[BuiKia]

Every local buyer will check recent transacted price and offer below it. Price will be lowered as Singaporeans all wants bargain.

Even landed in Hougang area has dropped almost 10% in recent months.

 

[Equalisation]

Screw first then talk, atau apa ?

 

[po2wq]

Screw first then talk, atau apa ?

cpf ... scroo 1st ... no tok ...

 

[tanwahp]

After finding out COV then buyers back out, this is a waste of resources.

Not so much about buyers backing out but sellers backing out. Buyers will have their option fee confiscated.

 

[boring]

Not so much about buyers backing out but sellers backing out. Buyers will have their option fee confiscated.

once otp granted seller cannot opt out

 

[Cerebral]

What is this COV thing for anyway? Uniquely Sillypore invention like lo hei yusheng.

If you want to buy a property, what's wrong with stating a reasonable price up front to potential buyers? No COV nonsense.

COV is very unique because the bank will not provide a loan beyond the valuation

 

[red amoeba]

It's akin to marry the girl first then chk her looks n boobs. Like ancient times

 

[tanwahp]

once otp granted seller cannot opt out

You are right.

Ultimately whether the person will back out, buyer or seller, depends on how rich he is. The rich can back out of any deal, the poor die-die have to follow through a wrong decision.

 

[BuiKia]

 

[GoldenDragon]

U

It's akin to marry the girl first then chk her looks n boobs. Like ancient times

That's what happened to Pinky in his second marriage.

 

[Papsmearer]

This process is uniquely Singapore. Sinkies don't realize that in the rest of the world, things are done much more simply.

You want to buy a resale flat, just go and find one, negotiate with the seller on the price, than put a deposit, get your financing, and than the sales shortly after. Usually, the bank appraisal matches what the negotiated price is between the buyer and seller. Why must there be a difference between the valuation and what the agreed price is? That's where you have the whole issue with the COV. In the first place, HDB should not even be doing the valuation. They are not a neutral party to the deal. AN independent 3 rd party property appraiser should be doing the valuation instead. If the seller and the buyer agrees on a price of $600K for the flat, than that is the price that the "market" will bear for the flat. ANy HDB valuation below that or above that is automatically wrong because the HDB valuation is based on what the flat theoretically should be worth, not what its market value is. A 3rd party appraiser hired by the bank will automatically support the $600K price because that is what the balance between the buyer and seller was reached.