AskGuru Q&A Community

Get answers from PropertyGuru experts in 24 hours

Asked by
Can someone ascertain at which point in time should a buyer get a valuation report? Suppose I am the buyer and am using my CPF to pay the purchase,
1) the seller must furnish it to me when I view his house to determine a reasonable resale price, right? What if the seller sets a price w/o showing a valuation report?
2)When does the buyer buy the valuation report to submit to HDB/CPF? By the 1st appointment?
3)What if the seller's valuation report AND the buyer's valuation report differs? The one stated in the OTP form is the default one right?
0 •
1540 views
Upvote Upvoted
Want this question answered?
Get faster responses from our experts by upvoting.
Be the first to upvote this question.

1 Answer

Richard Wan
Replied
Hi Fiz, usually the seller will need a valuation, firstly as you rightly pointed out, to ascertain a fair asking price. Secondly, it saves trouble and money for potential buyers because the buyers do not have to pay for a valuation report for every flat that they view.

It is however, the buyer that will need the valuation report, not the seller. The buyer will need it for loan purposes. The buyer will need to buy the report from the seller before the 1st appointment, because that is when the loan amount will be decided by by the HDB officer.

There is no mention of the default valuation in the OTP. If both buyer and seller have their own valuation report, and if both are still within the valid time period, then the buyer can use either report. Usually, in such cases, it will be wise to use the higher valuation, so that the buyer can get more loan and pay less cash. If he uses the seller's, he will need to pay the seller for it.

Regards,
Richard Wan
Black Diamond Real Estate
richardwan@live.com
 94363793  Read More
1
Upvote Upvoted

Still looking for answers?

Get answers from PropertyGuru experts in 24 hours

Ask Your Question
Previously Asked Questions