Why has the process for negotiating resale prices been changed?
Posted on 10 Mar 2014 |
The main purpose of the flat valuation process is to determine the amount of a housing loan the buyer may take, or the CPF savings the buyer may use for the purchase of the flat. It is not advisable for buyers and sellers to conduct negotiations on the basis of the Cash Over Valuation (COV) component. This change re-directs focus away from the COV, and enables buyers and sellers to focus on the total price of a flat instead.
While buyers and sellers may refer to various sources to estimate the value of the flat, it is important to note that only the valuation conducted by an HDB-assigned valuer can be used by buyers to obtain a loan, or to work out the CPF monies allowed to be used for the flat purchase. Other sources of information on flat valuation should only be used as rough guides.
Buyers and sellers can utilise the HDB InfoWEB to look at resale prices within the last two years. The Resale Flat Prices e-service allows users to do a search based on flat type, price range and resale application registered date, and is also available on the Mobile@HDB app. If you are looking for resale flats within a particular locality, the Centralised Map Services would help facilitate your search.
Find out more about these changes in the infographic below.
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