Cash Rich

SunshineAfterRain · Post by **SunshineAfterRain** » 13th Sep, '12, 14:01

http://www.straitstimes.com/breaking-ne ... n-20120913
Very few Singaporeans are cash rich but yet this couple can fork out $195,000 on COV.

HDB flats are becoming overpriced that I doubt my girl can afford it 20 years from now

Fat Bob · Post by **Fat Bob** » 13th Sep, '12, 19:57

EEEEECK!!!!!

BoD · Post by **BoD** » 13th Sep, '12, 21:50

Why does the HDB market have this weird COV concept anyway?

Fat Bob · Post by **Fat Bob** » 13th Sep, '12, 23:52

There are some strange practices for house buying in different countries. Strange indeed.

SunshineAfterRain · Post by **SunshineAfterRain** » 20th Sep, '12, 16:08

We have had collected our key and good thing is we do not need to pay COV. Use the COV on renovation instead.

Satellite · Post by **Satellite** » 21st Sep, '12, 15:03

when I bought my place in 2002, I don't recall it was known as COV. We just had to do a valuation and buyers offered either above or below the valuation price. If it is below, i think HDB would question why as their main interest is to ensure that they get back the CPF monies + interest on the original purchase. And at that time I think there were errant agents/sellers who if a buyer offered above valuation, people tended to under declare the selling price and pocketed the "above valuation" cost. Then I think HDB became tough on that. Anyway, I guess over time it became known as COV.

Satellite · Post by **Satellite** » 21st Sep, '12, 15:03

when I bought my place in 2002, I don't recall it was known as COV. We just had to do a valuation and buyers offered either above or below the valuation price. If it is below, i think HDB would question why as their main interest is to ensure that they get back the CPF monies + interest on the original purchase. And at that time I think there were errant agents/sellers who if a buyer offered above valuation, people tended to under declare the selling price and pocketed the "above valuation" cost. Then I think HDB became tough on that. Anyway, I guess over time it became known as COV.

Satellite · Post by **Satellite** » 21st Sep, '12, 15:07

I was so used to the Singapore house market that I was very surprised that in the UK, there was no such thing as valuation as when I enquired to see the valuators report on houses that we were interest in, I was told that there was no such practise. A bit tricky to assign its worth as some houses looked derelict yet had a huge price tag on it!

Fat Bob · Post by **Fat Bob** » 21st Sep, '12, 16:24

An item is only worth as much as someone is willing to pay for it.

I have a load of wine sitting in a warehouse somewhere and in all honesty, I've got no idea what it's worth cos I can't sell it.

Kooky · Post by **Kooky** » 21st Sep, '12, 16:30

Unless you are paying cash, in the UK you will need a valuation for mortgage purposes and I would think at the moment they will be quite conservative.

If you are paying cash, you would be very wise to get your own valuation regardless.

BoD · Post by **BoD** » 23rd Sep, '12, 03:36

Yes, there certainly is a need for a valuation from the bank in the UK, and this is exactly the same as the private property mkt in Singapore. It is the HDB market that is weird

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