Poodle say Boycott flat sellers demanding COV

[singveld]

yes COV requester, should be strip naked and parade on the street and peg with rotten eggs. then thrown into prison.

I REFER to the letter, 'High COV for flat in non-prime area' (my paper, Oct 13).

As a grassroots leader and property agent, I have been observing this issue for some time.

There are many cases of flat owners asking for high cash-over-valuation (COV) when selling their flats.

This is especially so for sellers of three- and four-room Housing Board flats in popular mature estates such as Ang Mo Kio, Bishan and Bukit Merah. However, as the letter writer stated, sellers in other estates are also asking for high COV.

This trend of high COV could have started a few years ago, when buyers such as permanent residents and Singaporeans who had benefited from selling their property or other investments were willing to fork out large sums.

However, no one party is to blame for this.

It all boils down to supply and demand.

There are willing buyers and sellers in the resale market who agree on COV as part of their transactions.

It is not illegal as there are no clear guidelines on COV from the Government or regulatory bodies.

My advice to buyers of flats from the open market is: Do not make offers to sellers who demand COV.

If the majority of buyers adopt such a stand, then sellers would have no choice but to let their flats go with low or no COV.

Flat sellers should also understand that they would be in the same situation when it is their turn to purchase another flat.

Hence, they should make the transaction a win-win situation for both sides.

I also hope that my fellow property agents could advise sellers accordingly and analyse the situation carefully with their clients.

Mr Muhammad Dzul Azhan Haji Sahban

http://www.asiaone.com/Business/My+Money/Property/Story/A1Story20091014-173538.html

 

[kingat33]

this high price scenario is going to end soon with a sharp reversal in pricing as it is a strategy employed by the govt to trap pr, new citizen and sinkees into a life of debts so that they will not be able to migrate out of the island. Just watch the reduced valuation and finally a proposed capital gain tax on cov and that's the end of story. Many people will be caught and all this will happen after the election which is pretty soon.

 

[oli9]

this high price scenario is going to end soon with a sharp reversal in pricing as it is a strategy employed by the govt to trap pr, new citizen and sinkees into a life of debts so that they will not be able to migrate out of the island. Just watch the reduced valuation and finally a proposed capital gain tax on cov and that's the end of story. Many people will be caught and all this will happen after the election which is pretty soon.

If capital gain tax is imposed on COV, (whereby sellers needs to pay tax on property gain income), then buyers can also claim for tax lossess for COV paid as this will be part of his "expenses". This is fair tax treatment, no?

 

[Zombie]

finally a proposed capital gain tax on cov...

then, the Cashback days will come back.... but this time it will be known as Cashforward...

 

[0939]

If capital gain tax is imposed on COV, (whereby sellers needs to pay tax on property gain income), then buyers can also claim for tax lossess for COV paid as this will be part of his "expenses". This is fair tax treatment, no?

I presumed you all are young men who had never make a killing in your property. During my time, it was under table money, never declare to HDB.
If my property was valuated at $180,000. HDB presumed this will be the benchmark of your selling price. If you were to sell your properties below your valuation price. HDB will step in and buy your flats. The reason because the seller can pocket more cash including the undertable money. The true value of a flat is never the valuation but the renovations and fittings done by the owner.

 

[0939]

Im just saying that the mats should smoke less & work harder so they can afford the COV.

Talking about resaled flats, Chinese benefitted the most. In one HDB flat, there are quotas for Chinese, Malay and Indian or others. So this mats, the writer, must know who are the buyers. In this senario, is the PRC, they have invaded our land. They know our markets. They have also invaded Hongkong and the properties have reached the highest in their history. Very soon Singapore will be next. Because both countries' government are reliable and trustworthy. Past history have proven. Gone are the days, where 20 to 30 years ago, we Singaporeans and Hongkongers have despised the mainland Chinese. We still do, especially those found in Geyland, but they are of a small percentage to make a living, but you have not seen Rich PRC yet. That is why a COV of up $70,000 is beyond our reach. We are not that rich as we are 20 or 30 years ago.

 

[commoner]

what toking you,,, if the PRCs pay 70K to seller a singaporean, the seller is 70k cash richer,,,,,

 

[scroobal]

He appears to be a really old man and he is very confused. This guy has no clue about valuation.

Many years ago, I remember a guy in my Battalionh who purchased a bike with his credit card as he thought that the interest rate of 2% was cheaper than motorcycle loanand was telling his mates to use the card. He was shocked that it was actually 24%, not realising that 2% was per month. This was in the early 90s until MAS stepped in.

Looks like same story.

what toking you,,, if the PRCs pay 70K to seller a singaporean, the seller is 70k cash richer,,,,,

 

[annexa]

The gahmen should take the property valuers into control. They give too high valuation. Kill everyone!

 

[angry_one]

Don't you know it's the HDB who indirectly orders the valuers to give high valuations? High prices means sinkees are tied down to sinkeepore paying their debts and chained to their jobs.

All this happened becos the HDB is greedy - in the past you can only sell back to HDB at a fixed price. Then HDB resells it in some public ballot. No heart attack over COV or highest bidder.