Property Agents Have Good Reason to Push Up COV!

[makapaaa]

<TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR>Draw up guidelines to determine COV for resale flats
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<!-- START OF : div id="storytext"--><!-- more than 4 paragraphs -->CASH over valuation (COV) for a Housing Board resale flat may indicate demand for the property, but property agents' commission is also based on COV plus the house valuation. This means the higher the COV, the higher the agent's commission.
COV cannot be paid from an individual's Central Provident Fund account. If a buyer cannot raise enough cash to pay the COV, he is out of the bid.
There are no official guidelines to determine the amount of COV - it is totally dependent on market demand.
There are always plenty of willing buyers waiting in line if a buyer wishes to haggle over the COV.
The Government should step in and introduce guidelines on COV. Perhaps basing commission paid to property agents only on house valuation would be a good start.
Loh Ching Tiam

 

[tima81]

u dont need an agent to buy / sell yr house. Just call a few agents to come to your house ,pretend that u will apoint them to sell and ask them how much they are going to market yr house. Use that info and sell yourself, you will save $10k++

 

[bryanlim1972]

<TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR>Draw up guidelines to determine COV for resale flats
</TR><!-- headline one : end --><!-- show image if available --></TBODY></TABLE>




<!-- START OF : div id="storytext"--><!-- more than 4 paragraphs -->CASH over valuation (COV) for a Housing Board resale flat may indicate demand for the property, but property agents' commission is also based on COV plus the house valuation. This means the higher the COV, the higher the agent's commission.
COV cannot be paid from an individual's Central Provident Fund account. If a buyer cannot raise enough cash to pay the COV, he is out of the bid.
There are no official guidelines to determine the amount of COV - it is totally dependent on market demand.
There are always plenty of willing buyers waiting in line if a buyer wishes to haggle over the COV.
The Government should step in and introduce guidelines on COV. Perhaps basing commission paid to property agents only on house valuation would be a good start.
Loh Ching Tiam

this Loh fella already pointed out COV is market driven. his issue should not be with COV, but rather the demand side, ie the surge in demand created by the influx of eligible PR buyers of resale flats.

i'm just glad i'm not in the mkt for a resale flat right now. poor Mr Loh, the PAP is not going to help him buy his dream flat. on the contrary, they will screw him even more by importing another 6.5M minus 4.7M immigrant PRs who will push up the demand for resale flats even more.

the PAP's solution is for people like Mr Loh who can't afford COV to live in far away places like ulu sembawang (no offence to residents living there) and pay more in terms of transport and time costs to get to work every morning.

 

[tima81]

this Loh fella already pointed out COV is market driven. his issue should not be with COV, but rather the demand side, ie the surge in demand created by the influx of eligible PR buyers of resale flats.

i'm just glad i'm not in the mkt for a resale flat right now. poor Mr Loh, the PAP is not going to help him buy his dream flat. on the contrary, they will screw him even more by importing another 6.5M minus 4.7M immigrant PRs who will push up the demand for resale flats even more.

the PAP's solution is for people like Mr Loh who can't afford COV to live in far away places like ulu sembawang (no offence to residents living there) and pay more in terms of transport and time costs to get to work every morning.

check the papers...even ulu sembawang and woodlands are asking for COV of 30-40k leh