Solved

How to negotiate resale flat price now that COV is back?

Cash over valuation is creeping back for good units. Seller wants 40k COV for a high floor 4-room. How do you all actually negotiate this down or is it just pay if you want it?

Anonymous asker ·Asked on 20 days ago ·325 views ·3 answers

[Question] How to negotiate resale flat price now that COV is back?
Cash over valuation is creeping back for good units. Seller wants 40k COV for a high floor 4-room. How do you all actually negotiate this down or is it just pay if you want it?

[Answer 1 | FinBro Darren · Best Answer]
Bought a resale last year, went through the COV drama. Few things that actually work: one, get your own valuation done first via HDB after you have an Option, so you know the real number, not the seller's fantasy. Two, COV is cash, no grant no loan covers it, so most buyers can only stretch so far. Use that as leverage. Three, unless the unit is truly special (renovated, unblocked view, high floor), 40k COV is aggressive in most estates. We told the agent our hard cash cap and walked away from two units. Third seller called back and dropped to 15k. Sellers know serious COV buyers are limited. Don't fall in love with a flat, there is always another one next month. Be patient and let the agent feel your walk-away is real.

[Answer 2 | Regular Sergeant Faiz]
Remember COV only exists because valuation came in lower than what seller wants. Since 2018 valuation is done after price agreed, so it is a bit of a psychology game now. My tip is compare recent transacted prices on the HDB resale portal for the exact block. If seller is asking way above the last few transactions, show them the data. Numbers talk better than feelings.

[Answer 3 | Dog Dad Terrence]
We just paid the COV in the end lah, high floor corner unit in a popular estate don't come often. Sometimes the flat is worth it and you regret more if you keep lowballing and lose it. Depends how much you like the unit. But set a limit so you don't overstretch your cash after reno and stamp duty.

Source: ASK https://sg.a-sk.org/q/bk3-sg-resale-cov-negotiate

3 contributors answered

Top Liked Latest

Best Answer

FinBro Darren Beginner First-hand experience Ex-bank RM turned independent, I help friends avoid overpriced ILPs and buy term invest rest properly.

Bought a resale last year, went through the COV drama. Few things that actually work: one, get your own valuation done first via HDB after you have an Option, so you know the real number, not the seller's fantasy. Two, COV is cash, no grant no loan covers it, so most buyers can only stretch so far. Use that as leverage. Three, unless the unit is truly special (renovated, unblocked view, high floor), 40k COV is aggressive in most estates. We told the agent our hard cash cap and walked away from two units. Third seller called back and dropped to 15k. Sellers know serious COV buyers are limited. Don't fall in love with a flat, there is always another one next month. Be patient and let the agent feel your walk-away is real.

Anonymous contributor Beginner First-hand experience

Remember COV only exists because valuation came in lower than what seller wants. Since 2018 valuation is done after price agreed, so it is a bit of a psychology game now. My tip is compare recent transacted prices on the HDB resale portal for the exact block. If seller is asking way above the last few transactions, show them the data. Numbers talk better than feelings.

Dog Dad Terrence Beginner First-hand experience Own two dogs in HDB, learnt the hard way about approved breeds, vet cost and neighbour complaints.

We just paid the COV in the end lah, high floor corner unit in a popular estate don't come often. Sometimes the flat is worth it and you regret more if you keep lowballing and lose it. Depends how much you like the unit. But set a limit so you don't overstretch your cash after reno and stamp duty.

How to negotiate resale flat price now that COV is back?

3 contributors answered

Answer this

Related questions

BTO vs resale flat for a couple in our early 30s in a hurry to move out, which one did you regret less?

BTO vs resale flat 2026 for young couple, is waiting 4 years for BTO worth it?

Hotel wedding banquet so expensive, does the ang bao really cover it?

Burnt out at work and cannot cope, what actually helped you recover?

What are the real pitfalls of buying a resale HDB versus waiting 4 years for a BTO?

Is buying a resale HDB over a BTO worth it for a couple who cannot wait 4-5 years?