This case is bought forward to me as there's a recent transaction whereby the COV was too much for the buyer to bear. Buyer query regarding if it is possible to appeal to HDB to revise the valuation or COV.
As much as COV could be the bane of the transaction, there is no crystal ball depicting the exact value of the property. And estimating valuation can be a tricky thing.
There's usually no chance to appeal, however here are some options available:
- Buyer agree to pay the COV, then don't need to redo OTP
- Buyer and seller renegotiate COV and/or price, redo OTP after 21 days
- Negotiations fall through, seller find new buyer after OTP lapse 21 days later
For these reasons, it is best to do your due dilligent and research while also setting aside enough cash for COV. Be prepared for the worse case scenario, especially if you are buying an old flat with a shorter lease as you won't be able to use CPF to cover the full value.
A quick tip would be putting aside up to $30-50k.
At the end of the day, it is best to discuss with the agent assisting you on how to move foward from this; attempting to renegotiate at best, to get a lower quantum (thus lower COV).