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Revised HDB resale process will cause uncertainty

The revised Housing and Development Board resale procedures will create uncertainty rather than stability (“HDB resale: Parties must agree on price before valuation”; March 11).

The revised Housing and Development Board resale procedures will create uncertainty rather than stability (“HDB resale: Parties must agree on price before valuation”; March 11).

First, the new practice requires a seller and buyer to negotiate the price based on daily, published transacted prices. How should they proceed, though, if there is no comparable data for negotiation?

It is like entering a market without knowing the price of the goods one wants to buy, negotiating blindly and hoping to agree on a price. This creates unnecessary anxiety for both parties.

Second, a buyer must now obtain the valuation report after the option-to-purchase is signed. If he realises that the negotiated price is way above valuation, he can withdraw from the deal, but it will mean forfeiting his deposit. Or, to avoid the forfeiture, he would have to pay a price above the valuation.

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