View to Offer, or VTO is a commonly used term in open property listings.
It implies that the owner is attempting to assess the level of interest in their property by not setting an initial asking price and instead seeing what kind of offers they may receive.
Occasionally, a VTO listing might also suggest that the property’s valuation process has not been finalised.
Important points to keep in mind before making an offer
Before you go ahead and start the price negotiation with the seller, make sure to keep the following points in mind:
- It is always recommended to go and check the unit before making a reasonable offer.
- Understanding the property’s valuation is crucial to avoid offering a high Cash Over Valuation (COV) or making an extremely low offer that could result in a deal-breaking situation.
- Be cautious of fake listings, and always confirm the property’s availability by contacting the seller and arranging a viewing.
- The valuation report can reveal a lot about the property and the seller’s intentions, so it’s important to ask whether the report has been done and when it is set to expire.
- If the valuation report is set to expire soon, the owner may be willing to lower their expectations and accept a lower bid or decide to redo the valuation to get a slightly higher valuation based on the current HDB resale trend and prices.
- If the price is stated, it can provide a range that can be used during negotiations, allowing you to concentrate on units worth your time and effort.
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