Free advice/discussion on buy/sell of Resale flat (Part 6)

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henrylbh

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Letting go my EA. Better than corner unit. No neighbours in sight. Neither can neighbours see your door from their unit! Hard to find hugh open space in front of door.

 

vinz

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Wah vinz...very uncommon to see you post selling advert on this thread.
Is time really bad for HDB resale?
OK, will note if there is interested buyer on your unit ;)
First time.

Things are moving DOWN very fast...

Those on the market are feeling the impact.

Those not buying or selling of course still think price are trending up,which is not now..

vinz
 

Sambuca78

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First time.

Things are moving DOWN very fast...

Those on the market are feeling the impact.

Those not buying or selling of course still think price are trending up,which is not now..

vinz

Hopefully the down trend will continue till 2014 mid, when I am ready to purchase my first roof. :)
 

hobbes11

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Hi Vinz

Need your professional advice.

Currently staying in EA at Sengkang (MOP of 5 years, first timer direct purchase from HDB, HDB loan), intend to purchase a resale 4rm in AMK. Few questions:

1) Possible to downgrade in this case?
2) while looking around, should we put our unit on sale or wait?
3) if want to do contra, possible as we intend to take up bank loan for the resale flat. Possible to take hdb loan? which is better hdb or bank loan
4) if to take bank loan, what is the max we can loan? How do they do the calculation?

THanks.
 

putumayam

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Not strange but ridiculous. HDB should not allow HDB flat owners to own any private property in Sg at all even after MOP. Owning property outside Sg is non of their business as it does not affect the local property market.

U r being ridiculous. The purpose of HDBs is to cater to singaporeans. If fgners already owning a foreign property are also allowed to purchase HDBs, it defeats the purpose, and introduces additional demand on the local market, which in turn affects local needy buyers who would need to pay higher prices due to higher down demand. Basic economics.
 

vinz

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Currently staying in EA at Sengkang (MOP of 5 years, first timer direct purchase from HDB, HDB loan), intend to purchase a resale 4rm in AMK. Few questions:

1) Possible to downgrade in this case?
Yes you can.
2) while looking around, should we put our unit on sale or wait?
It has turned into a buyer's market now (or very soon). My suggestion is to get your unit on the market and try to sell it off first before you purchase any other units.
3) if want to do contra, possible as we intend to take up bank loan for the resale flat.
Contra is a term use for HDB loan for flat being sold,and next to purchase another HDB flat with HDB loan.

HDB loan to bank loan,there is no contra. It will be adjusting the appointment timing so that the funds from selling will be back in time for your purchase.
Possible to take hdb loan?
Yes if you satisfy all the criteria. Do a HLE (HDB loan eligiblity) application to find out whether you are eligible and how much you are able to loan.

Pls click : Apply for HLE

This should be your first step before you even think of buying, viewing potential flats to buy, or selling your existing flat.
which is better hdb or bank loan
Pros and cons. Different people different time frame of stay and also different preference.

Most obvious diff is that interests for BANK LOAN is lower than HDB LOAN (2.6% per annum), at least so for the first few years, that is why people eligible for both may chose bank loan. But after the fixed interests years are over, then a home owner is subjected to bank's variable rates, unless he do a refinance, or sell the home.


4) if to take bank loan, what is the max we can loan? How do they do the calculation?
Depends on age, income, debt servicing ration etc. Best to walk in to any bank branches with 2months payslip+15months cpf contribution statement, and ask a banker to calculate for you.

Pls click : More about bank loan for HDB Flat

Please write to me directly vinz@hotmail.com if you need further advise.

-vinz
 

henrylbh

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U r being ridiculous. The purpose of HDBs is to cater to singaporeans. If fgners already owning a foreign property are also allowed to purchase HDBs, it defeats the purpose, and introduces additional demand on the local market, which in turn affects local needy buyers who would need to pay higher prices due to higher down demand. Basic economics.

You get me right or not? Whoever says foreigners can buy HDB?
 

putumayam

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You get me right or not? Whoever says foreigners can buy HDB?

You mentioned: "Owning property outside Sg is non of their business as it does not affect the local property market."

It is mainly fgers who are able to own properties outside of SG, before being able to purchase one in SG.

Singaporeans who are in such a situation are few and far between.

Whichever it is, SGreans or Fgners, if u're rich enough to already have a fgn property, you should not be allowed to purchase local HDB and reduce available supply to truly needy applicants.
 

Winterhearts

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First time.

Things are moving DOWN very fast...

Those on the market are feeling the impact.

Those not buying or selling of course still think price are trending up,which is not now..

vinz

What you say very true leh...
Got a chance to look through today's Saturday classified,
So many selling below COV, especially Punggol and Sengkang.....scary..:eek:
 

lanzhu60

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Hi,anyone care to share for rental for hdb ,wats e payment n comm payable for both landlord n tenant n e procedure? Thks
 

Elmental

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so what if i have outstanding bank loan, but I am selling off to move to BTO/EC/Condo in 2.5 years later ?

Example, MOP 2.5 years later in May 2017. TOP of next property is End 2017

I am getting conflicting information from sales agent of various different projects. One tells me 1% - 4% - and do nothing else but wait till TOP. Another tells me otherwise. another mentioned what you said " 1% when booking, 4% when exercising top. 15% within 8 weeks of signing s&p. after that is progressive payment of 80% if u have outstanding loan, bank will lend u max 50% and take note of MSR "

My concern is, after signing, bank/developer wants me to pay 50% first (after payment 15%), and I don't have that much cash in hand.

Don't worry, Bro. If it is a new development, the next payment of 20% will be after the fountation is built and etc. under progressive payment.

You have to tell us about your current situation before we can advice accordingly
 

iamevil

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Legal fees and lawyer - when do they come in the picture?

Hi!! Appreciate your expert help and advice in this forum.

I intend to buy a resale HDB flat.
I have already submitted bank loan application, along with all the necessary docs of my personal financials + also provided the bank the flat's valuation report.
I was told by the bank to wait for loan application approval. next step is to sign Option To Purchase so that bank can issue Letter of Offer.

the confusing part to me is the involvement of legal firm's services:

1. When should the legal firm be involved in the purchase of flat process?
2. Which legal firm should i approach?
3. Will the bank help me to appoint?
4. Or should i find one now while application is being processed?
5. I heard banks no longer subsidize legal fees. What's the estimated legal fees?
6. Other than legal fees, stamp duties, paying for the valuation report done by the seller, what other misc charges do i need to note?

I read from this article
mortgagesupermart . com . sg . / resources / home-loan-guide-101
Step 5 gave overview of what lawyer do, but i am still not familiar at which point of the purchase the lawyer comes in..

Then there is also Step 6 about formal valuation - which i though i had already submitted to the bank the valuation report? do i have to pay the bank valuer for the inspection/valuation report?

Please bear with me, frankly, due to finances are tight, i do not have a property agent to represent me. i really like the unit i intend to buy...
even with COV being lower than prior years, i personally have limited resources.

Really appreciate help/advice in this forum. many thanks!
 

vinz

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1. When should the legal firm be involved in the purchase of flat process?
Banks will most likely assign you a lawyer under their company's panel of lawyer list. They will let you sign the LO with the law firm indicated there, and you will just meet up with the lawyers on the day of first appt (HDB) or after that.
2. Which legal firm should i approach?
If you have your own desired legal firm, tell the banker before the LO is finalised so that the the legal firm information can be inputted inside the LO.
3. Will the bank help me to appoint?
Yes if you do not have any.
4. Or should i find one now while application is being processed?
As above.
5. I heard banks no longer subsidize legal fees. What's the estimated legal fees?
est $2500 to 3000
6. Other than legal fees, stamp duties, paying for the valuation report done by the seller, what other misc charges do i need to note?
HDB registration fees for first appt ($80). Pro rated property tax which HDB officer will calculate for you on the spot during 2nd appt. Should be less than a 100-200 bucks.
Then there is also Step 6 about formal valuation - which i though i had already submitted to the bank the valuation report? do i have to pay the bank valuer for the inspection/valuation report?
You dont have the pay for any report as long as you have the HDB valuation report which is valid at the time of submission for HDB first appt. This should be for pte property.

Please ask the banker all these question again, as they are more knowledgable on this housing loan matter to give you the correction information.

Do not forget to do your RESALE CHECKLIST.
Pls click : RESALE CHECK LIST for buyer

Good luck.
 
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GymGoer

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Father (>55yo) owns a fully paid HDB flat. Son (Single, >35yo) wants to buy a bigger HDB flat. Can he apply for BTO or Sale of Balance Flat jointly with his father?

If they get the flat, father will sell existing flat and put the money toward the new flat. How much does he need to put back to his CPF?

Note: Mother deceased.
 

dolphins_rainbow

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Hi vinz, i have a aunt which is cashless but cpf rich (have 200k in OA)
Her age is 45 and her pay is abt 4000/mth.
She is looking at purchasing a 3 room resale flat (abt 300k) at zero cov, she is not paticular about location and such.

1) If say she successfully found the zero cov flat, what are the possible upfront cash she have to fork out? (renovation and furniture cost not counted, i refering to those stamp duty, agent commission....)

2) She still owe hdb resale levy (abt 90k) as she sold her previous flat but did not return the levy to hdb, thats why she cant apply bto. if she buy a resale, does that affect her in getting the second concessionary hdb loan? Or she must die die get a bank loan?
 

vinz

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Father (>55yo) owns a fully paid HDB flat. Son (Single, >35yo) wants to buy a bigger HDB flat. Can he apply for BTO or Sale of Balance Flat jointly with his father? Note: Mother deceased.
Yes he can provided both person are eligible for it.

Income status, previous HDB flat status, any resale levy needed etc.

pls click : Eligibility Check for purchase of new or resale HDB flat under public scheme
If they get the flat, father will sell existing flat and put the money toward the new flat. How much does he need to put back to his CPF?
He will need to put back, and not able to use at least half of the existing minimum sum (ard 70k thereabout) for his next flat if he is over the age of 55yrs old.

pls click : CPF minimum sum scheme
 

vinz

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Hi vinz, i have a aunt which is cashless but cpf rich (have 200k in OA)
Her age is 45 and her pay is abt 4000/mth.
She is looking at purchasing a 3 room resale flat (abt 300k) at zero cov, she is not paticular about location and such.

1) If say she successfully found the zero cov flat, what are the possible upfront cash she have to fork out? (renovation and furniture cost not counted, i refering to those stamp duty, agent commission....)
Many flats are already selling below valuation, but the valuation price of many 3room flats in spore are well above 300k nowadays. (est valuation for 3room is around 320-340k).

Agent comm 1% of purchase price + GST.
HDB valuation report $190.50.
HDB registration fees for first appt $80.
HDB legal fees if taking HDB loan (est. $300 - 400).
Pro rated property tax fees (less than $100)
2) She still owe hdb resale levy (abt 90k) as she sold her previous flat but did not return the levy to hdb, thats why she cant apply bto. if she buy a resale, does that affect her in getting the second concessionary hdb loan?
As long as she is eligible for the 2nd loan, then no issue. Levy is only needed upon buying a Direct flat from hdb, and nothing is needed to be paid if buying resale. Levy and HDB loan are not related.

Or she must die die get a bank loan?
as above.

-vinz
 

Sat Tan

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Hi Vinz

My aunt is retired, aged 55, CPF just have the min sum but own a private apartment. She wants to downgrade to HDB resale (either 3 or 4 room) as she finds the studio apt too small. She will sell her pte apt but needs a bit more cash to see her through her purchase of HDB resale (to be paid in full) before the sales proceeds of her apt become available. She has approached a number of banks but they are not willing to grant her any temp loan (which is going to be a small percentage of her estimated pte apt sales proceeds, eg 15%)

Any suggestion on her "cash flow" issue? Will finance companies be more liberal than banks?
 
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