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

[Laoyeh]

Hi all, on my resale handing over keys appointment day, does my wife need to go with me??this resale flat I'm sole owner, she is just an occupant because she is from china and a ltvp pass holder..

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[henrylbh]

What so exciting?

I exercised otp on 22 Nov and submitted resale application on 23 Nov.

Received HDB letter on 30 that the application has been accepted.

Seller agreed to hand over unit to me on 9 Dec for reno and move in thereafter

I only need to knock down wardrobe in one room and replace 2 toilet doors and bowls. Others I will DIY

Today 3 Dec, received HDB's financial plan to complete Step 6 which will take 15 min to complete.

The first page already salah. In my resale application I clearly indicated no CPF or HDB loan is required, but in the financial plan they showed "amount to be used from CPF $xxx,xxx" and I have to request for revised financial plan, thus wasting one day for them to resend the doc for completion of Step 6

 

[MarcheNo]

reply to laoyeh.
No need bro. Just you and seller.

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[Laoyeh]

reply to laoyeh.
No need bro. Just you and seller.

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Yr wife also from china??

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[dnsfpl]

If you have a budget of $1m, and is targeting area like Dawson, which one will u choose
1) 1 hdb 1250 sqft
2) 1 99 years condo at 1000 sqft
3) 1 99 years condo 1250 sqft but at slum

new slum condo also $1.1k psf liao

more like
1) 1 hdb 1250 sqft
2) 1 condo at 600 sqft
3) 1 condo 900 sqft but at slum

 

[dnsfpl]

imo all 3 options have their pro and cons

for single or couple who dont intend to have kids, option 2
for family with babies, option 1
for family with children/teenagers, option 3

 

[foozgarden]

Today 3 Dec, received HDB's financial plan to complete Step 6 which will take 15 min to complete.

The first page already salah. In my resale application I clearly indicated no CPF or HDB loan is required, but in the financial plan they showed "amount to be used from CPF $xxx,xxx" and I have to request for revised financial plan, thus wasting one day for them to resend the doc for completion of Step 6

full cash purchase. huat.

 

[foozgarden]

if buyer currently has a overseas ptty, cannot buy resale hdb. thats fine.
but one of the resale intent to buy is , 30mth prior , got disposed any overseas ptty.
what is the purpose of this qn?
what if the ans is yes?

 

[hotsoon]

Need expert help to confirm when should we pay agent fee?
I thought after completion and receive key, but my agent already bill me before completion date. (By the way, there's not due date in the bill)

 

[reallyworry]

one ques, when should i pay the remaining 4K to seller agent as deposit?
Sales completion or exercise OTP

 

[vinz]

Need expert help to confirm when should we pay agent fee?
I thought after completion and receive key, but my agent already bill me before completion date. (By the way, there's not due date in the bill)

once deal exercised, agent will submit to their respective company for documentation.

Their company (Propnex ERA etc) will just sent the bill to client straight away.

Usually it's ok for client to pay on completion day. So don't worry about this invoice.

-vinz

 

[hotsoon]

Noted, thanks Vinz

 

[hotsoon]

one ques, when should i pay the remaining 4K to seller agent as deposit?
Sales completion or exercise OTP

When you exercise OTP which is within 21 calendar day after the OTP date.

 

[vinz]

one ques, when should i pay the remaining 4K to seller agent as deposit?
Sales completion or exercise OTP

2nd deposit to be paid during option exercising.

-vinz

 

[reallyworry]

2nd deposit to be paid during option exercising.

-vinz

When you exercise OTP which is within 21 calendar day after the OTP date.

Got it..heap of thanks guys...

 

[eno_lc]

After exercise otp, seller cannot back out, but what about buyer? Do they just forfeit the $5000 deposit or still have to pay other compensation?

 

[j]

After exercise otp, seller cannot back out, but what about buyer? Do they just forfeit the $5000 deposit or still have to pay other compensation?

$5000 deposit + any difference in losses + advertising/agent fee the seller incurred selling to another party + any losses they incurred because the deal fell through and they don't have money for their planned next purchase + their lawyer fee, your own lawyer fee etc etc.

Have fun if you going to back out at this stage. Can only say Orbi good.

 

[eno_lc]

$5000 deposit + any difference in losses + advertising/agent fee the seller incurred selling to another party + any losses they incurred because the deal fell through and they don't have money for their planned next purchase + their lawyer fee, your own lawyer fee etc etc.

Have fun if you going to back out at this stage. Can only say Orbi good.

Thanks, just asking before I decide whether to sign and pay the otp fee

 

[vinz]

Buyers should be 99% sure to buy that particular unit before even committing to a price with seller and paying the first deposit.

You shouldn't even be paying $$$ to test market etc.

The 1% back out (without paying 2nd deposit) should only happen if the valuation price and purchase price is too wide a gap, causing the buyer a need to pay hefty cash (COV). And there is always a potential to pay some COV if u decided to commit to a slightly higher price then the norm, don't even go about to say you didn't know.

Looking at the many posts with all these similar questions going about (even for Direct Flat from HDB) , I have no doubt that many sellers should be wary of DIY buyers from now onwards.

It's seems with all these many DIY buyers going about, many don't seems to be in a ready state of mind to actually commit to a unit. Place a first deposit and even before getting the valuation result, buyer's remorse sets in and thinking of all possible reason to back out of the deal.

Lack of info? lack of reassurance from someone professional who can answer all your doubts even before you commit? (instead of wasting your first deposit money)

If this is becoming the norm, I pity the seller who meet this type of buyers.

P.S: Most seller are not interested in the forfeited $1k deposit, they want a serious buyer who can commit and let them move on and complete the sale transaction.

-vinz

 

[qhong61]

Buyers should be 99% sure to buy that particular unit before even committing to a price with seller and paying the first deposit.

You shouldn't even be paying $$$ to test market etc.

The 1% back out (without paying 2nd deposit) should only happen if the valuation price and purchase price is too wide a gap, causing the buyer a need to pay hefty cash (COV). And there is always a potential to pay some COV if u decided to commit to a slightly higher price then the norm, don't even go about to say you didn't know.

Looking at the many posts with all these similar questions going about (even for Direct Flat from HDB) , I have no doubt that many sellers should be wary of DIY buyers from now onwards.

It's seems with all these many DIY buyers going about, many don't seems to be in a ready state of mind to actually commit to a unit. Place a first deposit and even before getting the valuation result, buyer's remorse sets in and thinking of all possible reason to back out of the deal.

Lack of info? lack of reassurance from someone professional who can answer all your doubts even before you commit? (instead of wasting your first deposit money)

If this is becoming the norm, I pity the seller who meet this type of buyers.

P.S: Most seller are not interested in the forfeited $1k deposit, they want a serious buyer who can commit and let them move on and complete the sale transaction.

-vinz

Agreed. Don't waste the seller time. They may need the money for their next bto which may be due for key collection.