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

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henrylbh

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if you have sufficient cash + cpf to pay off the entire 3 room which means you don't need a loan, which means you need $0 income.

www.hdb.gov.sg has all the information. if not hearsay also have a lot.

Yes no income can still buy - as long as one is able to pay or borrow to pay in full upon completion of sale.
 

vinz

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if i were to sell off my 4 rm (with hdb loan) & apply for a bto 4rm flat. Will i be able to obtain hdb loan again?
Each Singaporean entitled to "two times HDB loan" (subjected to income cap), no private property etc.

Average gross monthly household income does not exceed:

1. $12,000 for families
2. $18,000 for extended families
3. $6,000 for singles buying a 5-room or smaller resale flat or a 2-room new flat in a non-mature estate, under the Single Singapore Citizen (SSC) Scheme

If existing first flat is HDB loan, then you should most likely be eligible for a 2nd HDB loan.

Take note criteria for 2nd HDB loan:
1. 50% Sales proceed of first HDB flat, to be used as downpayment for 2nd flat.

Pls click : Eligibility Conditions for HDB Housing Loan

-vinz
 

Leave No Men Behind

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When can I start viewing for my resale flat?
Last Tuesday agreed with seller and have collected the sgd1,000.

Wat are the things my agt processing now?

Appreciate if can list down the steps. Tia
 

vinz

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U paid comm to agent,
shouldn't u be asking your agent instead of strangers?

Until buyer pays you 2nd deposit (to confirm their purchase) ,
they can still back out of the deal at this stage (pending the valuation report and their affordability after val is out)

-vinz
 

g_t2006

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When can I start viewing for my resale flat?
Last Tuesday agreed with seller and have collected the sgd1,000.

Wat are the things my agt processing now?

Appreciate if can list down the steps. Tia

I'm confused. You agreed with seller so you are the buyer? But you have collected the $1k so you are seller?
 

Leave No Men Behind

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any hse mover to intro?

think have to hand over current flat latest by October 2019.
need to source for next unit soon already (requested 3 months extension).
 

henrylbh

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any hse mover to intro?

think have to hand over current flat latest by October 2019.
need to source for next unit soon already (requested 3 months extension).

Your urgent task is getting a flat first. No flat secured, why bother with mover.

If buyer exercised OTP by end Apr, the sale completion would be around early Jul and with extension (if it is already agreed with buyer), you have till early Oct to move out.

You don't have much time to look for another flat, renovate it and then move in and that's assuming the Seller do not need extension from you.

It takes about 3 months to complete your next purchase from the time you are given the OTP by the Seller. In other words, to get your flat by end Sep, you need to search and secure an OTP before Jun and that's assuming you no need renovation. If you need reno, you may be forced to secure the replacement flat before end of May. Time is short and you may be forced to buy or pay what you wouldn't, if you have more time.
 

Leave No Men Behind

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Appreciate, right now I have a clearer picture.
I kinda have such feeling that agt is playing games with me.
Haix. V sien and long process.
It's unlike car purchase, straight forward
 

Leave No Men Behind

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i need the 3months definitely.
worse case, if say cannot get desired one due to above challenge, wat are the options available? This was brought up by agt too.

Aiming those MOP, mostly family with children with minimal reno (ready move-in type).
went shopping abit last month, most need extension too.
 

LH0779

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you are the seller of your current unit right, did your buyer agree to give you the 3 months extension? they need to sign a form to confirm that you know? your agent should have this cover. this form is required to be submitted to HDB along with your other documents when you submit via the resale portal.

the way you phrase it is as if you do not know if you have the 3 months extension?

So for your case, you need to buy a unit where the seller can move out on completion date (of course will be best if they can do so before).
 

Leave No Men Behind

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yes, buyer agrees to give extension to me for current flat.

so when i go and purchase (buyer), can i even consider to give extension to seller?
i am concerned on the time-frame for both sides.

ps for all the noobs questions.
 

LH0779

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great that your buyer agrees on the extension.



What ours told us when we wanted to put our unit for sale is that do we need extension. so that when interested buyer or agent call he will inform them.
for buyer who cannot give us the extension, he will not even arrange for a viewing, cause no point wasting time and energy.

So if not giving the extension is important, when you call those unit for sale, ask them this before you even go and see the unit.

you probably want to count backwards, when is the timeframe you should be getting the next unit ink.


yes, buyer agrees to give extension to me for current flat.

so when i go and purchase (buyer), can i even consider to give extension to seller?
i am concerned on the time-frame for both sides.

ps for all the noobs questions.
 

simon_84

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U need to know the price of your desired flat before anyone can assist you on budgeting. 3rm got 300k and 600k ones.

Sent from Pluto using GAGT

Budget from 300k to 500k.
Saw the resale at geylang lorong 3, 4 room at 500k.
 

g_t2006

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Budget from 300k to 500k.
Saw the resale at geylang lorong 3, 4 room at 500k.

Your salary got 5k? 5k can loan around $330k. To get a 500k flat with a $330k loan and without paying cash, you gotta have $170k in your CPF.
 

henrylbh

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yes, buyer agrees to give extension to me for current flat.

so when i go and purchase (buyer), can i even consider to give extension to seller?
i am concerned on the time-frame for both sides.

ps for all the noobs questions.

Your buyer has given you 3 months extension of stay and that mean you likely to move out by early Oct, but you get your money

If you manage to find a replacement flat and exercise OTP by mid May, the resale completion would by end Jul/early Aug. With this timeline, you can't afford to give the seller of replacement flat an extension of more than a month to be on the safe side, cause you may need one month reno to complete by end Sep and move in. With this constraint, you should only look out for sellers who don't need extension.

If you are not able to find a replacement flat by end Jun, it will be more difficult to find one that would allow you to move in earlier.

In my case I had to have over my flat on 2 Jan 2019 after Buyer exercised the option on 15 Oct 2018.

In buying, I had to exercise OTP on the spot on 23 Nov 2018 and completion was on 25 Jan 2019. Meaning I will be homeless from 2 Jan.

Fortunately, I manage to find a vacant flat which the Seller allowed me to take over the flat before mid Dec 2018 and I moved in without reno on 31 Dec 2018.
 

itsmee

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Taking over my resale soon. Any idea wat to do for the SP services account, will existing owner’s so account be transfer or nd apply new one. Will there be outstanding utility bill? And for the reno, nd to stop the gas services? Then after reno finish then ask sp services on back the gas? Thks
 

henrylbh

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Taking over my resale soon. Any idea wat to do for the SP services account, will existing owner’s so account be transfer or nd apply new one. Will there be outstanding utility bill? And for the reno, nd to stop the gas services? Then after reno finish then ask sp services on back the gas? Thks

Arrange to take over SP Services on the day of handing over. Otherwise, one seller terminated the services, you will need to apply and pay turn on fee.
 

itsmee

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Arrange to take over SP Services on the day of handing over. Otherwise, one seller terminated the services, you will need to apply and pay turn on fee.

How to take over? Both buyer n seller nd to be present? At town council?
 
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