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

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ykeen

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Hi Vinz, so if i see a resale hdb i like and the agent is the seller's agent and i have no agent to represent me. Will he do the paperwork for me too at the same time? Or do i have to do all paperwork myself since i have no agent?

DIY means really DIY.. I suppose the paperwork is not alot.. you can refer to the guide here

Interior Design Singapore - Curtain & Laminate Flooring Portal - Interior Design Singapore - Curtain & Laminate Flooring Portal

or also the most accurate info is also on HDB website..
 

vinz

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I am a 101% newbie with regard to HDB's rules and such but recently, we bought a flat without any agent. And it saved us a few thousands, enough to buy new aircon and several household appliances. Besides, we bargained hard and smart and the purchase price was sweet :) Let me tell you it was plain simple and a breeze, just follow the pointers given on HDB's site. If not sure, call the hotline. And I hope some day, most will just DIY. Sorry agents, I am on the consumer side.
It is good to hear you had manage to go through a fuss free DIY purchase.

Most likely yours is a straight forward case, thus it was "plain simple and a breeze" for you.

I am quite sure some of the questions cannot be answer by the HDB hotline.

eg. seller need some time to purchase another flat, and requested for 90 days to submit for HDB first appointment, is buyer ok with it? If not seller won’t sell to this buyer. If you call hotline, they say its buyers and sellers mutual agreement; they don't care how many days is written there. So what now? You ok to wait 3 months for submission, if not don't buy? But it's your dream home you know...

eg. Seller needs two months extension, call HDB hotline they say it's illegal, but it's your dream home and price is right, how now?

You making it sound like it is such a simple job to be an agent, then why don't HDB make agent redundant and save everyone the money and trouble to engage one?
A seller's agent is to maximise the price for him. Yet, there are unscrupulous ones blocking you from viewing or withholding your offer to the seller just because you have no agent. Truth is, oft-times seller's agent is in cahoots with his friends or colleagues just to suck out some easy money from an unsuspecting buyer. How could he represent seller's interest by eliminating this DIYer? Wouldn't this DIYer be more prepared to pay higher (if need be) since he saves on agent's fee which can be quite substantial?
From personal experience, those who DIY are usually not in tuned with the market.

For seller they expect super high COV, and for buyer they expect a very low price no matter what advise they are given. Of course if they wait long enough or they are lucky, then things do go their way, but how many can say they bought it at a low market price? or sell way above market price?
Wouldn't the seller benefit in a way?
A buyer who insists on diy is trying to save the few thousand dollars (there are some genuine case where they have low budget, which we can understand), so they are less inclined to pay more for a unit.

Please do not go and think that a buyer trying to save money on agent's fee would rather spend it to pay towards the seller asking price!

And usually when they meet a good seller's agent , their negotiating skills are not going to work well on this seasoned agent, so they end up paying more than what they would had even with an agent, just that they didn't know about this at all.

A good agent will make this buyer feel that they had gotten a good deal out of the whole purchase.
I believe such a unethical case can be feedback to CEA.
If agent requested to get commission from both buyer and sellers, do report to CEA so that we have lesser black sheep.
 
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vinz

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Hi Vinz, so if i see a resale hdb i like and the agent is the seller's agent and i have no agent to represent me. Will he do the paperwork for me too at the same time? Or do i have to do all paperwork myself since i have no agent?
Most agent will do the paper work for you.

Of course the financing part etc, you have to sort it out yourself.
If you have doubts, feel free to write to me directly vinz@hotmail.com

Good luck.

-vinz
 

marxace

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Most agent will do the paper work for you.

Of course the financing part etc, you have to sort it out yourself.
If you have doubts, feel free to write to me directly vinz@hotmail.com

Good luck.

-vinz

Hi Vinz,

Thanks for your reply. If buying resale but not taking any loans, do i have to make payment on 1st appt or 2nd appt?
 

SG__LK

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Appeal on MOP after part share

Hi,

My parents and I co-own a HDB since 2005. Parents divorced in 2011, court order my father to sell his 1/3 share to my mother and myself. During divorce proceedings, check with HDB officer pertaining to MOP issue, he advise to do part share to buy over my father share with considerations that we already fulfil MOP, we do not require to fulfil another MOP after part share. Went to first appointment, resale officer told us we must to fulfil another 5 years MOP and refer us to HDB branch office to confirm. The officer who initially told us we do not need to fulfil MOP now said after checking we need to fulfil the new MOP since it part share. So now I couldn't sell the flat in open market and purchase a new flat with my spouse.
Do you think the MOP can be waive if we appeal?
 

vinz

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Hi Vinz,

Thanks for your reply. If buying resale but not taking any loans, do i have to make payment on 1st appt or 2nd appt?
Pay 5k deposit on signing of the OTP.

If using CPF , HDB officer will freeze your account and allocate the CPF in your existing account to go to your downpayment, stamp fees etc.

If using Cash, will need to settle the cash outstanding within 10days of first appt.

-vinz
 

vinz

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Hi,

My parents and I co-own a HDB since 2005. Parents divorced in 2011, court order my father to sell his 1/3 share to my mother and myself. During divorce proceedings, check with HDB officer pertaining to MOP issue, he advise to do part share to buy over my father share with considerations that we already fulfil MOP, we do not require to fulfil another MOP after part share. Went to first appointment, resale officer told us we must to fulfil another 5 years MOP and refer us to HDB branch office to confirm. The officer who initially told us we do not need to fulfil MOP now said after checking we need to fulfil the new MOP since it part share. So now I couldn't sell the flat in open market and purchase a new flat with my spouse.
Do you think the MOP can be waive if we appeal?
You need to appeal, I got no solution on this. Appeal is always on a case by case basis.

Not sure why you need to sell off existing flat in open market now to apply for a "new flat". If apply for BTO, you just need to sell off existing flat when you collect the keys to your BTO flat.

Of course if you are blocked from applying BTO due to yourself not fulfilling this "MOP", then you should really go and appeal.

Do note appeal usually have to be done a few times before you succeed (or give up).

Good luck.

-vinz
 

jgyy1990

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Any chance in the future that a non studio apartment will cost 5 digit??
 

vinz

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Any chance in the future that a non studio apartment will cost 5 digit??
Sorry, I seriously do not have the power to see into the future.

The market forces will decide on the pricing, not me.

Please tell us what is a "non studio apartment"?

5 digit is $10,000 to $99,999 which is consider SUPER DUPER cheap in today's context.

-vinz
 

SG__LK

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We have a child now and also intend expand our family, hence plan to buy a bigger flat. If I'm bound by this new 5 years MOP, I couldn't buy any property only after MOP.
Do you think a letter from MP will have higher chance to appeal?
 

vinz

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We have a child now and also intend expand our family, hence plan to buy a bigger flat. If I'm bound by this new 5 years MOP, I couldn't buy any property only after MOP.
Do you think a letter from MP will have higher chance to appeal?
I don't think that is a good reason for your appeal to be successful.

If yes, I am sure every couple will be using that as a reason to shorten their MOP.

You can try, but I had never heard of any one who is successful with this reason given.

good luck.
 

SG__LK

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I think just to be fair to my spouse to own a property, we are reaching our mid-30s. Being able to own a first property at the age of 40 is consider a bit late.
I feel that we should have a proper family nucleus to own a flat.
Do you have any other suggestion?
 

vinz

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I think just to be fair to my spouse to own a property, we are reaching our mid-30s. Being able to own a first property at the age of 40 is consider a bit late.
I feel that we should have a proper family nucleus to own a flat.
Do you have any other suggestion?
I have no solution.

Please go find out whether you need to pay any resale levy if you apply a BTO with your spouse. And if yes, are you ok to pay for it , or will it be better to get a resale flat with spouse etc.

Do go and appeal to HDB, with your reasons, then MP letters etc.. You need to write in to appeal at least a few times before you get anywhere.

The HDB system is actually quite fair to most people. So you can't blame the system that it's not fair for your spouse etc.
 

SG__LK

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Yes i agree, fair to most people but not to those who are indirectly involved in divorced cases. Well, i feel that 5 years MOP is fine if there is new or addition of co-owner, but not logical if i need to fulfil a total of 13 years MOP in same flat with parent and not being eligible to own with my spouse. We might face some loan issue to purchase a bigger flat after i completed the MOP and the never ending cooling measures.
 

henrylbh

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Yes i agree, fair to most people but not to those who are indirectly involved in divorced cases. Well, i feel that 5 years MOP is fine if there is new or addition of co-owner, but not logical if i need to fulfil a total of 13 years MOP in same flat with parent and not being eligible to own with my spouse. We might face some loan issue to purchase a bigger flat after i completed the MOP and the never ending cooling measures.


Even for divorced cases, it is still fair. You had a choice of not putting your name in the flat with your mum. Only you didn't realise or are aware of the restriction at that time.
 

oscar

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Even for divorced cases, it is still fair. You had a choice of not putting your name in the flat with your mum. Only you didn't realise or are aware of the restriction at that time.


Er, some time the children have no choice but to add their name into the parents flat, else they would end up with no roof.

Cos 1 parent salary is not enough to service the monthly payment
.
Esp for divorce case or those who parents do not have money in their CPF OA.

They need to use the children’s CPF contribution or to secure a new loan.

That the harsh reality for the majority of Sporean.:o
 

oscar

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Yes i agree, fair to most people but not to those who are indirectly involved in divorced cases. Well, i feel that 5 years MOP is fine if there is new or addition of co-owner, but not logical if i need to fulfil a total of 13 years MOP in same flat with parent and not being eligible to own with my spouse. We might face some loan issue to purchase a bigger flat after i completed the MOP and the never ending cooling measures.

Go appeal

HDB housing rules are NEVER fair to divorce family, even those that have custody of the kids. They are also harsh on single parent.

In the eyes of GOV, u better be in the main stream if u want to be look after, anybody out of the “normal cycle” good luck!

Ma ciam these people did not pay tax.

I belong to this group, my parent divorce 20yrs back, so u could imagine the nightmare we face back than. 20 yrs down the road nothing much changes, still same policy.

Gov policy never keep up to times:(
 

Ronaldo88

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Er, some time the children have no choice but to add their name into the parents flat, else they would end up with no roof.

Cos 1 parent salary is not enough to service the monthly payment
.
Esp for divorce case or those who parents do not have money in their CPF OA.

They need to use the children’s CPF contribution or to secure a new loan.

That the harsh reality for the majority of Sporean.:o
Actually can pay mortgage in cash..nt necessary use cpf..
 

oscar

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Actually can pay mortgage in cash..nt necessary use cpf..


From my pt of view, that’s the dumbest thing to do. U will not see a penny of it ever.

Cold hard cash should be use to do investment, plan for yr retirement.

If u still think yr CPF can cover u for old age, u are in la la land n I wish u best of luck.
 

Ronaldo88

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From my pt of view, that’s the dumbest thing to do. U will not see a penny of it ever.

Cold hard cash should be use to do investment, plan for yr retirement.

If u still think yr CPF can cover u for old age, u are in la la land n I wish u best of luck.
There are pro n cons..at least u wont hve to face such situation. .
 
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