Free advice/discussion on buy/sell of Resale flat (Part 6) - Part 2

[vinz]

in theory yes, they take the average amount prior to application.

If so scare, then better submit all the relevant documentation they need asap so they can process

 

[Ericyeoh88]

vinz,

Oh my mistake, it should be 40 days.

ok, at least one party must die die submit on 40th .
You explanations are clear and understand.

Thank you so much !

 

[foxer77]

Thanks! We shall try for Q1 and see how it goes. As for Q2, what I meant is switching from taking HDB loan to Bank loan for mortgage repayments though.

Read up this article seem possiable but do take note on the mini loan amount the bank set in order u can take the loan


https://www.propertyguru.com.sg/property-guides/pgf-refinance-hdb-loan-after-9-years-42690?fbclid=IwAR16X2hNSj5uaqIfbnZj_0Qh35utmik_R0NIyW0K7QVi8wYuoL1KcEthS2Q

 

[Supersinner]

Need some help from gurus here. I’m planning to buy a hdb resale around Bedok area (those nearer to Bedok mrt) with balance lease of 50-60 years. Looking at the prices now, doesn’t look like the prices are dropping due to lease decay. If I buy in now with the intention to sell in 10 years, am I taking a huge risk? How much % losses should I be prepared to take?

 

[foxer77]

Need some help from gurus here. I’m planning to buy a hdb resale around Bedok area (those nearer to Bedok mrt) with balance lease of 50-60 years. Looking at the prices now, doesn’t look like the prices are dropping due to lease decay. If I buy in now with the intention to sell in 10 years, am I taking a huge risk? How much % losses should I be prepared to take?

u need to consider many factor

as long as the remaining lease covers the youngest buyer to the age of 95, home buyers will now be eligible to take an HDB housing loan of up to the full 90 per cent Loan-to-Value (LTV) limit. This is even if the flat has less than 60 years left on its lease.


The total amount of CPF that can be used for property purchase will depend on whether the property's remaining lease can cover the youngest buyer to the age of 95.



Do read up if unless u r cash rich, or u are in your retirement age, if not better not getting old flat.

https://www.channelnewsasia.com/new...ake-older-properties-more-attractive-11519468

https://cnalifestyle.channelnewsasia.com/trending/buying-older-resale-hdb-flats-11946620


u can use this to PVC to calculate the value of the unit

https://www.moneysmart.sg/home-loan/property-valuation-calculator

 

[fujicolours]

Hey guys, when do we check the flat if seller ask for 3 months extension? Is it before key collection at hdb or after 3 months extension? And what should I check for?

 

[Ericyeoh88]

When is the propriate timing to engage lawyer for resale HDB

Hi Bro & sis,

I have another question in resale HDB.
As a buyer, by when actually the buyer should engage law firm to seek for conveyancing lawyer to help on resale property purchase? (Bank Loan)

If saying buyer already have prefer unit to purchase, seller agree on a date to meet up with agent and buyer pay the Option fee ~$1k(max).

Do we seek the lawyer after we have done the option fee to seller?
or should the buyer engage the lawyer 1st before paying the option fee?

 

[vinz]

1. View House
2. Agree on price with seller and sign OTP, pay up 1k as first deposit
3. Proceed to request for hdb valuation

4. Valuation out, decide whether to go ahead or not. Assume yes, then go get a bank letter of offer ASAP.
At this stage u can let the bank people recommend you their panel of lawyers, or u can ask them to put your own lawyer on the Letter of offer. (advise is always get lawyer on bank and cpf board panel of lawyer, for ease of mind and no later hiccup)

5. Settle loan + lawyer etc, meet up with seller, pay 2nd deposit and confirm the deal. Buyer sign on page 8 of OTP.

6. Both side decide on a date to submit the deal to hdb.

7. Both side settle their own submission and endorsement to hdb.

8. Hdb acknowledge all documents received and give a completion date.

9. Buyer with bank loan make their prior appt with lawyers to settle their loan + conveyancing. This shld be way before hdb appt step 10.

10. Meet up at hdb to sign documents and exchange keys. (buyer with bank loan can bypass this step and meet at lawyer office as they can send a representative to hdb appt for u)

-vinz

 

[xKazeolus]

Hi.. would like to ask.

if my gf has a HDB unit under her name now.. would like to know if..

1. when we get married, are we still entitled to the 'marriage scheme' and 'staying near parents' scheme'?

2. if entitled, can i just add my name to her current unit or can/have to sell off her flat then get another one?

new to this and just started reading and gaining knowledge from my friends and some points are different so thought to clear my questions here.

TIA!

 

[chillchill20]

1. View House
2. Agree on price with seller and sign OTP, pay up 1k as first deposit
3. Proceed to request for hdb valuation

4. Valuation out, decide whether to go ahead or not. Assume yes, then go get a bank letter of offer ASAP.
At this stage u can let the bank people recommend you their panel of lawyers, or u can ask them to put your own lawyer on the Letter of offer. (advise is always get lawyer on bank and cpf board panel of lawyer, for ease of mind and no later hiccup)

5. Settle loan + lawyer etc, meet up with seller, pay 2nd deposit and confirm the deal. Buyer sign on page 8 of OTP.

6. Both side decide on a date to submit the deal to hdb.

7. Both side settle their own submission and endorsement to hdb.

8. Hdb acknowledge all documents received and give a completion date.

9. Buyer with bank loan make their prior appt with lawyers to settle their loan + conveyancing. This shld be way before hdb appt step 10.

10. Meet up at hdb to sign documents and exchange keys. (buyer with bank loan can bypass this step and meet at lawyer office as they can send a representative to hdb appt for u)

-vinz

Hi Vinz, thanks for the super helpful guide. one qsn for down payment - when do I need to get the cash ready? At Step 9 or Step 10 completion date? Assuming I am taking bank loan

 

[vinz]

Best to get all cash or cov ready by step 8.

Step 9 meet lawyer all outstanding cash should be ready to pass over to lawyer to help u settle all the legal works.

 

[vinz]

if my gf has a HDB unit under her name now.. would like to know if..

1. when we get married, are we still entitled to the 'marriage scheme' and 'staying near parents' scheme'?

there is only first timer family grant, and Enhanced cpf housing grant.
Try to search at hdb website and all info are there actually.

Whether eligible or not depends on income, how she buy her flat etc.

https://www.hdb.gov.sg/residential/buying-a-flat/resale/financing/cpf-housing-grants/firsttimer-applicant.

2. if entitled, can i just add my name to her current unit or can/have to sell off her flat then get another one?

for another unit, No such thing halfway add a new owner and get all the grant (even if eligible). Most like likely need to sell off and buy another resale flat.

Pls ask her to call hdb during office hours to confirm on her status. (for grant etc)

 

[Ocence89]

I’m the buyer. During signing of OTP, there was an agreement on 2 months extension. We have negotiated on the rental fee/ deposit. Now that the seller has found a house, he is requesting for an additional of one month.

1. I’m asking for a rental fee for the additional one month.
2. Seller agent has submitted the application already. But she told us not to select the extension of stay on the HDB portal as there’s additional $20 fee and the taxes will be higher or something like that. And since this agreement is a private agreement, there’s no need to inform HDB.

This sounds a little dubious. Is it a common practice?

What else do I also need to look out for such scenario?

 

[vinz]

Seller agent has submitted the application already. But she told us not to select the extension of stay on the HDB portal as there’s additional $20 fee

true.

and the taxes will be higher or something like that.

true. Instead of $50 to $100, it will become $300 to $800, buyer bear this.

sounds a little dubious. Is it a common practice?

up to your own discretion. If u ok to pay then go ahead and put everything in black and white.

For past 30yrs+ year all these is pretty much the norm just that hdb close one eye, as most people cannot afford to buy first sell later. Now they want put everything on paper but cause buyer to pay a hefty tax. No wonder people are going back to the old ways.

-vinz

 

[Ocence89]

Thanks so much Vinz!

Fast reply as always!

true.
true. Instead of $50 to $100, it will become $300 to $800, buyer bear this.up to your own discretion. If u ok to pay then go ahead and put everything in black and white.

For past 30yrs+ year all these is pretty much the norm just that hdb close one eye, as most people cannot afford to buy first sell later. Now they want put everything on paper but cause buyer to pay a hefty tax. No wonder people are going back to the old ways.

-vinz

 

[Yueming]

there is only first timer family grant, and Enhanced cpf housing grant.
Try to search at hdb website and all info are there actually.

Whether eligible or not depends on income, how she buy her flat etc.

https://www.hdb.gov.sg/residential/buying-a-flat/resale/financing/cpf-housing-grants/firsttimer-applicant.
for another unit, No such thing halfway add a new owner and get all the grant (even if eligible). Most like likely need to sell off and buy another resale flat.

Pls ask her to call hdb during office hours to confirm on her status. (for grant etc)

There’s no other grants for second time resale buyer right?

Except for proximity grant

 

[vinz]

there is only 1 grant for any sporean,
Taken before grant for resale flat , or buy bto before, no more grant.

And yes also 1 time proximity grant if u have not taken it before.

-vinz

 

[KnobKnob]

is aircon part of the things that owner needs to ensure its functioning normally when selling?

ie. seller needs to ensure aircon still working during handover to buyer?

Sent from Samsung SM-G975F using GAGT

 

[Amber2012]

is aircon part of the things that owner needs to ensure its functioning normally when selling?

ie. seller needs to ensure aircon still working during handover to buyer?

Sent from Samsung SM-G975F using GAGT

Answer is no. Sold as it is.

 

[vinz]

is aircon part of the things that owner needs to ensure its functioning normally when selling?

ie. seller needs to ensure aircon still working during handover to buyer?

Pls read this page , CLICK: BUYING RESALE HDB