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

[therat]

who pays for the flat valuation fees for resale hdb? Buyer or seller?

Valuation report is needed by buyer if want to apply Bank loan or HDB loan or use CPF to pay.

If the buyer can pay everything in CASH without using single cent from CPF. Then the buyer can no need to pay.

Or else..
normally situation, buyer paid

 

[henrylbh]

Not many buyers can actually afford to pay off one lump sum in full without taking a loan like yourself.
vinz

Is the comment necessary when the question is who pay for the valuation report?

It is a fact that valuation report is not required. Whoever needs one pay for it.

It is required only when the buy need loan or like the therat said when CPF is used in the purchase.

 

[marxace]

Valuation report is needed by buyer if want to apply Bank loan or HDB loan or use CPF to pay.

If the buyer can pay everything in CASH without using single cent from CPF. Then the buyer can no need to pay.

Or else..
normally situation, buyer paid

So means if pay by cpf and cash without loans, normally buyer will pay? What i understand is that if buyer needs loan then buyer will pay, din know that if pay partial using cpf also buyer borne the valuation fees costs.

 

[lanzhu60]

hi like to check for non citizen spouse scheme , can apply for hdb loan or only bank loan

 

[jimmykb83]

can apply for HDB loan.

 

[therat]

So means if pay by cpf and cash without loans, normally buyer will pay? What i understand is that if buyer needs loan then buyer will pay, din know that if pay partial using cpf also buyer borne the valuation fees costs.

Yes.
Want to use CPF,
CPF will ask.. for what
buyer .. buy house ..
CPF .. can.. where is the valuation report.

CPF only can use to pay till valuation reported price.
COV is only can paid by CASH.

 

[puteh83]

Hi,

What does it means if the offer price indicates (offers in excess of) ?

 

[anscla]

Means they will only consider offers that are MORE than the stated amount.

they say "if you offering any amount lower than the quoted price, don't even need to try"

But I say, no harm trying..who knows you may get lucky

 

[puteh83]

Means they will only consider offers that are MORE than the stated amount.

they say "if you offering any amount lower than the quoted price, don't even need to try"

But I say, no harm trying..who knows you may get lucky

haha true!!!

 

[vinz]

After you view the flat, then make an offer if you like the unit.

If it's way beyond the seller's expected price, then there is nothing you can do.

But if its near their expected price, you can maybe negotiate and meet in between.

-vinZ

 

[puteh83]

Thanks alot!!!

 

[ninad008]

I am a first time buyer in the open market for resale flats, as I am not eligible to buy from HDB at this point of time. Quite a few agents have shown us around the units in a particular locality, as per our preference. However, one thing I am miffed about is that, whenever I ask the seller's agent about the COV, the agents representing us are quick to intervene and want to discuss the COV privately only after we have left the unit.

It gives us the impression that the agent is trying to jack up the COV which can probably be "negotiated" to the amount that the seller was asking in the first instance.

Is this a normal practice in the industry? I personally found it a bit unethical, your thoughts? I would like to add that we have no qualms in paying the agent commission as long as he displays enough transparency in handling our case.

 

[hardjunkie]

hi I understand for 2nd hdb loan (buy resale first den sell existing flat) 50% of cash proceeds from existing flat has to go towards paying 2nd loan right?

if I take bank loan instead , does that mean I can keep 100% of the cash proceeds from selling existing flat?

thanks so much in advance

 

[marxace]

My mum have recently bought a hdb resale flat without any grants and my sis is listed as an occupier. Sis is not paying through loan or CPF though. Already signed OTP but have not gone for HDB 1st appt.

Will my sis still be able to buy a private property immediately without going through 5 years MOP?

 

[wolfberries]

Hihi,

Need advice on:

Mom (Divorcee cum 2nd time buyer) + Son (1st time buyer) bought BTO 4-room flat.
Took up a subsidy ( but I duno wat subsidy)
Never use CPF to pay.
Been paying bank loan in cash. Maybe now left like $30K.

Now Son wana remove his name. Let his mum (Divorcee) solely own the BTO 4-room.
Bcos he wans to get a BTO/Resale with gf.

Questions:

1) Must pay off all the balance 30K before can remove Son's name?

2) Any charges to pay? Like admin, transfer name thingy?

3) Can the Mom (Divorcee) solely own a BTO 4-room?
Or must downgrade?

*Mom, Son and gf are sg citizens

Thanks!

 

[ussr_1991]

Hi, need advice on this:

Mum (Let's call it A): Divorcee + Second Timer, > 40, $1k income monthly

Son 1 & 2: 20+ but < 25. 1 is studying in 2014 after ORD in 2013. The other just enlisted only. All the while lives with Mum in a 2 Room rental flat

Mum's younger brother B (Let's call it B): Single, > 40, all the while lives with his mum (A.K.A Grandma + Mum's younger brother A who is married), Odd job worker with no fixed income (But less than $1k per month)


Now, for some family reason, A has intention to buy a flat to house 4 people.

Hence, is it possible to buy a flat from Open Market under B's name as he had never applied a flat all along and by doing so, it will be beneficial for him should he / Son 1 & 2 get married one day without losing the 20% first timer benefits. Buying a flat under A's name is not possible as apparently she "owes" HDB some money. (Something like 20% of the half of the ex-4 room before divorce sold on open market and commuted by 5% annual interest that amounts close to $47k)

BTW, what is that on bold & italics anyway where she heard from a HDB staff after she asked HDB for more details?

 

[henrylbh]

Hihi,

Need advice on:

Mom (Divorcee cum 2nd time buyer) + Son (1st time buyer) bought BTO 4-room flat.
Took up a subsidy ( but I duno wat subsidy)
Never use CPF to pay.
Been paying bank loan in cash. Maybe now left like $30K.

Now Son wana remove his name. Let his mum (Divorcee) solely own the BTO 4-room.
Bcos he wans to get a BTO/Resale with gf.

Questions:

1) Must pay off all the balance 30K before can remove Son's name?

2) Any charges to pay? Like admin, transfer name thingy?

3) Can the Mom (Divorcee) solely own a BTO 4-room?
Or must downgrade?

*Mom, Son and gf are sg citizens

Thanks!

Son is need to adhere to 5 yrs MOP, whether as joint owner or essential occupier.

 

[wolfberries]

Son is need to adhere to 5 yrs MOP, whether as joint owner or essential occupier.

yes. the house is more than 5yrs.

So what's next procedure?

Questions:

1) Must pay off all the balance 30K before can remove Son's name?

2) Any charges to pay? Like admin, transfer name thingy?

3) Can the Mom (Divorcee) solely own a BTO 4-room?
Or must downgrade?

Thanks

 

[henrylbh]

yes. the house is more than 5yrs.

So what's next procedure?

Questions:

1) Must pay off all the balance 30K before can remove Son's name?

2) Any charges to pay? Like admin, transfer name thingy?

3) Can the Mom (Divorcee) solely own a BTO 4-room?
Or must downgrade?

Thanks

Mum can own singly if above 35.

Son joint owner or essential occupier? If joint owner, mum must pay half share stamp duty, the most ex of all other charges. If loan taken in joint names, outstanding loan must be paid in full or need to be rescheduled based on single borrower.

 

[wolfberries]

Mum can own singly if above 35.

Son joint owner or essential occupier? If joint owner, mum must pay half share stamp duty, the most ex of all other charges. If loan taken in joint names, outstanding loan must be paid in full or need to be rescheduled based on single borrower.

Son Joint owner.

Settle the balanced $30K, still hae to pay stamp duty.
Its really OMG lo.

Stamp duty how to calculate?
How much %? Based on purchase price or current valuation?