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

[Verbatin]

Both my brothers are keen to apply for the coming BIDADARI BTO.

They both have their own flat(resale - no grant taken). The issue is they co-owned an industrial property and i understood they cannot apply for BTO.

I understood they can transfer the name to my mother (who already own a private property)?

How much will be the charges (stamp duty, admin fee, additional stamp duty) to transfer name?

Is the transfer of name to my mother done during collection of key (3-4 year later)?

 

[mgumpy]

hi all,

I am buying a resale flat and will be going for my 2nd appointment in 2 weeks time. Is it important to inspect the unit before my 2nd appointment? if yes, what are the things i should look out for in the inspection (apart from ensuring all the furniture are moved out)?

Thanks

 

[Gribber]

hi all,

I am buying a resale flat and will be going for my 2nd appointment in 2 weeks time. Is it important to inspect the unit before my 2nd appointment? if yes, what are the things i should look out for in the inspection (apart from ensuring all the furniture are moved out)?

Thanks

i also wonder about this. What if the seller refuse to let you check or seller refuse to have the things fix? Will HDB stop the sale and whose fault is that?

 

[gv122184]

Loan enquiry

Hi all guru,

there are so many bank loan out there...

fix. board rate, SOR, SIBOR

which is for long term 25 years and low rate

My 1st flat with my wife
thanks

 

[baseline]

May i know whats the difference between getting a bank loan and a hdb loan?

i understand that bank loan interest for 1st 5 years is 2.5% and HDB loan is 2.6% throughout.

But how much is the amount i can get from bank loan compared to HDB loan?

i know can calculate the maximum loan from HDB loan from here: http://services2.hdb.gov.sg/webapp/BP27MaxLoan/BP27PMax1.jsp

What about bank loan for resale hdb?

Let say combined salary with my partner (SC): $7000.

 

[seacroc]

Hi all guru,

there are so many bank loan out there...

fix. board rate, SOR, SIBOR

which is for long term 25 years and low rate

My 1st flat with my wife
thanks

Any one of these can be for a 25 year tenure. For the rates, you need to get quotes from the various banks and choose the one which works out the lowest in the long term.

 

[jimmylimts]

May i know whats the difference between getting a bank loan and a hdb loan?

i understand that bank loan interest for 1st 5 years is 2.5% and HDB loan is 2.6% throughout.

But how much is the amount i can get from bank loan compared to HDB loan?

i know can calculate the maximum loan from HDB loan from here: http://services2.hdb.gov.sg/webapp/BP27MaxLoan/BP27PMax1.jsp

What about bank loan for resale hdb?

Let say combined salary with my partner (SC): $7000.

"1st 5 years is 2.5%" whoever told u that is trying to con u.
Now less than 2%

HDB is more or less "fixed" 2.6%
Bank is depending on market rates, now unusually low, normal 3-5%

Bank loan depends on bank, DBS ask to meet MSR 30% and TDSR 60%

Key difference
1) HDB more merciful when you cannot keep up the payments
2) After taking bank loan cannot switch back to HDB loan
- but after taking HDB loan can switch to bank loan later

 

[hahnhahnhahn]

HDB resale prices continue to slide, down 0.4% in Q2

http://www.channelnewsasia.com/news/singapore/hdb-resale-prices/2004758.html

 

[J_Man]

FYI i sleep very well at night. And i have no problems falling asleep.

Im the person who will return change to the cashier when the change is incorrect. I have returned >$30 to a cashier when she gave me too much change. I give my excess foreign currencies to drivers (in poor countries) when i leave the country. I also give $5 each time i see the old uncle collecting unfinished food at the hawker. I also buy burgers for the homeless in MacDonalds or KFC in China when i dine there. I have to thank my parents for imparting these values. My dad taught me these values by example.

My hat off to you. Well done! Good values

 

[henrylbh]

http://www.channelnewsasia.com/news/singapore/hdb-resale-prices/2004758.html

Prices still need to come down more. Don't allow loan of more than 20 years.

 

[hahnhahnhahn]

Prices still need to come down more. Don't allow loan of more than 20 years.

no more than 20 years? but i personally hope prices can also come down more..

 

[Verbatin]

some people don't have the time or lazy.

other reason is that if u DIY as a seller, u can't advertise on popular website like propertyguru. only agents can do so u will miss out on those exposures

It is probably easier for DIY buyers as they can go online, google to check and tons of property are listed. as mention earlier, a DIY seller cannot advertise on popular website like propertyguru so he cannot connect to these potential DIY buyer.

of course DIY seller can advertise on some other website like ST classified, gumtree classifed, nation.sg, Co.99 etc but these platform are not as popular as propertyguru. A better way to promote your unit is to advertise on Straits times but i guess nowadays more people go online (can see picture, video) now than flipping the papers (cannot afford to place big advert like photos)

agents also has more connection as they can co-broke with other agent given their their huge database...

this is based on my experience trying to DIY as a seller

Just for discussion:

I find it peculiar that most sellers and buyers I talked to do not DIY buy/sell/rent on their own. Any reason why ah?

With the advancement of Internet, why are many still reluctant to DIY? Can save time and most impotantly, thousands of dollars on agents' comm ley. What is the resistance that people face?

 

[osirisis]

To put the agents and CEA out of job.

Ask garhmen to endorse a platform for Singapore properties buy sell etc.
Publish some DIY brochures on Dos and Donts..steps and procedures..

Need third party to help if too lazy? Ask garhmen assign a customer service staff @ a fixed rate if required.

Finish.

 

[doody_]

To put the agents and CEA out of job.

Ask garhmen to endorse a platform for Singapore properties buy sell etc.
Publish some DIY brochures on Dos and Donts..steps and procedures..

Need third party to help if too lazy? Ask garhmen assign a customer service staff @ a fixed rate if required.

Finish.

Then government would be destroying jobs instead of creating them...

 

[Rikki_lrq]

1st appt

Hi all,
I'll be going for my first appt soon and need some advice on certain matters.


1) on the appt letter it states : Documents to submit:
Latest 3 months’ payslips (including month of application and previous 2 months of application)
So month of application meaning hle application or resale application.

2) There is a 10% decrease in my salary starting 2 months ago would they ask me to redo a HLE application / come back again for the first appt?

Appreciate the help thanks!

 

[vinz]

1) on the appt letter it states : Documents to submit:
Latest 3 months’ payslips (including month of application and previous 2 months of application)
So month of application meaning hle application or resale application.

should be latest pay slip + the previous 2months.

In case you overshoot the 10k HLE limit, they will most likely based on the amount you submit on resale application date.

If lower salary, as long as your loan amount is enough to cover the purchase based on the lower salary, there should not be an issue.

To play safe, bring your past 5months salary slip if u have.

2) There is a 10% decrease in my salary starting 2 months ago would they ask me to redo a HLE application / come back again for the first appt?

They won't ask you to come back again. They will submit whatever you have to their loan department and maybe 2nd appointment will not be earlier then usual. (usually all clear HLE 2nd appt can be 5 to 6 weeks later).Yours maybe 8 weeks if need to readjust your loan

-vinz

 

[osirisis]

Then government would be destroying jobs instead of creating them...

Actually the garhem can absorb the agents also, use them as fixed pay agent on call for the public who require assistance with the DIY procedures etc.. surely some will stay on..

Got me thinking maybe CEA will first implement fixed fees based. All kpkb than more will go other industries, later public say agents hard to find, garmen say like tat we do lah, setup a platform etc..

 

[doody_]

Actually the garhem can absorb the agents also, use them as fixed pay agent on call for the public who require assistance with the DIY procedures etc.. surely some will stay on..

Got me thinking maybe CEA will first implement fixed fees based. All kpkb than more will go other industries, later public say agents hard to find, garmen say like tat we do lah, setup a platform etc..

It would be tough since some agents are earning 1.5m per sale of property... how to downgrade to a fixed pay agent to answer phone call?

This old article: http://www.straitstimes.com/singapo...ouse-deal-nets-26-year-old-property-agent-15m

 

[kakashixx]

I saw a flat that i wish to purchase, but im only getting married in july next year. Anyway to "book" the particular resale flat?

Understand that i need to submit my narriage cert within 3mths after collection of keys..

 

[ccostagmont]

gah.
restarted looking for a flat.

any idea if engaging agents are a goot idea? or you all d.i.y. buyers?


logical to have such a criteria list?
- preferred high floor - 2nd top most or at least lvl 10 & above.
- corner unit
- spacious squarish rooms (hopefully - but not a must)
- north-south facing; no west-sun
- not directly along main roads or next to mrt tracks.
- amenities nearby (e.g. supermkt; clinic; shops)
- not to have basketball/ball-games court in fornt/behind