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

[ccostagmont]

You were lucky to be pre-empted. I lost a prospective buyer when new rules allowing PR to buy a unit from 1 year to 3 years took immediate effect but fate has its way with things.



For me is like me placing a $1000 bet knowing that i will surely lost but hope for a goddamn miracle. But lesson learnt, expensive but valuable.. something that i hope i can pass on to others so that they don't make it.

u ish notch alone...

 

[mgumpy]

hi all,

as some of u may know, i was in the process of buying a resale flat in the past few mths. as i am a diy buyer, i posted quite a number of threads here to enquire on stuff that i need clarification. have completed my 2nd appointment yesterday. i will like to thanks vinz and you ppl here for answering my queries . thank you very much.

 

[gerald85]

Hi all, I am looking to exercise my OTP and the date for the first appointment we are looking at will be in the month of October. If I have increase in salary that will help me boost my HLE and lower down my cash payment. Is it possible for HDB to review it and make adjustment just before my first appointment? I would be expecting significant increment in my salary for this month, and payslip will be out in early September.

Anyone can advise on the above? If HDB able to review again before first appointment?

Many thanks in advance

 

[hahnhahnhahn]

hi all,

as some of u may know, i was in the process of buying a resale flat in the past few mths. as i am a diy buyer, i posted quite a number of threads here to enquire on stuff that i need clarification. have completed my 2nd appointment yesterday. i will like to thanks vinz and you ppl here for answering my queries . thank you very much.

Hi mgumpy, i intend to be a diy buyer too.. can share where did you bought and how much? What are some of the challenges you faced so far?

 

[vinz]

If buyer kept asking when to view the flat but both seller and their agent refused to fix a date and the day to 2nd appt is close...

What should 1 do?

Mutual agreement.
HDB wont meddle in this , and the usual is 1 day before 2nd appt the house is vacant and buyer go down to inspect.

Just let seller or agent know one day before 2nd appt , 7pm u be there to do inspection. This would sound perfectly reasonable on your side.

Do note it is to inspect that its vacant only. Not for checking on cleanliness, aircon working or not, crack on kitchen top etc. Resale flat don't expect it to be 100% when the previous owner moves out.

The most drastic I had done with clients is 1hour before HDB 2nd appt , we drop by and did the inspection.

If you can proof seller side not willing to let you do the inspection before 2nd appt, just let the hdb officer know that you have not done it and if you insist on seeing the place before signing on papers, then hdb officer will ask seller to compensate late completion interests. Pro rated daily.. The longer they delay, the more the interests they need to pay.

-vinz

 

[vinz]

hi all,

as some of u may know, i was in the process of buying a resale flat in the past few mths. as i am a diy buyer, i posted quite a number of threads here to enquire on stuff that i need clarification. have completed my 2nd appointment yesterday. i will like to thanks vinz and you ppl here for answering my queries . thank you very much.

Congrats to you as a new home owner.

Have fun doing up your place.

-vinz

 

[mgumpy]

Hi mgumpy, i intend to be a diy buyer too.. can share where did you bought and how much? What are some of the challenges you faced so far?

my advice is to go and attend the hdb resale seminar, read through the hdb website for the resale procedures and also read through this thread for more information.

i am lucky i didn't really face any major obstacle in the process. the difficulty i guess is to find a unit that you like and of course at a price you are comfortable in. for price wise, you can use the hdb past transaction price and srx website to roughly gauge the value of the flat. For my case, i am lucky to get a unit at 5k below the valuation price.

 

[hahnhahnhahn]

my advice is to go and attend the hdb resale seminar, read through the hdb website for the resale procedures and also read through this thread for more information.

i am lucky i didn't really face any major obstacle in the process. the difficulty i guess is to find a unit that you like and of course at a price you are comfortable in. for price wise, you can use the hdb past transaction price and srx website to roughly gauge the value of the flat. For my case, i am lucky to get a unit at 5k below the valuation price.

yes, i have done all those you mentioned and will be attending the seminar next mth.. thanks for sharing.. i'm more or less moving towards the same direction...

 

[ParkJinYoung]

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..

Buy as a single if u r over 35 yrs old

Sent from LGE LG-H815 using GAGT

 

[camotorpedo]

hi all,

as some of u may know, i was in the process of buying a resale flat in the past few mths. as i am a diy buyer, i posted quite a number of threads here to enquire on stuff that i need clarification. have completed my 2nd appointment yesterday. i will like to thanks vinz and you ppl here for answering my queries . thank you very much.

Hi Mgumpy,

Can you briefly share your experience as a DIY buyer, any difficulties encountered , what are the things to look out for etc, did you get a good deal on your flat based on valuation. Will be very useful for me and other DIY buyers too. Thanks in advance

 

[mgumpy]

Hi Mgumpy,

Can you briefly share your experience as a DIY buyer, any difficulties encountered , what are the things to look out for etc, did you get a good deal on your flat based on valuation. Will be very useful for me and other DIY buyers too. Thanks in advance

my advice is to go and attend the hdb resale seminar, read through the hdb website for the resale procedures and also read through this thread for more information.

i am lucky i didn't really face any major obstacle in the process. the difficulty i guess is to find a unit that you like and of course at a price you are comfortable in. for price wise, you can use the hdb past transaction price and srx website to roughly gauge the value of the flat. For my case, i am lucky to get a unit at 5k below the valuation price.

hi camotorpedo,

you can refer to my previous reply earlier. in addition, as a diy buyer, u will need to be more 'hardworking' in looking for units through the internet and newspaper advertisement. it will also be better for u to be familiar with all the resale procedures to 'protect' urself when u liaise with the seller agent. some seller agent can be helpful too. lastly, as a diy buyer i feel that you got an additional risk that when something unexpected happen during the resale process, u will have no one to turn to or seek advice compared to a buyer with an agent.

 

[osirisis]

hi camotorpedo,

lastly, as a diy buyer i feel that you got an additional risk that when something unexpected happen during the resale process, u will have no one to turn to or seek advice compared to a buyer with an agent.

What are the risks? Anyway i feel that the agent cant help much either if there are situation.. e.g if seller back out after collected my deposit... will agent guarantee my cash?

 

[TopGun]

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

Identify the area you are keen in.

Fire up propertyguru and go to map view.

Click on the flags on the map and study the listings. All your criteria may be answered via the site. You might still need a site visit or a call to the agent to verify the height.

 

[mgumpy]

What are the risks? Anyway i feel that the agent cant help much either if there are situation.. e.g if seller back out after collected my deposit... will agent guarantee my cash?

i guess the agent can give some advice based on their knowledge and experience.

 

[riiya86]

Hi, this would be my first buy-sell resale transaction and have some queries..

1. will there any conflict of interests if we engage different buying and selling agent?
2. what is the normal otp procedures? agent collect 1k cheque from us and settle on behalf? or, all parties (buyer+seller+both agents) usually sign and pass 1k to sellers at their place?

 

[Gribber]

Hi, this would be my first buy-sell resale transaction and have some queries..

1. will there any conflict of interests if we engage different buying and selling agent?
2. what is the normal otp procedures? agent collect 1k cheque from us and settle on behalf? or, all parties (buyer+seller+both agents) usually sign and pass 1k to sellers at their place?

Iirc, buying and selling agent must be different

Will be better if you could pass the cheque directly to the seller and have them sign the OTP on the spot

Make sure you accept all defects and etc before you sign the OTP and/or state accurately WHAT requires to be fixed on the OTP as well...

Speaking from my personal exp as a buyer without agent.

 

[riiya86]

Iirc, buying and selling agent must be different

Will be better if you could pass the cheque directly to the seller and have them sign the OTP on the spot

Make sure you accept all defects and etc before you sign the OTP and/or state accurately WHAT requires to be fixed on the OTP as well...

Speaking from my personal exp as a buyer without agent.

thanks Gribber for your advice! i'm feeling quite skeptical as our agent said that can close at 450K (example) and we agreed.. so he said will check with seller agent and updte.. next day so i asked abt the status since he didn't came back.. he said he will be meeting sellers+agent and asked to collect cheque from us.. so it should be more appropriate that agent invite us to seller's place to verify and sign together right?

 

[hahnhahnhahn]

hi camotorpedo,

you can refer to my previous reply earlier. in addition, as a diy buyer, u will need to be more 'hardworking' in looking for units through the internet and newspaper advertisement. it will also be better for u to be familiar with all the resale procedures to 'protect' urself when u liaise with the seller agent. some seller agent can be helpful too. lastly, as a diy buyer i feel that you got an additional risk that when something unexpected happen during the resale process, u will have no one to turn to or seek advice compared to a buyer with an agent.

i think this gap of "no one to turn to or seek advice" is now smaller... reason is because we have helpful ppl like you in this forum sharing and helping around..

 

[camotorpedo]

hi camotorpedo,

you can refer to my previous reply earlier. in addition, as a diy buyer, u will need to be more 'hardworking' in looking for units through the internet and newspaper advertisement. it will also be better for u to be familiar with all the resale procedures to 'protect' urself when u liaise with the seller agent. some seller agent can be helpful too. lastly, as a diy buyer i feel that you got an additional risk that when something unexpected happen during the resale process, u will have no one to turn to or seek advice compared to a buyer with an agent.

Hi Mgumpy,

Thanks for sharing

I am certainly quite hardworking in my search going through online portals everyday. Booked for HDB seminar next weekend too. Taking it slow and steady. I am quite confident in the procedures, just a little worried on the human factors like unfriendly seller and seller agent etc.

Could I ask:
Which area did you buy your flat in?
Were the seller agent open to dealing with you in general?
Did they keep wanting to "represent" you?
How did you decide what price to pay? (besides looking at past purchase price)

 

[mgumpy]

Hi Mgumpy,

Thanks for sharing

I am certainly quite hardworking in my search going through online portals everyday. Booked for HDB seminar next weekend too. Taking it slow and steady. I am quite confident in the procedures, just a little worried on the human factors like unfriendly seller and seller agent etc.

Could I ask:
Which area did you buy your flat in?
Were the seller agent open to dealing with you in general?
Did they keep wanting to "represent" you?
How did you decide what price to pay? (besides looking at past purchase price)

1) i was looking in the west area namely: jurong, bukit batok and chua choa kang area.
2) most of the seller agent are open to deal with diy buyer.
3) i spent about 6 months looking for the flat. during this period, there are some seller agent who asked me if i want their help to look for units in the area i am interested in. i agreed and they helped me to arrange to view some units. unfortunately, i don't really like those units.
4) there is a unit which i found online that i am interested in. when i am negotiating the price with the seller agent, the seller agent asked me to engage his colleague as my buyer agent. i didn't agree and eventually the deal doesn't go through because we couldn't agree on the price.
5) i based the price on past transaction and the srx website.