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

[Gribber]

Thanks.
What is the typical amount for the first deposit?

If you can bring it below 1k is a bonus, else is 1,000 (maximum)

 

[gerald85]

Once we receive the valuation report, are we suppose to share the valuation price with the seller or seller's agent?

 

[Gribber]

Once we receive the valuation report, are we suppose to share the valuation price with the seller or seller's agent?

No
10chars

 

[TheRagingEmu]

Am thinking of considering resale after failing to get bto 5-6x. Can advise on the process? Do we need to be married before searching?

Sent from my anus using GAGT

 

[doody_]

Am thinking of considering resale after failing to get bto 5-6x. Can advise on the process? Do we need to be married before searching?

Sent from my anus using GAGT

No, but if you find a good one, you need to ROM before you can complete the transaction. On the other hand BTO has a 6 months grace period before you have to produce your marriage cert.

 

[Gribber]

No, but if you find a good one, you need to ROM before you can complete the transaction. On the other hand BTO has a 6 months grace period before you have to produce your marriage cert.

Am thinking of considering resale after failing to get bto 5-6x. Can advise on the process? Do we need to be married before searching?

Sent from my anus using GAGT

not true.

You can find 1 (resale flat, do otp, exercise and even clear 2nd appointment) then register for ROM. Just tell the HDB officer that you will be registering on "date" and produce the evidence will do.

will be alittle rush though

 

[TheRagingEmu]

The whole process from when we found a suitable house is roughly how long before move in?

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[Gribber]

The whole process from when we found a suitable house is roughly how long before move in?

Sent from my anus using GAGT

1-2months+

Assuming your seller can move quickly

 

[vinz]

The whole process from when we found a suitable house is roughly how long before move in?

at least 3 to 4 months.

Today registered for first appt (assume u had pay 2nd deposit and exercised the option to purchase which usually is 1 to 2weeks after paying 1st deposit), earliest available date is already early October.

Add another 6 to 8 weeks (from first appt date) for the 2nd appt. Then only will u become officially owner.

Dont think any faster then the above.

-vinz

 

[Verbatin]

confirm not so fast

1-2months+

Assuming your seller can move quickly

 

[Gribber]

confirm not so fast

No idea. I end may submit otp
july get key.

Confirm you are right.

 

[ahyong81]

No idea. I end may submit otp
july get key.

Confirm you are right.

Sounds impossible but...... You mention you submit otp end may. You book 1st appt after that which during end may, the earlist 1st appt date at that sate already end june ( i know cause i was constantly checking the 1st avail slot for my resale flat) and after 1st appt, hdb normally need 6 to 8 weeks, but i do know that some people can book the 2nd appt date in 3 to 4 weeks provided both party agreed.

 

[Gribber]

Sounds impossible but...... You mention you submit otp end may. You book 1st appt after that which during end may, the earlist 1st appt date at that sate already end june ( i know cause i was constantly checking the 1st avail slot for my resale flat) and after 1st appt, hdb normally need 6 to 8 weeks, but i do know that some people can book the 2nd appt date in 3 to 4 weeks provided both party agreed.

that is correct. For my case, 3 party gotta agree.
1. Buyer
2. Seller
3. HDB Officer

Reason: Seller needs the funds to pay for their new flat.

 

[tiarasimplicity]

I am considering to buy resale flat. What is the process? Especially on the cash upfront and COV? Can use hdb loan?

 

[Gribber]

I am considering to buy resale flat. What is the process? Especially on the cash upfront and COV? Can use hdb loan?

Have you taken HDB loan before?

if <2 times - you could. 1 person maximum twice (standard)

Resale Flat rough process.

0. Apply HLE loan... to determine your loan amount eligibility
1. view flat (make sure you view, and accept EVERY condition because you can't change it anymore - HDB context)
2. place deposit for OTP ($1-$1000)
3. Exercise OTP ($1-$5000) *for 2 and 3 total not more than $5000.
4. Go first appt
5. Inspect house before 2nd appointment (This process is only to ensure seller moved out - again, HDB context)
6. Go 2nd appt (take 2 sets of keys from owners)
7. During 2nd appt, go have your SP, insurance transferred and borned by you.
8. go Town Council open account


**might have missed out some stuffs, others could help to add it in.

 

[Gribber]

at least 3 to 4 months.

Today registered for first appt (assume u had pay 2nd deposit and exercised the option to purchase which usually is 1 to 2weeks after paying 1st deposit), earliest available date is already early October.

Add another 6 to 8 weeks (from first appt date) for the 2nd appt. Then only will u become officially owner.

Dont think any faster then the above.

-vinz

confirm not so fast

Sounds impossible but...... You mention you submit otp end may. You book 1st appt after that which during end may, the earlist 1st appt date at that sate already end june ( i know cause i was constantly checking the 1st avail slot for my resale flat) and after 1st appt, hdb normally need 6 to 8 weeks, but i do know that some people can book the 2nd appt date in 3 to 4 weeks provided both party agreed.

but then, let me re-clarify again,

average is 3-5 months. You can appeal for "special" cases if all parties agreed to it.

So it will be better to have that expectation of 3-5months instead.

 

[tiarasimplicity]

Have you taken HDB loan before?

if <2 times - you could. 1 person maximum twice (standard)

Resale Flat rough process.

0. Apply HLE loan... to determine your loan amount eligibility
1. view flat (make sure you view, and accept EVERY condition because you can't change it anymore - HDB context)
2. place deposit for OTP ($1-$1000)
3. Exercise OTP ($1-$5000) *for 2 and 3 total not more than $5000.
4. Go first appt
5. Inspect house before 2nd appointment (This process is only to ensure seller moved out - again, HDB context)
6. Go 2nd appt (take 2 sets of keys from owners)
7. During 2nd appt, go have your SP, insurance transferred and borned by you.
8. go Town Council open account


**might have missed out some stuffs, others could help to add it in.

Seriously cash involved not more than 5k? I am a first timer for hdb loan. My fiancé too. Our combined income abt 5k. Do u know roughly how much we can get hdb loan? Can we use our cpf for this case? Any recommended agent to engage?

 

[TheRagingEmu]

Viewed some resale units today. Is it suspicious if I noticed that more than 4 unit in that same block is on sale? I also notice 2 neighbours door is stuffed with flyers and floor mat is hung on door, as if very long never come home...

 

[Gribber]

Seriously cash involved not more than 5k? I am a first timer for hdb loan. My fiancé too. Our combined income abt 5k. Do u know roughly how much we can get hdb loan? Can we use our cpf for this case? Any recommended agent to engage?

for first OTP to exercise is not more than 5K. As stipulated on HDB site (IIRC).


you can always use HDB Enquiry on Maximum Loan to determine your max loan or for a more accurate loan eligibility, simply go ahead to submit your Application For HDB Loan Eligibility(HLE).

Agent? Ignore the agent. Do it yourself. Is damn easy.


I don't know how much the people here know, but i just completed mine so i am damn clear about the procedures.


Edit: just realize there are agents in this thread like vinz, apologize if i have offended these agents that only responded when i scold them but never there when i asked properly same like property agent vinz. I dont have good exp with them.

Let me change my word then.

 

[Gribber]

Viewed some resale units today. Is it suspicious if I noticed that more than 4 unit in that same block is on sale? I also notice 2 neighbours door is stuffed with flyers and floor mat is hung on door, as if very long never come home...

even better, can move in earlier. No ?