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

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Old 23-04-2019, 05:47 PM   #8251
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i need the 3months definitely.
worse case, if say cannot get desired one due to above challenge, wat are the options available? This was brought up by agt too.

Aiming those MOP, mostly family with children with minimal reno (ready move-in type).
went shopping abit last month, most need extension too.
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Old 23-04-2019, 05:58 PM   #8252
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you are the seller of your current unit right, did your buyer agree to give you the 3 months extension? they need to sign a form to confirm that you know? your agent should have this cover. this form is required to be submitted to HDB along with your other documents when you submit via the resale portal.

the way you phrase it is as if you do not know if you have the 3 months extension?

So for your case, you need to buy a unit where the seller can move out on completion date (of course will be best if they can do so before).
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Old 23-04-2019, 06:02 PM   #8253
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yes, buyer agrees to give extension to me for current flat.

so when i go and purchase (buyer), can i even consider to give extension to seller?
i am concerned on the time-frame for both sides.

ps for all the noobs questions.
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Old 23-04-2019, 06:12 PM   #8254
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great that your buyer agrees on the extension.



What ours told us when we wanted to put our unit for sale is that do we need extension. so that when interested buyer or agent call he will inform them.
for buyer who cannot give us the extension, he will not even arrange for a viewing, cause no point wasting time and energy.

So if not giving the extension is important, when you call those unit for sale, ask them this before you even go and see the unit.

you probably want to count backwards, when is the timeframe you should be getting the next unit ink.


yes, buyer agrees to give extension to me for current flat.

so when i go and purchase (buyer), can i even consider to give extension to seller?
i am concerned on the time-frame for both sides.

ps for all the noobs questions.
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Old 23-04-2019, 10:37 PM   #8255
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U need to know the price of your desired flat before anyone can assist you on budgeting. 3rm got 300k and 600k ones.

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Budget from 300k to 500k.
Saw the resale at geylang lorong 3, 4 room at 500k.
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Old 23-04-2019, 11:02 PM   #8256
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How much is the remaining lease?

Budget from 300k to 500k.
Saw the resale at geylang lorong 3, 4 room at 500k.
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Old 23-04-2019, 11:55 PM   #8257
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Budget from 300k to 500k.
Saw the resale at geylang lorong 3, 4 room at 500k.
Your salary got 5k? 5k can loan around $330k. To get a 500k flat with a $330k loan and without paying cash, you gotta have $170k in your CPF.
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Old 24-04-2019, 03:28 AM   #8258
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yes, buyer agrees to give extension to me for current flat.

so when i go and purchase (buyer), can i even consider to give extension to seller?
i am concerned on the time-frame for both sides.

ps for all the noobs questions.
Your buyer has given you 3 months extension of stay and that mean you likely to move out by early Oct, but you get your money

If you manage to find a replacement flat and exercise OTP by mid May, the resale completion would by end Jul/early Aug. With this timeline, you can't afford to give the seller of replacement flat an extension of more than a month to be on the safe side, cause you may need one month reno to complete by end Sep and move in. With this constraint, you should only look out for sellers who don't need extension.

If you are not able to find a replacement flat by end Jun, it will be more difficult to find one that would allow you to move in earlier.

In my case I had to have over my flat on 2 Jan 2019 after Buyer exercised the option on 15 Oct 2018.

In buying, I had to exercise OTP on the spot on 23 Nov 2018 and completion was on 25 Jan 2019. Meaning I will be homeless from 2 Jan.

Fortunately, I manage to find a vacant flat which the Seller allowed me to take over the flat before mid Dec 2018 and I moved in without reno on 31 Dec 2018.
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Old 29-04-2019, 08:02 PM   #8259
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Taking over my resale soon. Any idea wat to do for the SP services account, will existing owner’s so account be transfer or nd apply new one. Will there be outstanding utility bill? And for the reno, nd to stop the gas services? Then after reno finish then ask sp services on back the gas? Thks
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Old 29-04-2019, 08:46 PM   #8260
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Taking over my resale soon. Any idea wat to do for the SP services account, will existing owner’s so account be transfer or nd apply new one. Will there be outstanding utility bill? And for the reno, nd to stop the gas services? Then after reno finish then ask sp services on back the gas? Thks
Arrange to take over SP Services on the day of handing over. Otherwise, one seller terminated the services, you will need to apply and pay turn on fee.
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Old 29-04-2019, 09:49 PM   #8261
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Arrange to take over SP Services on the day of handing over. Otherwise, one seller terminated the services, you will need to apply and pay turn on fee.
How to take over? Both buyer n seller nd to be present? At town council?
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Old 29-04-2019, 09:51 PM   #8262
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WTB 4 rooms flat come with balcony at Treelodge@Punggol(Blk 305 & 306), mid to high floor, main door entrance preferably not facing north west. Any owner who WTS or considering selling can PM me, no issue if you are looking for extension after sell. Serious buyer here.
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Old 01-05-2019, 11:29 PM   #8263
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May I know single earning 4k gross, roughly can get how much bank loan for 25 years tenure?
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Old 02-05-2019, 04:43 PM   #8264
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Hi Vinz & All,

i need some help to clear my doubts,

I have a resale completion end of this month.
I'm the DIY buyer (no agent)

Situation -
During OTP seller' Agent say they require extension of stay for 3months.
i have agree to it as i like the unit alot. plus the unit is quite well furnish.
But during the submission the resale application, the seller didn't manage to get an OTP as they haven't found the unit they wanted.
So HDB have rejected the request of extension.
The seller's Agent call me and say we will do the extension of stay as a private agreement. So i agree verbally.

Few days after HDB approved our resale application, the seller / seller's agent request to HDB for extension of stay again. but fail to provide OTP due to some issue on their bank loan. (their current flat is using HDB Loan)
** Didn't inform me they going apply extension of stay again. ask seller's agent but reply me the seller requested themselves.

I did tell the seller's Agent what if the seller unable to get an unit, then extend the stay further. Seller's Agent replied don't worry just give them maximum 3 months stay then finish ask them move out.

Question.
- Should i still give them the extension of stay for 3 months as a private agreement.

- is there enough time from to move out from the current unit even there is a 3 months extension as they still haven't get a OTP of the unit they want to buy.

- Anything that i can do to protect myself in this purchase.
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Old 02-05-2019, 05:06 PM   #8265
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I gotten some PMs from the last time i posted.

I did some sums. I dont think i can tank a condo my own. Don't wa NS pay thru the nose.

I am lookin for a flat to rent out, lets discount the mop period to rent first.

I got 200K in cpf to use, 50K cash. I don't have any grants unless i buy a flat in Yishun. No cpf loan for me as well.

I wanna rent out for sure. At least until i get married n all. Staying with parents. Not hoping for Sers/Enblock or what not.

Any good advice for places with good rental yields. Thanks
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