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Hi Agents, I intended to downgrade before I turn to 55 yrs.old but I realized after I calculated I was trapped with the accrued interest and end up negative sale. Need your expertise advice and service. Thank you
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7 Answers

YT Tan (陈永达)
Good morning Zhar,

Actually alot HDB owners faced the same situation as you when they want to sell or sold their place. Property portfolio needs to be reviewed annually to see whether its time to do something to it.

https://www.straitstimes.com/singapore/housing/more-people-didnt-fully-repay-cpf-after-selling-property-in-2020-but-none-required-to-top-up-in-cash

But not to worry if you are concerned about cash top up for CPF savings if any. You wont have to top cash back to your CPF OA if your unit is sold at or above valuation which also means that if you downgrade with whatever funds from your sale, it will still be possible.

Perhaps let me work out your financial first before we proceed further? When will be a good time to meet up?

Hope my sharing helps in aiding in your enquiry. May I know how can I value add further in your property needs?

Best regards,

YT Tan
Property Kaki
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Hi Zhar,

It is quite common to end up in a situation of a negative sale. For your case, I would advise you to take a look at your overall financial situation, taking into factors such as your eligible loan amount, CPF amount that is able to utilise for housing and cash if any before deciding what is the best approach moving forward.

I have assisted many of my clients who are in the same negative sale situation to transit to another housing. Please feel free to contact me so that I can gather more information from you and recommend the best option for you.

Regards,
Nick Tan
(M) +65 9644 4854 
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Susana (Buyer) Read More
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Hi,

It is getting common for negative sale scenarios, but not to worry if your property is sold at or market valuation, there is no need to top up the shortfall for the CPF refund. It will be ideal to evaluate the objectives in doing the downgrading and whether moving to a smaller property would help to achieve that. Yes it is better to do so before 55 years old before retirement sum requirements kick in.

Hope the above clarifies. May I have more info and requirements about your plans so as to make better recommendations? Thanks and look forward to value-add to your housing plans.

Warm Regards,

Ivan Ng Realtor
ERA Senior Marketing Director
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Hi Zhar,

I would be most glad to assist you further and please feel free to let me know if you need any assistance. Have a good day ahead.

Regards
Aaron Chong
 9730 8455 
aaronchong2774@yahoo.com.sg Read More
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Appreciate your sharing, in order to help you better can I know you are looking for rent or purchase or sale?
Welcome any questions at 9696 4398  via phone or WhatsApp. Email is Stewartlim96964398@gmail.com
Cheers
Stewart-PropNex Read More
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Robbie Chen Chee Howe
Hi Zhar,

This is a very common situation faced by property owners, especially if you had utilised alot of your CPF funds for the property.

I am currently handling a similar case for a client, and will be glad to assist you in your property plans as well.

I am experienced and well-versed in both HDB and private transactions. I will be able to assist you in your property plans. Please get in touch with me for a more in-depth discussion.

Should you need require further assistance in matters relating to property, please contact me at my mobile 9748 6305  . I will be happy to assess and share with you the possibilities for you in the current market.

Thank you.

Best regards,
Robbie Chen
 9748 6305 
PropNex Realty Read More
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Hi Ezhar,

1) You are alone in this, especially those who bought their flat in 2012/13.
2) Because it is a negative sale, it is even more important to do your financial calculation more carefully to understand what is the shortfall.
3) Since there are no cash proceeds in a negative sale, and you will still cash for the new purchase, you will have to ensure you have sufficient cash saving to pay for the necessity.
4) You will have to appeal to the CPF board not to return the shortfall of the accrued interest so that you don't have to top up the difference.

Hope the above answer your main concerns, but if there are more query, please feel free to contact me at 90110636  , or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.

Best regards
Ling CK
 90110636 
ling.ck7@gmail.com
https://R056727F.propnex.net/
https://www.facebook.com/Homesellerbuyer

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