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Hi Guru, I am selling my condo and intend to buy a resale HDB flat. I would like to use the sales proceed together with my returned CPF monies and bank loan to finance the HDB, so must the funds be ready when I go for my HDB 1st appt? Or any advice or suggestions please. Thank in advance.
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5 Answers

Afternoon Ms. Chia,

The fundings need to be ready within 21 days from HDB completion. Depending on how much cash you need to top up, we can either play with the S&P timing or utilize bridging loan.

Do feel free to contact me for further discussion.

Regards
Mike Lim
 96929209 
m52i@yahoo.com
ERA Read More
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YT Tan (陈永达)
Hi YS,

The purpose of first appointment is more for the admin matters.

If you are taking bank loan for your resale HDB purchase, your funds must be ready at least 14 days before completion.

Let's say, if you prefer to wait for all funds to be ready for resale HDB completion, you might be stranded without an unit. My advice is to take a bridging loan first so you will have a place to stay in while waiting for your resale flat to be ready. (sale completion will be around the date when your flat is ready as well)

Hope it helps!

Cheers!

Warmest Regards,
YT TAN 陈永达 | ACCA Graduate, RES
Senior District Manager
R043025D
ECG Property Pte Ltd
(A Wholly Owned Subsidiary of ECG Group of Companies)
Estate Agent no. L3009759F
Blk 190 Lorong 6 Toa Payoh #05-508 S (310190)

(M): +65 9111 5171 
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Hi Ms Chia

You don't need to have the funds ready when you go for your HDB first appointment. You only need the funds about 2-4 weeks before your HDB completion.

For your case, you can either take a bridging loan or you can ask to rent your condo back from your buyer while waiting for your HDB transaction to complete. However, you need to have $5k (cash) to exercise your option for your buying of HDB and you need to have the funds for your stamp fee ready during your first appointment.

May i know where is your condo? I focus on the West side and if your condo is located in the West or North, i would be glad to meet up with you for a non-obligatory discussion.

Please feel free to contact me at 9007 6388  or jessie6388@gmail.com.

Thanks and hope to hear from you again soon!

Jessie
DWG Read More
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Hi Ms Chia,

An experienced salesperson will be able to overcome the cashflow issue for you with careful management of the buy and sell process. The basic consideration will be to sell your existing place and buyer allowing to continue staying in it until your completion of your HDB is ready for move in. You may opt to pay your buyer minimal rental fees. I have done a couple of similar transactions like yours.

Regards,

Geryl LIM
Real Estate Director
Masters Of Real Estate (L3010548F)
CEA Reg R014783H
Mobile: +65-81577565  /+65-92787772
Email: geryl7772@gmail.com
Facebook: https://www.facebook.com/propertyblogshop

Dynamic Alliance Group @ www.DAG.com.sg
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Hi Ms Chia,

I am following up to my earlier reply to your enquiry on the sales and purchase. Have you managed to sort out the details and do you need any assistance? With the recent regulatory changes to resale HDB market, you may wish to look closer in details and make plans accordingly.

Regards,

Geryl LIM
Real Estate Director
Masters Of Real Estate (L3010548F)
CEA Reg R014783H
Mobile: +65-81577565  /+65-92787772
Email: geryl7772@gmail.com
Facebook: https://www.facebook.com/propertyblogshop

DAG - Dynamic Alliance Group @ www.DAG.com.sg
Landed Dynamic Alliance
Home of *7772 Hotline
We Sold More Than 100 Landed Homes
Check out our latest Landed Dynamic Alliance 7772 mobile application on iOS or Android @ "Landed 7772" in Mobile Apps Store or Play Store now!

**Aspiring to be your preferred partner in real estate**

The Game Is Changing...
International Property Opportunities Await!
Don't Be Left Behind!
More and more investors are seeking offshore real estate for investment. Have you missed out on the last international property fair? Let me know if you are keen in overseas investment.

Catch our next landed homes sales exhibition in September 2013. Register your interest to attend this function with me now! Read More
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