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Am looking at selling my flat and getting a resale flat by means of a bank loan. Was told that the COV for the purchase of the new flat has to be forked out first with cash. That means that I must have cash of the COV amount on hand before I can consider buying a resale flat. Thought it can be done via the proceeds of the sale of my current flat. Can this be done? Please enlighten. Thank you.
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1 Answer

Dear sir/madam,

Typically for HDB resale purchasing using bank loan arrangements, the COV portion will only need to be ready approximately 2-3weeks in advance of completion. The difficulty is usually lying on the timeline of completion for your sale and purchase as you'll require your cash proceeds from the sale of your existing place to be available for purchase. This is where an experience realtor can come in to help in planning the timeline. I have been involved in such scenario in my latest completed transaction and am currently helping another client manage similar requirements.

If you wish to explore further with your intention, perhaps it will be advisable if I am able to have more information pertaining to your requirements to work out something feasible. What's more, I would also like to share with you a checklist designed by my team of dedicated salesperson who have numerous years of experience in this industry. This checklist is designed to try assist our exclusive partners achieve a better valuation wherever possible.

Let me know when will be a good time for further discussion.

Regards,
Geryl LIM
Real Estate Consultant
CEA Reg R014783H
Mobile: +65-81577565 
Email: lim.geryl@yahoo.com.sg Read More
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