Asked by Gary Loke
Can one 'trade in' a HDB property to a higher value one? What is the procedure and sequence of actions needed? Can it be done online without need for signatures?
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3 Answers
Dear Gary,
A trade in process has a fair bit of processes and it involves looking for a buyer for your current place, to identifying a suitable place you wish to upgrade to and securing it via purchase. There will be 2 transactions involved in the entire process and your signature will be required if you have not appointed any Power Of Attorney for these transactions, despite that some of the processes involved have gone digital where you will need to log into the resale portal with your Singpass and 2FA to do some verification of documents online.
As it involves at least hundreds of thousands of dollars, it is advisable to be prudent over the entire process.
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Geryl LIM
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Global Alliance Property (L3010679B) - Century 21
CEA Reg R014783H
Mobile: +65-81577565 /+65-92787772
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A trade in process has a fair bit of processes and it involves looking for a buyer for your current place, to identifying a suitable place you wish to upgrade to and securing it via purchase. There will be 2 transactions involved in the entire process and your signature will be required if you have not appointed any Power Of Attorney for these transactions, despite that some of the processes involved have gone digital where you will need to log into the resale portal with your Singpass and 2FA to do some verification of documents online.
As it involves at least hundreds of thousands of dollars, it is advisable to be prudent over the entire process.
We value your home as much as you do! Find out the indicative value of your home at http://bit.ly/UrHomeMatters and get monthly update on your home value. Restructure your portfolio with us, speak to us! Register at bit.ly/RealDealSG today.
Tenants can visit http://bit.ly/SGExpatRental (Official Rental Requirements - Singapore Expatriates) to indicate your rental requirements.
Visit and Like my facebook page at https://www.facebook.com/propertyblogshop/
Pick up knowledge, skills and Real Estate concepts at https://www.facebook.com/RealEstateXcellence/
New Singapore Expatriates on facebook is up and running. Come join us at https://www.facebook.com/groups/newsgexpats/
My self introductory video on https://youtu.be/6UfrCOCB6Mg
Regards,
Geryl LIM
Consultant - Director
Global Alliance Property (L3010679B) - Century 21
CEA Reg R014783H
Mobile: +65-81577565 /+65-92787772
Email: geryl7772@gmail.com
G.A Landed Dynamic Alliance
Home of *7772 Hotline
Check out our latest Landed Dynamic Alliance 7772 mobile application on iOS or Android @ "Landed 7772" in Mobile Apps Store or Play Store now! Read More
Hi Gary,
You cannot "trade in" as HDB flats are sold in the open market. What you can do is to secure a buyer for your current flat and look for another "higher value" flat to buy ie to upgrade.
For upgrading, you will need to plan your timeline and finances carefully such that the transition is smooth and you can minimize your cash outlay. If you are in a comfortable financial position, you can consider upgrading to a condo as well as the upside potential may be higher.
I have assisted many clients to upgrade smoothly and seamlessly. Please feel free to contact me so that I can understand your needs and objectives better and come up with a tailored plan for you.
Regards,
Nick Tan
(M) +65 9644 4854
B.Eng(Chemical)(Hons)(NUS) / Cert-in-REA
(E) nick96444854@gmail.com
Visit my website to know me better: www.nicktan.com.sg
I was featured recently on Council for Estate Agencies (CEA) Newsletter:
https://www.cea.gov.sg/docs/default-source/module/newsletter/3-2017/bouquets-for-property-agents.html
Testimonial from Satisfied Clients
“I would like to recommend Nick Tan from SRI. Before we engaged Nick, we were working with another agent from a very popular property agency in February 2017. We decided to terminate the contract after 5 weeks of zero viewings and no paper advertisements. Basically he was just waiting for phone calls. We engaged Nick on 20th April and by 10th of May, our unit was sold off. Why Nick? 1. He has good marketing strategies 2. He always kept us posted on what he did (communications!) 3. He made sure we understand the current market situation but he will consistently reassure us that the unit can be sold off 4. He is not greedy and trusting 5. He walks the talk”
Peter & Wendy (Property Seller)
I write to commend Nick Tan (R040814C). When my husband and I first met Nick, we were impressed by his drive, commitment, business acumen and strategical thinking, and decided to engage him. We were not disappointed. Nick sourced for prospective quality buyers in a targeted methodical fashion and was effective in connecting us with serious buyers, notwithstanding the fact that the search primarily took place over Dec – Feb (a traditional lull period). Throughout the transaction, he also gave us helpful advice in various aspects; the advice reflected his personal experience and expertise and was not simply regurgitated from public sources without any value-add. Further, Nick went beyond the call of duty of a competent professional. He had a sense of humanity in the way he interacted with myself and the other parties to the transaction such as my parents. As an example, my newborn daughter was warded into A&E on the completion date of the transaction; the care and concern that Nick showed went beyond the scope of work of an estate agent. I commend Nick for his capabilities and character, and would certainly wish to engage him for future property transactions.
Weilun & Benita (Property Seller)
“We are very grateful to Nick for his extensive marketing efforts. With his comprehensive marketing plan, he helped us to achieve a record selling price within 2 weeks of listing our property for sale! We highly recommend his service to anyone who is keen to sell their properties.”
Mr & Mrs Wong (Property Seller)
“Nick has conducted himself ethically and professionally when handling the sales of our property. Thanks to his patience and perseverance, we managed to secure a sales price beyond our expectations.
We are very happy and satisfied with his services and will definitely recommend him to our friends and family in the future.”
Mr & Mrs Tan (Seller of Inter-Terrace House) Read More
You cannot "trade in" as HDB flats are sold in the open market. What you can do is to secure a buyer for your current flat and look for another "higher value" flat to buy ie to upgrade.
For upgrading, you will need to plan your timeline and finances carefully such that the transition is smooth and you can minimize your cash outlay. If you are in a comfortable financial position, you can consider upgrading to a condo as well as the upside potential may be higher.
I have assisted many clients to upgrade smoothly and seamlessly. Please feel free to contact me so that I can understand your needs and objectives better and come up with a tailored plan for you.
Regards,
Nick Tan
(M) +65 9644 4854
B.Eng(Chemical)(Hons)(NUS) / Cert-in-REA
(E) nick96444854@gmail.com
Visit my website to know me better: www.nicktan.com.sg
I was featured recently on Council for Estate Agencies (CEA) Newsletter:
https://www.cea.gov.sg/docs/default-source/module/newsletter/3-2017/bouquets-for-property-agents.html
Testimonial from Satisfied Clients
“I would like to recommend Nick Tan from SRI. Before we engaged Nick, we were working with another agent from a very popular property agency in February 2017. We decided to terminate the contract after 5 weeks of zero viewings and no paper advertisements. Basically he was just waiting for phone calls. We engaged Nick on 20th April and by 10th of May, our unit was sold off. Why Nick? 1. He has good marketing strategies 2. He always kept us posted on what he did (communications!) 3. He made sure we understand the current market situation but he will consistently reassure us that the unit can be sold off 4. He is not greedy and trusting 5. He walks the talk”
Peter & Wendy (Property Seller)
I write to commend Nick Tan (R040814C). When my husband and I first met Nick, we were impressed by his drive, commitment, business acumen and strategical thinking, and decided to engage him. We were not disappointed. Nick sourced for prospective quality buyers in a targeted methodical fashion and was effective in connecting us with serious buyers, notwithstanding the fact that the search primarily took place over Dec – Feb (a traditional lull period). Throughout the transaction, he also gave us helpful advice in various aspects; the advice reflected his personal experience and expertise and was not simply regurgitated from public sources without any value-add. Further, Nick went beyond the call of duty of a competent professional. He had a sense of humanity in the way he interacted with myself and the other parties to the transaction such as my parents. As an example, my newborn daughter was warded into A&E on the completion date of the transaction; the care and concern that Nick showed went beyond the scope of work of an estate agent. I commend Nick for his capabilities and character, and would certainly wish to engage him for future property transactions.
Weilun & Benita (Property Seller)
“We are very grateful to Nick for his extensive marketing efforts. With his comprehensive marketing plan, he helped us to achieve a record selling price within 2 weeks of listing our property for sale! We highly recommend his service to anyone who is keen to sell their properties.”
Mr & Mrs Wong (Property Seller)
“Nick has conducted himself ethically and professionally when handling the sales of our property. Thanks to his patience and perseverance, we managed to secure a sales price beyond our expectations.
We are very happy and satisfied with his services and will definitely recommend him to our friends and family in the future.”
Mr & Mrs Tan (Seller of Inter-Terrace House) Read More
Hi Gary,
What do you mean by "trade-in"? With whom?
If you're planning to do an "upgrade", it will involve the Selling of your current property, and the Buying of your next property.
Should you require the funds from the Sale for your Purchase, we would need to plan the timeline properly, so as to ensure a smooth transition for you and your family.
Should you need any 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
What do you mean by "trade-in"? With whom?
If you're planning to do an "upgrade", it will involve the Selling of your current property, and the Buying of your next property.
Should you require the funds from the Sale for your Purchase, we would need to plan the timeline properly, so as to ensure a smooth transition for you and your family.
Should you need any 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