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hi agents, i am getting my 4 rm bto next year end.
i will need to sell off my current 4rm which was bought at 148k with 40k grant.
current area selling price about $280k
my cpf + accrued interest @ 207k,
levy @ 40k,
balance loan @ $48k
balance in cpf @ $42k
am i having a -sales?
what if my sales proceed are not able to pay off the above, do i need to fork out cash to pay?
should i be selling my house this year or beginning of next year if i have a place to stay after i sold my house?
thanks in advance for your kind advice.
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4 Answers

Dear sir/madam,

Can I confirm if the "balance in cpf @ $42k" indicates the existing amount you have in your CPF account?

If the above is true, based on the figures you have provided, there is a shortfall of $15k. If we refer to the HDB guide at https://services2.hdb.gov.sg/webapp/BB24SaleProceedCalculator/BB24SSaleProceedsCalc, it is indicated that the shortfall is to be paid in cash to HDB or the lending bank.

A typical resale transaction takes an estimated 2months to complete upon securing a purchaser and submitting to HDB, therefore we will need to take into considerations your area's demand and supply to understand how early we should list this property for sale. It is also critical to understand that should there be a buyer who made an acceptable offer earlier, you will also need to plan for a home in transition as you may need sometime to get your new place ready.

Hope the above helps.

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Dear Sir/Mdm,

Looking at the figures you have provided, yes your sale will be a negative sale. However, do not worry, as long as you sell the current flat at or above valuation, you will not need to top up any cash for the shortfall. However, the resale levy is still payable by cash.

If you have an interim place to stay, it will be recommended that you start to market early as market sentiments is quite weak and it will take some time to secure a buyer who is willing to pay a good price for your unit!

I have personally handled many cases of negative sale before. Please feel free to contact me so that I can understand your situation better and provide you with further assistance!

Regards,
Nick Tan
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Hi,

With the figures provided, yes it is likely it will be a negative sale if the sale price is around 280k. You need not top up any cash if the agreed sale price is at or above valuation price. I have worked on negative sale cases and would be happy to share the best approach.

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

Warm Regards,
Ivan Ng Realtor ASAP
(ASk Anything Property)
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