AskGuru Q&A Community

Dear Ling,

Thank you for posting your enquiry.

However, we can understand your concern that you might think you have viewed a house you like and want to book it.

And yes! You can buy first before selling provided you have enough funds to pay for the option monies.

And before we answer your question, most importantly, we need to know if you have any outstanding mortgage for the current flat?

If you have an existing outstanding home loan for the current house:
If yes, your mortgage loan would be 60% for the second loan, hence you would need to prepare 40% of the house valuation plus cov (cash over valuation), stamp duty fees and option monies $5K.

If you have no outstanding home loan for the current house:your mortgage loan would be 90% or 80% or lower depending if you are taking HDB or Bank loan subject to criterias like age etc…, hence you would need to prepare 20% of the house valuation plus cov (cash over valuation) and stamp duty fees and option monies $5K.

Alternatively, you can do a contra where you sell & buy or vice versa and this require careful planning.

Please do not hesitate to contact me to discuss this further so that we can assist you.
Should you require assistance, we would be happy to assist you anytime.

Thank you.

Why don't you give us a ring at
 9436 5945  or email me at dj_property@yahoo.com.sg
Thanks and Regards,
Joey

***********************************************
Dear Sellers, Landlords, Buyers & Tenants,

If you or your friends need assistance for buying selling or renting of property, pl feel free to contact us, we'll be happy to assist with a non obligatory discussion.

Thank you
Your Registered Real Estate Sales Persons
Ong Joey 王祖鸸 [CES, BBM (SMU)]
CEA Sales Person Reg No: R011492A
Associate Marketing Director
Propnex Realty Pte Ltd
Handphone :(+65) 9436 5945 
Email : dj_property@yahoo.com.sg
View our Listings in: www.98197201.com
Blogsite: www.dj-property.blogspot.com
Website: www.dj-property.com Read More

Evening Ling,

You are talking about 10% downpayment so I would assume that you are purchasing with second HDB loan.

For the purchase of resale using second HDB loan, your loan amount will be: valaution - CPF refund - CPF available - 50% cash profit from sales. This amount is payable within 10 days from HDB first appointment. Thus, your plan will not work.

If your current unit is under HDB loan, you can utilise enhance contra facility to assist you on the funding issues.

Do feel free to contact me if you require further assistance.

Regards
Mike Lim
 96929209 
ERA Read More

There are other financial and process that you should consider before decision.
www.catherinepang.com Read More