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Hi, I’m doing back to back selling and buying of resale HDB with 3 months extension requested. However due to back to back selling/buying I need to wait for CPF to be refunded which takes away 1 month of extension from me, I’m left with only 2 months for reno which is very rushed for me. Is bridging loan recommended to bring the buy completion date closer so that I can squeeze out at least 2-3 weeks more for reno? Thanks
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3 Answers

Hi

If you go for bank bridging loan, you will also have to go with bank loan for the home loan. Is that your intended plan? The other way is to go for a temporary accommodation and storage facility for items so to get a longer period of reno time.

I have worked on various sell and buy concurrent cases before and will be happy to share my experience and work together on the plan. Hope the above clarifies. I am well-versed with HDB and private property transactions, having helped more than 100 homeowners transit smoothly with their housing plans. Please reach out to me at 97432395  for a more in-depth discussion :)

May I have more info on your requirements so as to make better recommendations? Thanks and looking forward to chat more

Warm Regards,

Ivan Ng Realtor
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-- HDB Toa Payoh 5-RM Sellers of Million-Dollar HDB, Mr. & Mrs Leong

We were fortunate to have met Ivan Ng. He was thorough in going through what the complicated home-selling process required of us and more so in understanding what we would like to achieve from the sale of our unit. His responsiveness and assurance, was a trait that we really appreciate. We managed to secure a sale that exceeded our expectation with Ivan’s advises. The offered price for our unit was a record set for the flats in the neighborhood. This was definitely supported by the fact that Ivan’s listing of our unit was detailed and stood out from other listings. Because of this, we also engaged Ivan's service to help us search and buy our new resale home. After some searches and viewings, we managed to secure one at a reasonable price with his help. With Ivan’s cheery and positive demeanour, selling our unit to procuring a new one, was a smooth journey for us. It was a pleasure to have worked with him.

-- HDB Executive Maisonette Sellers, Mr & Mrs Yeo --

Before contacting Ivan Ng, our Property Realtor, we were quite apprehensive about our Contra-deal ( concurrent resale & purchase of HDB flats) as at that time the outlook of the resale property market was quite sluggish & pessimistic. But surprisingly our property realtor, Ivan , was able to put us at ease with his professional competence, astute work experience & friendly nature . He was able to consummate our contra-deal within one month of our HDB application. Now we are convinced by his promise that (in Ivan's own words) ... "A contra-deal is where the sale & purchase transactions are done concurrently and completed on the same day. This results in a seamless transition of the funds from your sale proceeds and CPF proceeds towards your purchase price." More importantly Ivan has also managed to clinch a good deal for our contra-deal. We'll certainly recommend him to our kins & friends. Thank you very much, Ivan. We are definitely your satisfied customers! Read More
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If you are taking up bridging loan, my understanding is that you will also need to take up home loan from the bank. Is that your plan? The alternative is to work on squeezing your renovation contractor to complete the works in 2 months instead of 3. And if you need to move in first while defects are being rectified, this will then be necessary. Read More
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Hi, appreciate your sharing. Best to seek advise from Banker to decide.
Looking forward to assist you at 9696 4398  or email me at stewartlim96964398@gmail.com

Cheers
Stewart-PropNex (Senior Associate Division Director) Read More
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