AskGuru Q&A Community

Hi,

Is the 2rm flexi unit already completed and vacant? If so, HDB will typically require you to secure a buyer for the EA first before they will allow you to complete the purchase and get the keys for the flexi. The transition is also more smooth as you can utilize the sale proceeds to offset the purchase price of the 2rm unit. Typically cash payment for sale involves conveyancing & admin costs and agency commission. For downsizing cases, the sale proceeds usually is sufficient to cover the full purchase price and stamp duties and conveyancing fees, hence you need not worry too much about cash payments upfront. The priority is to secure the buyer first.

I have worked with similar clients before and will be in a position to advise the best approach for a smooth transition. One was done for a right-sizing at Tampines case and another at Teck Whye. Both are pioneer generations members as well.

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 ERA ASAP
(ASk Anything Property)
Proactive. Sincerity. Feedback.
SMU BBM (Finance), Magna Cum Laude

Email: Ivanng10@gmail.com
Contact: (+65) 97432395 
Facebook Page: www.facebook.com/ASAProp
Website: http://www.ivanng10.com/clientreviews
(Client's Testimonials)

--- HDB Flat Sellers Uncle "Seng" and Mdm. Png ---

Translation from Mandarin:

We are from the Pioneer Generation, already in our 70s, and have no experience selling HDB flat. As our new BTO is arriving, we considered selling our flat earlier.

We felt he was a patient agent who is willing to hear out our plans and concerns, and explain new HDB selling procedures clearly to us. He is also a hardworking agent who did Roadshows for weeks to create awareness for our unit, and we quickly found a buyer through this avenue.

We also appreciate that he made the extra effort to accompany us down to the Banks and Town Council to help us with the outstanding paperwork procedures, and ensure the sale go through smoothly. Throughout the process, we always felt assured and happy, as Ivan was always professional, accessible and saw things through till conclusion. Ivan will remain as a family friend and we will be glad to invite him over for coffee when our BTO is ready.

-- HDB 5-rm Sellers Mr. & Mrs. Ting --

We have engaged the services of Ivan Ng for sale of our property at Pandan Gardens. He is professional and systematic in his marketing approach.

He is hardworking and committed to his work. He puts in great efforts in arranging clients for viewings and kept us updated thereafter. He is ever ready to help and guide us whenever the need arises.

He provided us with sound and useful advice as well as closely follow through from the start till the smooth sale of the property within a short period of time.

Thanks, Ivan. Keep up the good work! Read More

Hi,

May I know if your current EA is a subsidized flat? If it is or if you have taken CPF housing grant, you may be liable for a resale levy (to be paid using Cash) upon the sale of your EA.
Other cash would include legal fees (conveyancing) and agent's commission.

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 and your partner in the current market.

Thank you.

Best regards,
Robbie Chen
 9748 6305 
PropNex Realty Read More

Good morning,

If you had purchase the EA under single scheme, it's likely that you have taken bank loan without grant. Therefore, this application for the BTO is likely to be your first subsidized unit. Resale levy will not be payable.
For the sales of your EA, you will only need to pay the standard stamp duty. As for the purchase, I would deem that you will not be taking loan as the fund from your EA should be able to cover for the purchase. Therefore, you will only be required to pay for the stamp fee and legal fee.

Do feel free to contact me for further discussion.

Regards
Mike Lim
 96929209 
m52i@yahoo.com
ERA Read More

Dear Sir/Mdm,

I have assisted many of my clients who are in a similar situation as yourself, selling their HDB and use the sales proceed to pay fully for their new BTO flat.

For the sale, you will need to pay the lawyer's fee to handle the sale. You can choose to use a HDB lawyer and the cost is usually below $500.

For the purchase of the BTO, you can use the sales proceed of your HDB in cash to pay for the balance payment. You can also opt to use contra to settle the payment so that HDB will use the sale proceeds of your existing flat to offset the balance payment.

The planning of your time line is important as you need to sell first in order to free up the money to complete the purchase. I usually assisted my client to plan such as after selling, they can able to stay in the current HDB for 1-2 more months during which they can renovate their new flat. This will allow you to have a smooth transition.

Please feel free to contact me so that I can understand your situation better and provide you with assistance on the financial planning and timeline.

Regards,
Nick Tan
(M) +65 9644 4854 
B.Eng(Chemical)(Hons)(NUS)
Cert-in-REA
(E) nick96444854@gmail.com
(W) www.nick-tan.com

Testimonial from Satisfied Clients (2016)
“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)

“Nick is a responsible, efficient and excellent salesperson. He has very good knowledge of the real estate market and I benefited a lot from his advice and sharing. He is extremely patient when guiding me through the buying process and I am happy to secure a dream house within my budget with his assistance. A highly recommended salesperson who made my house hunting journey a breeze.”
Ms Chia (Buyer)

“Nick provides a delightful customer experience from day one when I engage him as my agent to look for a flat of my choice to the completion of the deal. He is competent, resourceful and has a pleasant manner to work with. He is the Agent of my choice in dealing with properties and I would highly recommend him to others who would appreciate an agent that takes care and can give the customer a peaceful mind.”
Susana (Buyer)

“Nick is very pro-active in helping us to resolve whatever questions and problems that we encountered. All the issues are settled even before us having to request or ask for a second time. He was very frank and transparent with all the details, limitations and advantages that we wouldn’t have known. I think this is the most important virtue to be successful in this line. I will surely recommend him to anyone who needs his service because I trust that they will be equally satisfied!!”

Mr and Mrs Chan (Sold and Bought a property through Nick) Read More