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Hi

Would you like to write to gavin.ng@orangetee.com and we will see how may we may support you.

Regards

Gavin Read More

Hi,

Thank you for sharing this post and let me answer parts of the question one by one.

1. Regards to the sale proceeds, you can take home all of the remaining cash after payment to loan, CPF, other relevant taxes & admin fee (e.g. agent fee, lawyer fee if any) or any outstanding payments.

2. Sound like you need to purchase the 2nd property soon and for such case of owning 2 properties means you will only obtain 50% for the second loan. The remaining will comes out from cash or CPF. Bridging loan interest rate is high and at short terms only and how much to loan depends on various bank. (e.g. one bank only loan up to 15% of the purchase price for a period of 6 months @ 6.5%)

But there are other ways to manage this legally to your best benefits; such as decoupling of the 1st property. By decoupling, means one party will take over the full ownership of the existing property, and the other party is “freed” to purchase another property at zero/reduced ABSD or take another 80% loan; depending on age, eligibility & financial means. Note: there are other minor details not mentioned here as it would vary from case to case.

Another thing to note is the timeline of the sale of 1st property and when the proceeds will come in to support the purchase of the 2nd property.

Hope that the above helps in some way. But if you have other queires, feel free to contact me @ 97635987  or email me at hans.yht@gmaiul.com; for a non obligatory advise and assistance to manage these transactions.

Regards,

Hans T.
Huttons Asia Pte Ltd
L3008899K / R059149E Read More

Hi,

There are critical information missing from your question.

There are several financial techniques you can employ here, but I will need to understand more from you, before I can make a more appropriate comment.

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

Hi there!

Thank you for your query!
As a red flag, I would like to inform you that the responses generated here will be based on a vague and brief context , without taking into account critical and succinct financial details from your end which is needed to work around financial techniques for the management of your timeline of the sale of 1st property with proceeds coming to support the purchase of the 2nd property. Do observe see how important management of timeline is - in this case you won't need a bridging loan if managed well.

Sales proceeds are nett with the exclusion of all other payment ; loan , CPF, taxes, agent / lawyer fee. It makes sense to sell off your property first , then purchase to ensure no liquidity wrath for you to attain 80% loan. A bridging loan offers high interest and at short terms intervals which may not be Ideal.

Like I said earlier , the sales and purchase of such transactions are highly complex and requires a thorough financial calculations to ensure smooth sales transition. Perhaps you could share more details on your end for me to churn out a more comprehensive, exact and thorough financial calculations with exact figures. Furthermore, I would be able to share more on the varied marketing strategies and mediums through which your property might get maximum exposure as well as study the recent up to date transaction caveats of similar sized units in vicinity and hence, present a sales and elevation report to advise further. I have transacted a EM unit in Bishan at Record Price and it was published in the Newspaper (Available on my website).

Visit my website for my recent accolades and testimonials@ www.kumarrai.com.

D Kumar
 +65 96659926 
ERA Associate Division Director

#1 team of ERA in Singapore, Asia Pacific International for 2014/5/6/7

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P Group
Overall Top 100 achievers 2014-2016 Read More

Hi,

The Sale Price, less the outstanding loan, less the CPF OA utilized + accrued interest to be refunded, less the transaction costs like legal fees and agent commission, will be the rough sale proceeds amount.

For Property 2, are you planning to take another mortgage loan on it? If you already have some funds on hand without selling Property 1, and this amount + the sale proceeds can cover the purchase price and stamp duties of Property 2, there is no need to take up another loan.

Ideally its better to remove your ownership from Property 1 before getting Property 2, hence to avoid any additional buyer stamp duties.

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 
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Website: http://www.ivanng10.com/clientreviews
(Client's Testimonials)

**Note: We are not prompted when you respond here, hence please get in touch directly. Look forward to hear from you soon! ** Read More

You have mentioned that you have taken up an equity loan for your current property, therefore I am assuming that whatever CPF you have utilised for this home purchased would have been deposited back to the CPF account inclusive of accrued interest.

As such, your sales proceeds should be the result of deducting the outstanding loan from the final sales price, if we do not consider the various fees like commission and legal fees.

In addition, subject to individual banks terms and conditions, as your existing loan is an equity loan, you may wish to check with the bank if this is considered as a housing loan, if not, you will be entitled to full 80% loan for your 2nd property purchase without the need for bridging loan, however, it will be subjected to TDSR, but this may have changed therefore it will be good to find out in details.

Do take note of the ABSD implications should you decide to purchase first before sale. If required, I will be glad to discuss more in details with you in private as we are not alerted to any responses posted here.

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Regards,

Geryl LIM
Consultant - Director
Global Alliance Property (L3010679B) - Century 21
CEA Reg R014783H
Mobile: +65-81577565  /+65-92787772
Email: geryl7772@gmail.com

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Dear Sir/Mdm,

1. If you have fulfilled the minimum sum requirement, then the sales proceed will return to you in the from of cash and cash (from CPF)

2. For bridging loan amount, it is dependent on the sales proceed of the sale of your current property. Yes you are right, any shortfall will need to be top up with cash.

Please feel free to contact me so that I can understand your situation better and assist you to draft up a financial plan and timeline for the sale and purchase!

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

Featured 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 (2016/2017)
“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)

“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 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

Hi Sir

1. Existing property
Selling Price - Outstanding Loan - CPF (less interest accrual) - Commission agent - legal fees (around $1500-2000)

2. Concurrent purchase
Bridging Loan 15%-20% of purchase price (interest around 5.6%-6%).

To avoid ABSD, please appoint exclsuive selling agent to show bank that you are planning to sell existing property, otherwise your loan availability for second property will be 50%..

Hope above clears all

Thanks.

Raymond Lim
CCN Realty Pte LTd
 91388805 
MBA/BSc(HONS)
Email: raymondshaq@hotmail.com Read More