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Hi.

It is advisable to sell first before you buy. It takes a far longer time to advertise, get buyers in and sell and at a price that both you and the eventual buyer find acceptable.

Whereas, buying is usually far more straightforward and can be decided quickly.

Selling first will also ensure that you set aside sufficient cash for any downpayment and that you can borrow up to 80% loan to valuation compared to 60% if you have an existing mortgage.

Timing the selling of Hdb and a new purchase is definitely possible but handling both processes at one go may be challenging.

For the purchase of condo, you need to Prepare 1% of the purchase price (as a consideration) in exchange for the Option to Purchase from the seller. You are usually given 14 days to decide whether to proceed with the purchase. If you decide to proceed, exercise the option by signing in your solicitor's office and forward it to the seller's solicitor together with another 4% or 9% (agreement between the vendor and purchaser) of the purchase price.

Do drop me a mail of you have any ther enquiry.

Kind regards,
William Choo (朱文彬）
Senior Marketing Consultant, 
CEA Reg No: R044093D
Huttons Asia Pte Ltd (License no: L3008899K)
Mobile: 9721 8288 
Web site: www.facebook.com/PropertySGD Read More

Morning,

Did you purchase your unit with HDB grant? Or did your purchase it with bank loan? This would determine your MOP period which means you might still not be eligible to sell.
As for selling first or buying first, it would also depend on your preferred lifestyle, what location and requirements you have for the particular project which you want to purchase, what selling price are you looking at and the location of your unit.
There's no hard and fast rule as to sell first or buy first. It's tailored to your requirements. Your salesperson will then work on the timing for your sales and purchase.
Since you are buying resale condo, you need to get the principle of approval from bank, to know how much loan you can get. Hunting of unit till you get the suitable one. 1% Option fee to the seller and 9% Exercise fee to lawyer, if you are granted 60% loan. As for the rest, the lawyer will settle the paperwork and bank will disperse out the money as required.

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

Regards
Mike Lim
 96929209 
ERA Read More