Asked by Anonymous
i bought a condo unit in Oct-2016 and i am no longer able to finance the unit, possible to sell off without SSD and downgrade to a resale HDB (with subsidies)?
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3 Answers
Dear sir/madam,
It is unfortunate to hear of your incident, however, the applicable SSD can only be waived off by the relevant authorities and to purchase a resale HDB with subsidies after selling off a private home is also not within the prescribed guideline therefore will need another round of appeal to do so.
Would it be better to look into renting out your condo unit and using the rental income to service the loan while you top up a little to rent a smaller place for your family to ease the strain abit?
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Geryl LIM
Consultant - Director
Global Alliance Property (L3010679B) - Century 21
CEA Reg R014783H
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It is unfortunate to hear of your incident, however, the applicable SSD can only be waived off by the relevant authorities and to purchase a resale HDB with subsidies after selling off a private home is also not within the prescribed guideline therefore will need another round of appeal to do so.
Would it be better to look into renting out your condo unit and using the rental income to service the loan while you top up a little to rent a smaller place for your family to ease the strain abit?
We value your home as much as you do! Find out the indicative value of your home at http://bit.ly/UrHomeMatters and get monthly update on your home value. Restructure your portfolio with us, speak to us! Register at bit.ly/RealDealSG today.
Tenants can visit http://bit.ly/SGExpatRental (Official Rental Requirements - Singapore Expatriates) to indicate your rental requirements.
Visit and Like my facebook page at https://www.facebook.com/propertyblogshop/
Pick up knowledge, skills and Real Estate concepts at https://www.facebook.com/RealEstateXcellence/
New Singapore Expatriates on facebook is up and running. Come join us at https://www.facebook.com/groups/newsgexpats/
My self introductory video on https://youtu.be/6UfrCOCB6Mg
Regards,
Geryl LIM
Consultant - Director
Global Alliance Property (L3010679B) - Century 21
CEA Reg R014783H
Mobile: +65-81577565 /+65-92787772
Email: geryl7772@gmail.com
G.A Landed Dynamic Alliance
Home of *7772 Hotline
Check out our latest Landed Dynamic Alliance 7772 mobile application on iOS or Android @ "Landed 7772" in Mobile Apps Store or Play Store now! Read More
Hi,
It is unfortunate to hear your situation.
(1) Porperty bought before 11 March 2017, SSD is applicable to 4 yrs. In other word, you have only past the 1st yr, and on the 2nd yr, which is liable to 12% SSD.
(2) You may try to appeal to IRAS to reduce or exempted as this is not a speculation case.
(3) You may purchase resale HDB, but whether or not eligible to CPF grant dependent on your single/family states.
Hope the above answer to your main concerns, but if there are more queries, please feel free to contact me at 90110636 , or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.
Best regards
Ling CK
90110636
ling.ck7@gmail.com
Note:
Any response to our answer do not reach us until we scroll through each and every queries posted daily.
The best way to get a follow up is to whatsapp or email us directly. Read More
It is unfortunate to hear your situation.
(1) Porperty bought before 11 March 2017, SSD is applicable to 4 yrs. In other word, you have only past the 1st yr, and on the 2nd yr, which is liable to 12% SSD.
(2) You may try to appeal to IRAS to reduce or exempted as this is not a speculation case.
(3) You may purchase resale HDB, but whether or not eligible to CPF grant dependent on your single/family states.
Hope the above answer to your main concerns, but if there are more queries, please feel free to contact me at 90110636 , or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.
Best regards
Ling CK
90110636
ling.ck7@gmail.com
Note:
Any response to our answer do not reach us until we scroll through each and every queries posted daily.
The best way to get a follow up is to whatsapp or email us directly. Read More
Dear Sir/Mdm,
Sorry to hear about your situation. Seller's Stamp Duty is a national policy and therefore it is not possible to seek a waiver. It may be better if you plan out your finances to determine whether selling is the best option as after taking into account the seller's stamp duty, it may be a negative sale.
You may purchase a resale HDB flat after the sale but unfortunately you will not be entitled to any grant or subsidy as you will not be eligible as you have just sold off your private property.
Please feel free to contact me so that I can understand your situation better and provide you with further assistance!
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
I was featured recently 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
“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)
I write to commend Nick Tan (R040814C). When my husband and I first met Nick, we were impressed by his drive, commitment, business acumen and strategical thinking, and decided to engage him. We were not disappointed. Nick sourced for prospective quality buyers in a targeted methodical fashion and was effective in connecting us with serious buyers, notwithstanding the fact that the search primarily took place over Dec – Feb (a traditional lull period). Throughout the transaction, he also gave us helpful advice in various aspects; the advice reflected his personal experience and expertise and was not simply regurgitated from public sources without any value-add. Further, Nick went beyond the call of duty of a competent professional. He had a sense of humanity in the way he interacted with myself and the other parties to the transaction such as my parents. As an example, my newborn daughter was warded into A&E on the completion date of the transaction; the care and concern that Nick showed went beyond the scope of work of an estate agent. I commend Nick for his capabilities and character, and would certainly wish to engage him for future property transactions.
Weilun & Benita (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) Read More
Sorry to hear about your situation. Seller's Stamp Duty is a national policy and therefore it is not possible to seek a waiver. It may be better if you plan out your finances to determine whether selling is the best option as after taking into account the seller's stamp duty, it may be a negative sale.
You may purchase a resale HDB flat after the sale but unfortunately you will not be entitled to any grant or subsidy as you will not be eligible as you have just sold off your private property.
Please feel free to contact me so that I can understand your situation better and provide you with further assistance!
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
I was featured recently 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
“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)
I write to commend Nick Tan (R040814C). When my husband and I first met Nick, we were impressed by his drive, commitment, business acumen and strategical thinking, and decided to engage him. We were not disappointed. Nick sourced for prospective quality buyers in a targeted methodical fashion and was effective in connecting us with serious buyers, notwithstanding the fact that the search primarily took place over Dec – Feb (a traditional lull period). Throughout the transaction, he also gave us helpful advice in various aspects; the advice reflected his personal experience and expertise and was not simply regurgitated from public sources without any value-add. Further, Nick went beyond the call of duty of a competent professional. He had a sense of humanity in the way he interacted with myself and the other parties to the transaction such as my parents. As an example, my newborn daughter was warded into A&E on the completion date of the transaction; the care and concern that Nick showed went beyond the scope of work of an estate agent. I commend Nick for his capabilities and character, and would certainly wish to engage him for future property transactions.
Weilun & Benita (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) Read More