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Good morning,

we should work out your sales finances to see whether can you downgrade without taking out loan (if both of you are still able to) or using any cpf.

A quick check, did both of you utilise CPF OA funds in existing flat? If yes, have you fulfill your full retirement sum?

When will be a good time to work out your numbers?

Best regards,

YT Tan
Property Kaki
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Association of Chartered Certified Accountants Graduate
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Hi,

If you have set aside full retirement sum in your RA, the excess CPF OA can be used to fund the next purchase of the 4-room. If your current Executive Apartment do not have loan, most likely you will save enough sale cash proceeds to also cover the 4-room purchase price as well, assuming your 4room purchase price is lower than sale price. It will be ideal to do up a detailed financial plan and I am contactable at 97432395  for further discussion.

Hope the above clarifies. May I have more info and requirements about your plans so as to make better recommendations? Thanks and look forward to value-add to your housing plans.

Warm Regards,

Ivan Ng Realtor
ERA Senior Marketing Director
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-- 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!

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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. Read More

Hi,

1) In your case, you have to sell first to finance your purchase.
2) The best situation is you found your ideal flat and there is a buyer offer for your flat at the same time.
This means that you have to reserve a weekend to do viewing rather than having both Sat & Sun open for viewing.
3) It is important that you tell the buyer the below before signing the OTP:
(a) ECF: You should apply for the enhanced Contra Facility (ECF) so that the completion of your purchase and sales are on the same day.
(b) 3-month Extension: You will also need to get an extension from the buyer so that you have time to do some basic renovation before shifting in.

4) By applying the ECF, you don't need to apply for any loan. The sale proceeds will be used to offset the purchase.
5) The balance after deduction will be issued to you in cashier order. You just need to deposit it in a joint account (If the current flat is owned by both of you).
6) You can withdraw the cash after the cashier order is cleared by the bank, properly in 2~3 days.
7) Since your wife has not reached 65 years old, it is important that you write to the CPF board to appeal to use the CPF refund from the sale to be used in the purchase for both of you to avoid delay in the completion.
8) The last thing to note is you must have cash or CPF funds for the buyer stamp duty & conveyance fees when applying for ECF. So, make sure you have such funds available.

Please give me a thumbs-up if the answer provided is relevant to your main concern. Thanks!!!

I hope the above answers 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
https://R056727F.propnex.net/
https://www.facebook.com/Homesellerbuyer Read More

Hi there, for this transition to take place, we have got to make provisions for both the transition timeframe as well as your finances. For the finances, We would have to determine your sales proceed after deducting off any outstanding loans, CPF deductions and any other expenses including your next HDB purchase. Only if you are satisfy with the numbers do we proceed. next we would have to work out the timeframe for your transition to your next unit to ensure your transition to proceed smoothly. Once all these are in place, only can we proceed with your plan. we have actually assist several client with very similar profile and would be happy to accompany you on this journey. looking forward to your call /text for our next step forward.
Cheers
Rix
 9687 1379  Read More

Hi,

I would be most glad to assist you further and pls feel free to let me know if you need any assistance. Have a good day ahead. By the way, for the loan wise we would still need to go thru some financial calculations and to determine whether or not a loan will be required.

Regards
Aaron Chong
 9730 8455 
aaronchong2774@yahoo.com.sg Read More

Hi, appreciate your sharing. Able to work out the sale breakdown and request you to make a trip to CPF to check for your CPF usage.
Looking forward to assist you at 9696 4398  or email me at stewartlim96964398@gmail.com

Cheers
Stewart-PropNex Read More

If your finances allow, you do not need to take a loan for the next purchase. We will need to go deeper into details on the financial numbers in order to advise you better. If you are selling your executive flat for a profit that is large enough to cover for the purchase of your 4room resale flat, you will not need to use your CPF too.

I have been in the real estate business since 2009, with more than 14 years of experience serving the Singapore real estate market.

I am very active in the residential segment of Singapore real estate market, having transacted hundreds of deals from HDBs to private condominiums and landed properties in Singapore, and have handled many unique cases in sales and purchases as well as rental deals.

Over the years, I have also established a network reaching out to more than 9,400 expatriates, bringing my market presence to both in and outside of Singapore. This has created an additional exposure when I manage my client's portfolios, on top of the conventional on and offline platforms, where other estate agents are relying on. This has allowed me to consistently convert leads into results.

With an evolving market, where change is the only constant, I have also been investing in upgrading of my knowledge and skills sets to improve myself and meet the demands of current and future market.

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Hi Sir

Selling:
1. Have you fulfilled 5 years minimum occupation period (MOP)?

2. Steps in selling
- Appoint agent to market your unit, I will be glad to assist on this
- After that I will proceed to market your unit in online portals and propose to buyer on hand.

3. Pricing Strategy
Selling price will be depend on level, facing, condition of unit, etc
Appreciate if you can contact me at (65) 9660.8508 with details of your unit so I can advise accordingly

4. I will be glad to assist finding the right buyer

Timeline:
Do you need the cash proceeds from your current house for the new house?
Will be glad to share the financial breakdown and timeline as well

Buying:
It is not compulsary to take loan.
Let's assess your sales finances to explore the possibility of downsizing without needing a loan or tapping into CPF funds. Have you utilized CPF OA funds in your current flat, and have you met your full retirement sum?

I will be glad to assist, I am well versed in HDB and has done many transactions
I hope the above clarifies, please feel free to contact me at (65) 9660.8508 so I can explain further
Appreciate if you can contact me at (65) 9660.8508 with details of your unit
or click here https://bit.ly/WaSilvia to whatsapp me for no obligation discussion
Thank you.

Warmest regards,

Silvia Yang

Senior Marketing Director
ERA Realty Network Pte Ltd
Mobile: (65) 9 6 6 0 8 5 0 8
Email: Silviayang8@gmail.com Read More

Hi Sir,

I have assisted many of my clients who are in the same situation as you and your wife, downsizing to a smaller flat. In most instances, the sale proceeds will be sufficient to cover the full cost of the smaller flat. As for your CPF refund, if you have met the retirement sum, you will be able to cash out the CPF in cash.

It is important to calculate the figures and planned properly before proceeding further. Please feel free to contact me so that I can gather more information from you and draw up the financial plan so that you can have a better idea of the cash flow.

Regards,
Nick Tan
(M) +65 96 44 48 54
B.Eng(Chemical)(Hons)(NUS) / Cert-in-REA
(E) nick96444854@gmail.com

SEAA Salespersons Achievement Platinum Award 2020/2022/2023

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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)

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Mr & Mrs Wong (Property Seller)

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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 Read More

My Answer with regards to your Question:

If your Retirement Account (RA) is fully funded, excess CPF Ordinary Account (OA) funds can be used for your next purchase.

Selling your Executive Apartment (EA) first would likely cover the purchase of the 4-room flat, especially if it's lower in price.

Inform the buyer about applying for Enhanced Contra Facility (ECF) and requesting a 3-month extension for basic renovations.

With ECF, no loan is needed as sale proceeds offset the purchase.

After deductions, the remaining balance will be issued via cashier's order.

Deposit the cashier's order into a joint account and withdraw after clearance.

Appeal to CPF board for both spouses to use CPF refund from sale for purchase.

Ensure funds for buyer stamp duty and conveyance fees when applying for ECF.

Let me ASSIST further ,.....PM me : )

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