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Good morning upgrader,

Not to worry. Let me advise you further on this.

May I find out more from you that whether do you have sufficient cash and CPF OA funds to pay the 20% downpayment and stamp duties for your purchase or do you need the sales proceeds for these two payments?

Usually seller will only obtain 1% option money while the balance 99% will be given to them upon completion.

If you require sales proceeds for the purchase, you will need to rent back the place from the buyers or negotiate the sale price with them so you dont need to find another place while waiting for completion and renovation of the bigger unit.

If you have sufficient funds for the initial outlay, you can purchase the bigger unit the moment buyer exercises on your sale OTP.

Lengthen the completion date for sale till after you have sufficient time for your purchase completion and renovation. Your buyer must be agreeable to this long completion period.

Hope my sharing is beneficial to your property upgrading plans.

If you are still in doubt, we can meet up to discuss on your property sale while elaborating further on my earlier explanation.

Warmest Regards,
YT TAN 陈永达 | ACCA Graduate, RES
R043025D
Propnex Realty Pte Ltd

(M): +65 9111 5171 
(E): yt.lovelyhomes@gmail.com
(W):www.yttan.com Read More

Afternoon,

Given your case, do you require the funds from your existing unit to settle the 20% down payment or do you have enough to proceed?

Do feel free to contact me for detail discussion on both financial and time line projection.

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

Hi,

Thanks for getting in touch. Understand your concerns and where you are coming from. I try to illustrate the typical case based on limited info you have provided.

The funds will only be released to you 3 to 4 months later after completion of sale of your current property A. The whole conveyancing process can take about 3-4 months. Once buyer exercises the OTP for property A, you can commence the house search for property B, the one you wish to purchase, as you have legally sold and removed your ownership in A. Completion typically will be 3 months after OTP is exercised.

However, since you needs the proceeds from A, we have to wait until completion of A is done 3 months later, before we can book B by putting a option deposit. This means that we will need to nego for extended stay after completion, from the buyer for A, say for another 3 to 6 months depending on how extensive your reno for B. All these negotiations will be done before even any OTP is issued or price agreed.

We will go through the same process for Property B, but we will need to do completion by 3 months or as fast as possible. This is so you don't need to move twice and can reno quickly.

This is a simple illustration of the timelines, and we haven't factor in the time needed to market the property A to secure buyer and also time required to find property B with your key requirements. All these will lengthen the process one way or another.

Thanks and may I understand your plans & requirements further so to make better recommendations? Look forward to value-add to your housing plans further and discuss.

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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(Client Reviews) Read More

Hi Owner
I have been constantly assisting all my clients in upgrading. I would love to have a meet up with you so we can discuss the details and financial breakdown.
You can reach me via 91442664 
Tricia Tan 91442664  Read More

Dear upgrader,

On paper, there are several solutions to work on managing your timeline depending on the financial capacity you have at the moment, which has been addressed by my fellow RES. All the above are workable on paper, however, the issue here is often that actual scenario has unexpected turns, because like yourself, the seller of the property you are interested to buy over probably may have same issues as you in requiring the sale to be completed before able to make their own purchase, therefore unless the unit you are interested in is a vacant unit or purchasing direct from developer, you will still be subjected to looking at alternatives if your sellers falls into the same category as yourself. I have just done a case where my sellers have been granted free rental for a period of 3 months by the sellers, and also I have a case where sellers are required to move out upon completion of sale, therefore the bottomline is how adjustable is your position in both transactions. It is likely that you will need an experience team of salesperson to come in and focus on the different aspects of your needs (sourcing for purchase and marketing for sale) such that everyone can focus on their competent tasks instead of taking on everything by themselves.

Let me know if my team of consultants can discuss further on what you need in this upgrading process and move forward these plans.

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Regards,

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

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Hi upgrader,

Do not fret - what's key here is selling with extension and buying without one; you may consider resale condo, or even new completed condo as well.

For resale, buying a vacant one would be best, as you could discuss for earlier move-in/renovation to cut some time gap for move-in.

For the current market, you might need a little longer to dispose your unit (depending on your location), but you should market and shop at the same time to prep yourself up as well.

Feel free to contact me at your convenience, and we can carry on from there.

Thanks and regards,
Teck Chuan, Ng
BBA (Finance), NUS
ERA Realty Network Pte Ltd
Mobile: 9137 4602  Read More

Hi,

Thanks for your query!
I understand that upgrading could be tedious- as it involves much more than the finances to be utilised but more of technicalities. In these cases, you would require an experienced realtor with great expertise and knowledge to give you a better insight to the market and protect your interest at all times. I am assisting many of my clients currently with their upgrade plans and will be Glad to do so similarly. Perhaps you could contact me so that I can understand your situation, and draw out a financial progressive payment plan with timeline after understanding your finances and finally propose developments for consideration (with Long term yield potential). Do visit my website to view my recent high level of accolades, hall of fame and testimonials. Thanks!

D Kumar
 +65 96659926 
ERA Associate Division Director
www.kumarrai.com ( Recent Awards and Testimonials)

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Hi,

Re: Our Preferred SG Professional- Agent.myweb.sg & Agent.irealtor.sg

The only method to remove the hassle to wait for the next property is to have sufficient fund of the 23% in your possession to pay for the new property while your existing property in process of transaction too. Both property will process at the same time, while you can request for your selling time long time frame to complete.

Feel free to engage me as your agent. I can assist you based upon your stated contents and walk you through the entire process with options.

Call me now, we can explore further in detail.

I am contactable at 92222389  or onassis@sgrealtor.com / sgagent.com

In all Areas of Singapore. Sale/Buy/Lease/Rent, Please call and/or drop me an email me. I’m always at your Services.

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Hi Sir/Mdm,

Managing the time line is the important such that you will be able to transit smoothly without the need to find a temporary place to stay.

For my clients, I will advise them to inform the buyers before granting the option that an extension of stay ie 2 months will be required. With the 2 months buffer, you will be able to complete the purchase of your new place as well as do some renovation.

As for the financial portion, you will receive a 1% option fee for your current place, you can request the buyers to pay another 4% directly to you so that you have sufficient money to purchase your new place. The rest of the sales proceed will come back 2-3 months down the road.

Once your buyer exercise option, you can proceed to put an option for your next house. For the conveyancing, you may want to do a 12 weeks completion so that by the time your CPF and sales proceed from the current place will be back.

It is important to engage someone who is knowledgeable and experienced to assist you in the process. Please feel free to contact me so that I can guide you through the process.

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 (2015/2016)
“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 from Property Avenue 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 benefitted 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

Firstly , You need to find a buyer for your property who is willing to rent the property back
to you for 6 months , providing you A very comfortable timeline for your next property purchase and renovation .

The rental price , rental period and selling price of your 3bedder condo will be negotiated as a package .

Kindly contact me for a no-obligations chat for your property needs .

My charges are 1% commission for exclusive selling rights to your property or 2% for open listing .

Joanne_chia
Chia_joanne@yahoo.com.sg
Hp 8333 3327  Read More