Hi Kelvin,
I can think of 2 scenarios that may apply in your situation:
1) Should you require the funds of your sale to finance the purchase especially in terms of downpayment and stamp duties
Under such circumstance, you will have no choice but to put up your HDB for sale first. Do your due diligence in terms of the selling price, and ensure that financially, it is feasible for this upgrade. Register your Intent To Sell in the HDB Resale Portal and should there be any acceptable offers, you will be eligible to accept this offer by granting your buyers the Option To Purchase after 1 week from registering your Intent To Sell. The period for buyers to exercise the Option To Purchase is 3 weeks, and thereafter, subject to the agreed timeline for submitting the resale application for this transaction, HDB will process this application and the completion period is usually around 10 weeks should all relevant documents and fees are received, subject to the case loads of HDB, where you will receive the cash proceeds from the sale. As you are looking to upgrade into a private property, you will not qualify for the extension period of 3 months maximum that is allowable by HDB for home sellers who are transiting into another HDB unit they are purchasing. As such, you will be required to plan for interim housing.
2) You do not require the funds from the completion of sale of your HDB for the purchase
Under such circumstances, the main concern for most clients like you will be to avoid having to pay for the Additional Buyer's Stamp Duty, therefore the timeline concern will be to have your HDB flat sold and have buyer exercised the Option (will be better to have the resale application approved in my opinion), in order for you to proceed to exercise the Option To Purchase for your private property purchase such that your conveyancing lawyer can assist to apply for the remission of Additional Buyer's Stamp Duty.
Timeline for private resale homes transaction can be completed in as quickly as 10 weeks upon acceptance of offer. Nevertheless, since we are not dealing with vacant homes where your move in and out can be managed easily, timeline issues are bound to be a major concern for most home upgraders like yourself as we are unable to dictate terms 100%, therefore pricing strategies plays a huge part when it comes to the management of such transactions.
I have managed to negotiate a fabulous deal for my condo seller just last weekend where we managed to secure a record price offer plus 6 months rent free extension period after completion.
It will be good to discuss more in terms of your needs and situation before we map out the probable choices that will suit your household. You may get in touch with me on my mobile to arrange for a non-obligatory discussion.
Warmest regards,
Geryl Lim
Associate Deputy Group Director
Salesperson Registration No. R014783H
Email: geryl.lim@orangetee.com / geryl7772@gmail.com
OrangeTee & Tie Pte Ltd 430 Lorong 6 Toa Payoh #01-01 OrangeTee Building Singapore 319402
Estate Agent Licence No. L3009250K
[main]
+65 6471 8888
[mob]
+65 81577565
[LDA]
+65 92787772
www.geryllim.com
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