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right now staying at resale flat and waiting for key collection estimate 2Q 2023 (delay due to covid). Can i collect the key first? before selling off the existing flat as i need to use the selling CPF fund to pay it. Able to extend the stay at my resale?
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4 Answers

Hi Kathy,

Yes its possible to ensure a smooth transition, I have helped my sellers to obtain extension after resale completion so they can have their sale proceeds first to collect keys, and touch up their place before moving out of their resale flat.

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
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Hi Kathy,

I would be most glad to assist you further and please feel free to let me know if you need any assistance. Have a good day ahead. By the way, yes it is possible and I have done many such cases with my sellers who were in the same situation as you. And I look forward to having a discussion with you soon.

Regards
Aaron Chong
 9730 8455 
aaronchong2774@yahoo.com.sg Read More
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If you require the funds from the sale to pay for the purchase, you will be required to sell first before obtaining the key. You may consider a bridging loan in between while waiting for the funds of your sale to come in to obtain your key first, but the pre-requisite is still to have your property sold, and to work on getting the buyer to agree to grant you the 3 months extension in order for you to commence and complete whatever renovation you may require, thus it is important to also work on your renovation plans and seek reputable contractors who are able to assist your renovation in timely manner.

I have been in the real estate business since 2009, with more than 13 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.

We are offering our clients a complimentary first consultation without obligations (Absolutely FREE!). Schedule for your FREE session today!

Warmest regards,
Geryl Lim
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  • Geryl Lim
    Quoted directly from HDB website:

    The temporary loan will be offered at the prevailing non-concessionary interest rate (pegged to the average non-promotional interest rate for HDB flats offered by the 3 local FIs+). If the temporary loan amount (capped at the net proceeds from the sale of your existing flat) is not enough to complete your flat purchase, you must top-up the shortfall in cash within the time period HDB provides so that you can collect the keys to the booked flat.
    + The 3 local FIs are DBS Bank Limited, Overseas-Chinese Banking Corporation Limited, and United Overseas Bank Limited.

    Sale assignment for HDB is typically 2% of the selling price. Take note that GST is applicable on this amount and GST will be increased soon.
  • KL
    bridging loan is the only option? how much of the interest be? for example owing of 200k.

    Btw, anyone here can highlight to me the commission rate of an agent? 1 or 2%.

    Thanks in advance.
Hi Kathy,

Yes it is possible to time your sale in such a manner that you can use the sale proceeds and CPF refund from the sale of your current flat to collect the keys to your new BTO. I have personally assisted many of my clients to plan in this way and they are able to transit from their current place to the new flat without the need for temporary housing and at the same time have some buffer time for renovation.

Please feel free to contact me so that I can give you an overview of the whole process and plan your timeline for you!

Regards,
Nick Tan
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