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Evening Darren,

During your HDB appointment, your co-owner and you will sign letter of undertaking that you will remove the ownership status or obtain a buyer who have exercised the Option for your current private property within 6 months from key collection. If you fail to do so, you can opt to write in for extension, subjected to approval or the HDB will have the rights to repossess your HDB unit.

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

Hi Darren,

The worst case scenario will be HDB repossessing your HDB. In anyway, as long as your pricing for your private property is realistic, there shouldn't be any issue in failing to sell. As long as genuine efforts are put in to sell your private property, I do not see why HDB will resort to repossessing your unit. Nevertheless, it would be good to start marketing the sale of your private property first before you seek to purchase a resale HDB. That would more or less eliminate the possibility of the worst case scenario happening. Perhaps you may have some circumstances restricting your choices you may like to share such that we can advise better? In anyway, feel free to contact me further if you require more advise.

Regards,

Geryl LIM
Real Estate Director
Masters Of Real Estate (L3010548F)
CEA Reg R014783H
Mobile: +65-81577565  /+65-92787772
Email: geryl7772@gmail.com
Facebook: https://www.facebook.com/propertyblogshop

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