sallonz

OK, thanks therat. I've gone through the checklist to make sure I qualify under eligibility, upgrading programme cost, etc. Rgds.

Thanks bepgof, if you can think of any more gotcha's, please let me know... I've found some descriptions of the procedures in the following: Appointments with HDB - First Appointment Finalise Buyers’ Resale Financial Plan ... ... Process your application to withdraw your CPF savings for the purchase. Only applicable if buyer is represented by HDB: HDB will set aside from his CPF Ordinary Account for the payment of the stamp and legal fees (about 1%-3% of the selling price of the flat) and the Home Protection Insurance (if any). Thereafter, the balance in the CPF Ordinary Account will be fully utilised towards payment of the purchase price, subject to a ceiling set by the market valuation ie. CPF can only be used up to the market valuation or purchase price whichever is the lower. Determine the amount of cash that you need to pay within 10 days from the date of the first appointment, if any: Cash payment is required when the purchase price is above the market valuation or when the loan granted (with credit assessment) and the CPF usable for the purchase are insufficient to cover the purchase price. If the cash payment required is more than 10% of the purchase price, you are only required to pay 10% within 10 days from the First Appointment date. The balance must be paid on the resale completion. If the cash payment required is less than 10%, this amount must be paid within the 10 days period. The balance cash payment to be paid on resale completion must be in cash or cashier's order. ... ... Rgds.

Thanks bepgof and therat. Three main concerns of mine have been answered. Really grateful for these helpful advices. And now, it's time to call the seller's agent and exercise the option... Rgds.

Hi therat and bepgof, Thanks very much for all these valuable information. I agree I should have found out more about the procedures first, but it didn't occurred to me I could give DIY a try until recently (actually, it was after spending time reading up in this forum to gain more knowledge that I now feel perhaps it is possible to DIY). We (wife and I) do have the option of using all of our CPF savings and not take a Bank or HDB loan; But I was thinking that it would not be advisable to use up all our savings and instead, take a partial loan with the Bank (not sure if that is possible either - to take up the partial loan when there will be something left in our CPF Ordinary accounts). However, since it is unlikely I will be able to get a loan arranged/approved in time (and wife is against getting a loan and paying interest to the bank), looks like we will be using our CPF to pay for the resale flat without any loan. What I meant earlier was I am hoping we could save a little in lawyer fees if the appointed lawyer could represent all parties, ie. HDB, CPF, we the buyers (and the bank if we were getting a loan). So, if I am not getting a loan, is it advisable for me to wait for the first appointment for HDB to appoint the lawyer? Or should I be looking at CPF Board's list (of approved lawyers) and getting one to represent me/us before exercising the option? Again, thanks so much for your advice. Rgds.

Hi bepgof, Thanks for your advice. I will definitely ask to see/read POA. On getting a lawyer, I am hoping to get HDB's lawyer to act for bank, CPF Board and me, in addition to representing HDB. Does HDB assign one only during the first appt? Should I be waiting until then to get a lawyer? Thanks again for your advice. Rgds.

Hi, I am buying a resale HDB flat for the first time and am going to DIY without sales rep. Could anyone advice if seller is overseas (according to seller's agent) what are the things I should look out for? Seller's sister is in SG and has POA (Power Of Attorney? Again this is according to seller's agent) and has signed on the OTP on behalf of the seller. My $1K option fee's cheque (as well as the $4K option exercise fee cheque) is(/will be) made out to the seller's name. Examples of things I should be looking out for (as far as I can think of): Should I ask from seller's agent proof that the sister has POA to act for seller (am I too KS and do you think it is required)? Seller's agent says sellers have moved overseas and reason selling flat is becoz they are not coming back; Would I need to check if they are still SG citizens? Does it matter if they are/are not? So far, I believe the seller's agent is reasonably trust-worthy. I'm also not sure if the seller's sister presence will be sufficient for the 1st and 2nd appts with HDB or must the seller be present. Also, as a buyer, when (and would I need to) lodge a caveat on the flat? I've signed up for the upcoming HDB seminar but it won't be in time before the OTP expires. So, I am in need of a little urgent advice on this. Thanks very much and I look forward to your advice.

Hi zhiz, Could you PM me the ID you used for your reno? Thanks.

Hi zhiz, could you PM me the ID you used. Thanks.

Hi, could u pm me the ID contact? Thanks.