Buy Or Sell First ?

[tweetie76 0]

For purchase of resale flat, will you buy or sell first? Reason pls ?

We need to sell our flat after 6mth if we purchase new flat (after 1st apptmnt) am i correct?

[applefreak 1]

depends on a few factors

1. do you have enough to pay for the downpayment of the new flat?

2. is the market picking up or slowing down?

3. have you seen your ideal flat yet / have a ready buyer for your flat?

[tweetie76 0]

depends on a few factors

1. do you have enough to pay for the downpayment of the new flat?

2. is the market picking up or slowing down?

3. have you seen your ideal flat yet / have a ready buyer for your flat?

how much is the downpayment for new flat ? CASH or CPF ?

i m not worry abt selling, more worry abt buying..

[chronograph 0]

how much is the downpayment for new flat ? CASH or CPF ?

i m not worry abt selling, more worry abt buying..

Usually,CPF if you have enough otherwise the balance top up with cash. Yes, u have 6 months max(can appeal) to sell you current unit after you have buy another unit. However, after completion of your buying, you must have some holding ability cos u have not sell your current one. That's you will be financing 2 units. Try to buy and sell concurrently.

Edited June 4, 2008 by chronograph

[tweetie76 0]

Usually,CPF if you have enough otherwise the balance top up with cash. Yes, u have 6 months max(can appeal) to sell you current unit after you have buy another unit. However, after completion of your buying, you must have some holding ability cos u have not sell your current one. That's you will be financing 2 units.

How much is the downpayment ? 10% or 20% CPF ?

Appeal for longer grace period ?

What if i cant sell after 6mth ? Will HDB confiscate the flat ?

[chronograph 0]

How much is the downpayment ? 10% or 20% CPF ?

Appeal for longer grace period ?

What if i cant sell after 6mth ? Will HDB confiscate the flat ?

i think about 10% for down payment. When appealing for longer grace period, u need to provide evidence that you are marketing your house but market is slow and there is no buyer. Evidence like, ST classified adv etc. How long depends on HDB, i'm not too sure. The last scenario will be HDB offered to buy back your unit usually pricing not very high lor.

[applefreak 1]

depends on whether you are taking bank loan or hdb loan

bank loan 5% cash and 5% cpf min, but interest rate is higher

you also need to consider if you can finance both loans together

given the market condition now, it's better to sell then buy

coz looks like prices are heading south

think the longest i've heard discussed on a forum is two years

rarely does hdb confiscate the flat if the owner can prove that efforts are made to sell the unit and it's not priced unreasonably

[tweetie76 0]

depends on whether you are taking bank loan or hdb loan

bank loan 5% cash and 5% cpf min, but interest rate is higher

you also need to consider if you can finance both loans together

given the market condition now, it's better to sell then buy

coz looks like prices are heading south

think the longest i've heard discussed on a forum is two years

rarely does hdb confiscate the flat if the owner can prove that efforts are made to sell the unit and it's not priced unreasonably

Hi applefreak,

I will be taking bank loan, so how much deposit do i need to pay ? 10% Cash + 10% CPF ?

Shd i wait after lunar 7th mth ?

[applefreak 1]

for bank loan, min is 5% cash and 5% cpf

but that means 90% loan, which is = higher interest rate

personally i'll dump everything i have if it's a bank loan

the interest rate is really :jawdrop:

do be careful about the early redemption penalty clause

[tower 0]

If u sell first, u need to ensure that the sales proceeds is credited 1st. If not, u may need a bridging loan from the bank for the downpayment of the 2nd flat. A lot of payment for the 2nd flat needs to be paid upfront in cash if you have not sold ur old unit first. My advice is to sell first before buying. During selling, ask for free stay of 1 to 2 mths as part of the selling conditions to ur hse buyer. So u can drag and cater a mth to search and another mth for reno works. As for me, I sold off my unit first and found my ideal unit within 3 weeks. Not to worry, it's more impt to sell the unit at a good price as the market is currently flooded with a lot of sellers as compared to buyers. Look at ur budget, u can buy a poor condition unit at low COV and redo the whole hse reno or get one with high COV and do minimum reno. Ur choice?