cartoon 0 Report post Posted December 12, 2011 Hi all,Can i ask is it very diffcult to do contra as in selling and buying a flat ? I shld sell my plc 1s then find another new plc or can i do it concurrently ? anyone can share their experience ?Thanks a million : ) Share this post Link to post Share on other sites
albertchng 0 Report post Posted December 12, 2011 Hi all,Can i ask is it very diffcult to do contra as in selling and buying a flat ? I shld sell my plc 1s then find another new plc or can i do it concurrently ? anyone can share their experience ?Thanks a million : )I am doing contra for selling my roof and buying one from resale market, my housing agent is doing all the coordination works between hdb, the buyer's agent of my flat and seller's agent of my resale flat. My 1st appointment is mid of Jan, just before CNY. 14 days after the 1st appointment, the seller of my resale flat has agreed to let me have to house key for renovation purposes. The actual renovation should start on 2nd week of Feb, should end by middle of March. After i shift into resale flat, then i will hand over the house key of my flat to the buyer. All has been written clearly and agreed upon in the OTP. Share this post Link to post Share on other sites
cartoon 0 Report post Posted December 13, 2011 Hi Albert,Thanks soo much for ur info ..hmmm so actually is quite an easy thing isit ?? cos my colleagues was telling me doing contra is v troublesome .. as in timing nid to b gd/etc ... so u sold ur roof then buy the current or ??? cos i'm also scare that after i sell my current plc then i cant find a new plc then finish liao ... Share this post Link to post Share on other sites
albertchng 0 Report post Posted December 13, 2011 (edited) Hi Albert,Thanks soo much for ur info ..hmmm so actually is quite an easy thing isit ?? cos my colleagues was telling me doing contra is v troublesome .. as in timing nid to b gd/etc ... so u sold ur roof then buy the current or ??? cos i'm also scare that after i sell my current plc then i cant find a new plc then finish liao ...I can tell you it is NOT a easy thing.Not troublesome for me, my housing agent is doing all the works for me, coordinate between all parties, advising me what to expect when going for 1st appointment and what fee i have to pay at which stage (floor plan of my resale, valuation report of my resale, conservancy fee... etc); it is troublesome for him. That is what the commission i'll be paying him is use for; make him work for it.Depend on how easy to sell my roof (reasonable amount of COV, prime location, high floor, unblock view), that Saturday 12 groups of buyer came to see my roof, Sunday another 6 groups and 1 of the group signed the OTP the next day, agreed to allow up to 90 days delay submission to hdb for 1st appointment (my agent estimated a 3 months period for me to find my ideal resale) and another 6-8 extension for 2nd appointment due to no worker for renovation during the CNY period. About the same time i managed to find a resale at the area i want and the seller is willing to accept contra and best of all, is willing to give me the house key early for renovation purposes. When i was hunting for my resale, my agent make known that i am doing contra, meaning there might be delay and extension involve, some sellers dont like it and will reject my offer.My 1st appointment is set at mid Jan, 14 days after 1st appointment at early Feb i will sign a indemnity form and get the house key to my resale flat for renovation survey, actual renovation will start on 2nd week of Feb, completion in maximum of 6 weeks. Edited December 13, 2011 by albertchng Share this post Link to post Share on other sites
cartoon 0 Report post Posted December 13, 2011 Hi Albert,Ya lor .. so i think act is all up to the agent's job hor .. ya sinic we paying em commission then we no nid to crack our brain mah ...yaya i was thinking doing contra then timing v impt .. wow u realli porvided good information to me ..so act all these the agent shld know de hor . i was thinking aiyoo if i sell my plc then 1st appt liao i still havent found a plc how .. oo okie ... can drag de ah ?? n provided the other parties are okie too ..oo okie can noted ..act i ever sell n buy b4 ..bt that time v soon soon onli is that we buy liao then wanna sell so our selling price realli gd for the buyer bt not me .. heee ..... my cousin helped us as agent .. then the seller not staying there so after out 1st appt we can reno the plc liao .. then 1 day b4 the 2nd appt we already stayin in the new flat .. bt this time round we thinking wanna find an agent to do it then my colleagues was telling me is a v diff thing .. doing contra .. then i was thinking ya lor .. wat if i can only reno after 2nd appt then wat if i cant find a plc/etc .. ooo now then i know we can delay 1st n 2nd appt de... icic .. thank you soo much .. hope can find a gd seller .. heheee .. urs timing all v gd too ..hmm the seller not stayin at their plc meh ??? can i ask how much agency comm u give for selling n buying ?? i dun wanna let the agent ge tok me . Cos this is the 1st time we having agent .. that time our cousin helped us nia .. din took any fee from us ... thanks a million Share this post Link to post Share on other sites
RedStar 0 Report post Posted December 13, 2011 Hi, a question, you sure can put extension in the OTP? (as in black and white?) Tot HDB do not encourage such practises and any extension is a mutual agreement between sellers/buyers and no black and white involved. Im also in the midst of a contra sale. Share this post Link to post Share on other sites
albertchng 0 Report post Posted December 13, 2011 Hi, a question, you sure can put extension in the OTP? (as in black and white?) Tot HDB do not encourage such practises and any extension is a mutual agreement between sellers/buyers and no black and white involved. Im also in the midst of a contra sale.You are right! I went back to look at the OTP, the delay submission was stated as 80 days but not the extension. Perhaps some miscommunication between my agent and me. Will check with him on the extension soon.No worries. Share this post Link to post Share on other sites
albertchng 0 Report post Posted December 13, 2011 ...urs timing all v gd too ..hmm the seller not stayin at their plc meh ??? can i ask how much agency comm u give for selling n buying ?? i dun wanna let the agent ge tok me . Cos this is the 1st time we having agent .. that time our cousin helped us nia .. din took any fee from us ... thanks a millionThe seller of my resale flat stay somewhere else; the resale flat is rented out to foreign workers.How much commission your housing agent charge you will depend on your nego skill. The range is usually 1-2% for selling and 1-2% for buying. I will be paying my agent $9,844 for his commission. Share this post Link to post Share on other sites
cartoon 0 Report post Posted December 13, 2011 Hi Albert,oo okieokie .. ya i know can nego wit the agent de... like 1% each or wat ... we currently only saw 1 agent .. he was saying he will only chrg either for selling or buying and max comm to $10k bt i dun know the %... act i was thinkin wanna max at $8k... cos if each 1% i think we haf to pay at least $11-12k which i think is high n sinic we taking bank loan think he can take referral fee too . thanks soo much for ur info ..U are lucky to find these kind of seller .. like my current plc, seller also stay at other plc then can act let me reno atfter 1st appt so now we are worried that if our next plc the seller oso nid extra mth to stay n we too .. haaa.. then think all will jam up liao ... Hi redstar,U are in the midst of a contra sale so how's everything ?? care to share ur experience ... thanks : ) Share this post Link to post Share on other sites
cartoon 0 Report post Posted December 14, 2011 Mornie .. Hee can i also can another sensitive Q ?? u all selling n buying bcos wanna bigger plc or ?? act our idea was to earn some cash on hand ... Share this post Link to post Share on other sites
albertchng 0 Report post Posted December 14, 2011 Hi Albert,oo okieokie .. ya i know can nego wit the agent de... like 1% each or wat ... we currently only saw 1 agent .. he was saying he will only chrg either for selling or buying and max comm to $10k bt i dun know the %... act i was thinkin wanna max at $8k... cos if each 1% i think we haf to pay at least $11-12k which i think is high n sinic we taking bank loan think he can take referral fee too . thanks soo much for ur info ..U are lucky to find these kind of seller .. like my current plc, seller also stay at other plc then can act let me reno atfter 1st appt so now we are worried that if our next plc the seller oso nid extra mth to stay n we too .. haaa.. then think all will jam up liao ... How much commission your agent is charging you is stated clearly in the HDB checklist and commission letter your agent done for you. If the bank loan you applied was referred by him, he can earn at least $900 referral fee from the bank. If your agent is hard working and honest, just pay him 1% each if he is handling both your selling and buying.If next place the seller also need extra month to stay, you can either choose to accept his term or dont buy lor. Share this post Link to post Share on other sites
albertchng 0 Report post Posted December 14, 2011 Mornie .. Hee can i also can another sensitive Q ?? u all selling n buying bcos wanna bigger plc or ?? act our idea was to earn some cash on hand ...I dont understand what you are saying. Can you be more specific?Appreciate if you use proper English word, not everyone can handle short form or jargon well. Share this post Link to post Share on other sites
RedStar 0 Report post Posted December 14, 2011 Hi redstar,U are in the midst of a contra sale so how's everything ?? care to share ur experience ... thanks : )Hi cartoon, we staggered our 1st appointments for both flats(sell and buy) by 3 weeks. So we will attend the 1st appt for our buying flat 3 weeks after attending the 1st appt for our selling flat. The 3 weeks is for HDB to release the CPF monies back to our account to be used for the buying flat.We do have a mutual agreement with the buyers of my flat for 2 months extension. However, just to play safe, we may try to nego with the sellers of the flat we buying to let us have the keys early to start our reno, since they seldom stay at the place now. Buying and selling really not easy, praying the whole process will be smooth. We sold our place cos we needed a bigger unit. Next headache is the ID selection. Haha. Share this post Link to post Share on other sites
cartoon 0 Report post Posted December 14, 2011 Hi cartoon, we staggered our 1st appointments for both flats(sell and buy) by 3 weeks. So we will attend the 1st appt for our buying flat 3 weeks after attending the 1st appt for our selling flat. The 3 weeks is for HDB to release the CPF monies back to our account to be used for the buying flat.We do have a mutual agreement with the buyers of my flat for 2 months extension. However, just to play safe, we may try to nego with the sellers of the flat we buying to let us have the keys early to start our reno, since they seldom stay at the place now. Buying and selling really not easy, praying the whole process will be smooth. We sold our place cos we needed a bigger unit. Next headache is the ID selection. Haha.Oo okie thanks noted .. I think agents should know how to do all these ... oo okie .. ya sinic they seldom stay at the place actually can let u have the keys earlier ....oo okie .. for us, we thinking wanna have some spare cash to play with n of cos a bigger place . ooo i do have a contractor contact ?? u wan ?? Share this post Link to post Share on other sites
RedStar 0 Report post Posted December 14, 2011 Oo okie thanks noted .. I think agents should know how to do all these ... oo okie .. ya sinic they seldom stay at the place actually can let u have the keys earlier ....oo okie .. for us, we thinking wanna have some spare cash to play with n of cos a bigger place . ooo i do have a contractor contact ?? u wan ??Its ok, we do have aome IDs in mid. Just dunno which one to commit to. Yeah, agents should know better when they arrange the appointments. It also depends if you are taking HDB or bank loans. Generally if sell and buy using HDB loans, then the staggering would not be required. I may be wrong, but that was what I was told. Share this post Link to post Share on other sites
