Purchasing a resale property: need help

[Rickster]

Isn't it illegal to rent out HDBs? If you buy a private property, don't you have to stay in the HDB and rent out the private?

 

It is legal to do that. All you have to do is to get approval from HDB.

 

Been there, done that - with written approval from HDB.

[Snowbell]

u're wrong,the lawyer will have to check on the legitimacy of the seller.bankruptcy searches & title search r done to verify that the registered proprietors are the ones selling & not they're not a bankrupt.can also do litigation searches to make sure the sellers are not in the midst of any pending charges or suits.

[Ultramega]

Do I need to engage my own lawyer to check the legitimacy of the seller? Or I just go through the agent who is selling on behalf of the current owner?

 

You don't need a lawyer for that. Just go to http://www.inlis.gov.sg/Layout/HomePage.aspx and click on "Property Ownership Information" link and you can know if the seller is the true owner.

 

But not free hor. Must pay S$5.25.

[Rickster]

u're wrong,the lawyer will have to check on the legitimacy of the seller.bankruptcy searches & title search r done to verify that the registered proprietors are the ones selling & not they're not a bankrupt.can also do litigation searches to make sure the sellers are not in the midst of any pending charges or suits.

 

Frm my understanding, these services r only provided if u hav alrdy committed to the purchase. They will not CSI for you while you are shopping for one (from wat the TS is asking).

[Kiario04]

was quoted ard below 2 for 1st yr, but subsequent yrs v high ~2.5-3% depending on the loan amount n duration ... killer ...

 

to answer to another bro question:

 

yes, u can do cap repayment, but some banks got put clauses, so depending on the min. loan servicing before allowing for cap repayment, usually with penalties - coz banks dont want to let u go ... an analogy ... leeches where got want to let go the host if yet to suck enough blood? (host = the one taking the loans; banks = leeches) ...

 

 

[Snowbell]

oops.thks for clarifying.

[Felipe]

is it 10% downpayment? i tot its 20%? 5% cash, 15% cpf

[Felipe]

5% cash and 5% CPF and the balance 90% on loan from bank or financial instituation.

 

Stamp duties.. and other legal fees...

 

if u have money - then u can buy pte prop first..then sell

some ppl no money one.. who needs CPF for 5% will have to sell HDB first then can buy Pte Prop

 

Do calculate your finances properly.. many ppl cannot afford but think they can ...buy liao kena screwed LOL

 

 

From wad i see. .. if u intend to buy a prop worth 700K to 900K...

your income (total) must be above 6K (BARE minimum) .... if not it's gonna be difficult

 

can combine income 6k. tats easier to handle

[Yeshe]

was quoted ard below 2 for 1st yr, but subsequent yrs v high ~2.5-3% depending on the loan amount n duration ... killer ...

 

to answer to another bro question:

 

yes, u can do cap repayment, but some banks got put clauses, so depending on the min. loan servicing before allowing for cap repayment, usually with penalties - coz banks dont want to let u go ... an analogy ... leeches where got want to let go the host if yet to suck enough blood? (host = the one taking the loans; banks = leeches) ...

 

or u can do floating rate, no binding, so can repay cap anytime as long as given the notice. 2nd good thing about non-binding is, u can ask for other banks for financing packages to compare. anytime not happy, switch bank

[Felipe]

Always remember 1 thing, it is easier to buy a house then sell a house.

 

i agree, sell first better if possible. some agents can do contra for u. if u willing, can try looking yrself and save commission.

[Galantspeedz]

i agree, sell first better if possible. some agents can do contra for u. if u willing, can try looking yrself and save commission.

 

 

since the buyer for a private property transcation need not pay comission, i believe the HDB comission should be the least on his mind, if he even have to save on that, maybe he should not get a private after all. After all the HDB comm is peanuts compared to buying a private.

[Carndablues]

i agree, sell first better if possible. some agents can do contra for u. if u willing, can try looking yrself and save commission.

 

But if you sell first, where are you going to live?

[Gearoil]

Anyone switch from a HDB to a resale pte property? Do you buy the pte property first then look to sell your HDB? Or the other way round?

 

As for the pte property resale, does it mean that you can loan up to 90% of the price of the property? since upfront only need 1% + 4% + Stamp duty?

 

Suituation is very simple and easy to calculate.

 

Do you have at least 20 to 25% of the purchase price of the pte property..i.e money left in CPF and cash?

 

If not....just stay in your HDB lah!

 

O.K....don't try to be greedy ..else sure kenna burn!

[Wind30]

Suituation is very simple and easy to calculate.

 

Do you have at least 20 to 25% of the purchase price of the pte property..i.e money left in CPF and cash?

 

If not....just stay in your HDB lah!

 

O.K....don't try to be greedy ..else sure kenna burn!

 

why?? actually his HDB can be worth 500k and fully paid. u see people buying 500k hdb flats all the time. with 500k, he can afford a 800k condo easily. even with zero savings, still only take 300k loan.

 

I think that is why the private resale market heat up recently esp those below 1mil condos. Imagine all the HDB upgraders trying to sell of their HDB before the price falls.

[Ahgongwolve]

many kena burnt ... cos they THINK they can afford Pte Prop....

[Dwoon]

Get a bridging loan

[Tzeench]

SIBOR rates is very attractive.

 

I would recommend 10% cash on hand to prevent devaluation of property after paying the up-front as currently it is oversupply of properties.

 

 

 

or u can do floating rate, no binding, so can repay cap anytime as long as given the notice. 2nd good thing about non-binding is, u can ask for other banks for financing packages to compare. anytime not happy, switch bank

 

[Sofarsogood]

Frm my understanding, these services r only provided if u hav alrdy committed to the purchase. They will not CSI for you while you are shopping for one (from wat the TS is asking).

 

you r saying that the seller's agent will provide this service? But they on the same side leh :P