Estimated Sales/cash Proceed & Resale Price

[kristotok 0]

Hi there,

I've some questions regarding Estimated Sales Proceed and Resale Price:

From HDB website, we can calculate the estimated sales proceed of a flat.

If the amount after offsetting against any outstanding loan, levy & return

of CPF monies is still postive, will you receive this sum of money in CASH

or Refund to CPF?

If valuation of a flat is at $400K and agreed resale price as $430K, is it a

compuslory for the difference of $30K as cash payable by seller to buyer?

Appreciate all advices!

Thank you

[bepgof 20]

From HDB website, we can calculate the estimated sales proceed of a flat.

If the amount after offsetting against any outstanding loan, levy & return

of CPF monies is still postive, will you receive this sum of money in CASH

or Refund to CPF?

If valuation of a flat is at $400K and agreed resale price as $430K, is it a

compuslory for the difference of $30K as cash payable by seller to buyer?

1. Proceed-(cpf+interest)-outstanding loan-miscellaneous = CASH, will go into your pocket

2. 430k-400k=cov=CASH, will go into yr pocket.

[kristotok 0]

Thanks for clearing my doubts!

[bepgof 20]

Thanks for clearing my doubts!

Do not overjoy, you yet to pay "miscellaneous costs" like:

1. Agent fee, usually 1% of sale price + 7% GST.

2. Valuation report, usually absorbed by buyer, but could be you also, if buyer wants to "re-valuate" and absorb the "re-valuation" = $180

3. Legal +admin fee whether your outstanding loan is from HDB or bank. Laywer prefers to talk to lawyer. If OL is from bank and u want to pay "lump sum" then need to give banks "3 months" advance notice, if loan within "lock-in" period, then penalty comes, etc...

COV will be paid about 10 day after 1st appointment if buyer get loan from HDB, otherwise, got to wait till 2nd appointment. Sale proceed wii be received only after 2nd appointment. One thing, make sure you meet the MOP(5yr for 1st hand, 1 yr for resale). But I anticipated this rule is going to be "modified" very soon, act fast.

Edited March 3, 2010 by bepgof

[kristotok 0]

Do not overjoy, you yet to pay "miscellaneous costs" like:

1. Agent fee, usually 1% of sale price + 7% GST.

2. Valuation report, usually absorbed by buyer, but could be you also, if buyer wants to "re-valuate" and absorb the "re-valuation" = $180

3. Legal +admin fee whether your outstanding loan is from HDB or bank. Laywer prefers to talk to lawyer. If OL is from bank and u want to pay "lump sum" then need to give banks "3 months" advance notice, if loan within "lock-in" period, then penalty comes, etc...

COV will be paid about 10 day after 1st appointment if buyer get loan from HDB, otherwise, got to wait till 2nd appointment. Sale proceed wii be received only after 2nd appointment. One thing, make sure you meet the MOP(5yr for 1st hand, 1 yr for resale). But I anticipated this rule is going to be "modified" very soon, act fast.

Hi,

Actually I'm the seller so if I appoint any agent for the transaction, I thought fee will be 2%?

=> pls help to clarify again.

As for the valuation report, I've already have a copy with me done in End Feb

Noted the legal & admin fee and my current loan is from HDB.

Thanks for pointing out these misc costs.

[Phantom 1]

Hi,

Actually I'm the seller so if I appoint any agent for the transaction, I thought fee will be 2%?

=> pls help to clarify again.

As for the valuation report, I've already have a copy with me done in End Feb

Noted the legal & admin fee and my current loan is from HDB.

Thanks for pointing out these misc costs.

As long as your MOP is met and your case is not a negative sale (Where your selling price is lesser then your outstanding loan) then proceeds will be case. Being a seller. if you want to engage agent, can be between 1% to 2%. no problem.

Sellers are in better position.. i also just sold my place. heh heh.. one of the highest for last 12 months. similarly.. i also did my valuation myself.

Anything else you want to know?

[Plastic3 0]

Hi,

Actually I'm the seller so if I appoint any agent for the transaction, I thought fee will be 2%?

=> pls help to clarify again.

As for the valuation report, I've already have a copy with me done in End Feb

Noted the legal & admin fee and my current loan is from HDB.

Thanks for pointing out these misc costs.

-> 2% is a guideline

-> Note that the valuation report is only valid for 3-months, but with the current market should be not problem selling before it expires..

[kristotok 0]

Thanks to all of your kind advices.

Just wondering if it's better to process the sales on your own or to appoint agent?

Is it difficult to conduct on your own and finding a good range of potential buyer?

My current 4S unit is at Mcnair Road (BoonKeng) so any idea on the potential COV in market right now?

[Phantom 1]

Thanks to all of your kind advices.

Just wondering if it's better to process the sales on your own or to appoint agent?

Is it difficult to conduct on your own and finding a good range of potential buyer?

My current 4S unit is at Mcnair Road (BoonKeng) so any idea on the potential COV in market right now?

It really depends on your unit + condition of your place + facing etc + afternoon sun/morning sun + floor level last 3-6 months transactions..

then you work out a number that you think is reasonable to you.

I advertised on the classifieds so I don't think it's difficult. Agents will say its better to let them represent you.

Personally, I believe that if you have the time, and a spare mobile number it's better to DIY. It's a sellers market at the moment.

PM me and I can tell you more.

[Plastic3 0]

Thanks to all of your kind advices.

Just wondering if it's better to process the sales on your own or to appoint agent?

Is it difficult to conduct on your own and finding a good range of potential buyer?

My current 4S unit is at Mcnair Road (BoonKeng) so any idea on the potential COV in market right now?

There is no better person than Yourself to sell your home, because you know everything there is to know....like....

- How old, 1st owner/2nd owner..?

- Amenities, where to look for bargains...?

- Neighbours

- How to get to somewhere from your home...what bus service, how long to drive, how long by foot...

- Good food/schools in the area

The issues that keeps most home owners from selling DIY is...HOW exactly to sell:

- Lacking in knowledge of rules of sale of a HDB flat

- Lacking in knowledge of current market conditions

(some owners really have no clue, which leaves them vulnerable to unethical Agents, after I've tabulated all the offers and present to the owner sometimes they can tell me "I don't know leh...do you think I should accept?")

- Lacking in negotiation skill... (most buyers have their own agents, their agents will be looking after the buyers interest only)

- Lacking in knowledge in financing

- Lacking in knowledge of contracts

- Don't realize buyers may have problems selling their home

- Don't know how to qualify buyers

but the most important issue here is TIME, if you have the time to learn all the things i've stated above...sell your home yourself and save the commission for furniture or renovation of your new home...

Getting another phone number is very important, everytime i list a property online & in the papers I get on average 50-70 phonecalls a day (95% of the calls are from Agents), and i still get those calls after I've sold the unit for a period of time because all listings are stored in databases which Agents can access...

Edited March 3, 2010 by Plastic3

[kristotok 0]

There is no better person than Yourself to sell your home, because you know everything there is to know....like....

- How old, 1st owner/2nd owner..?

- Amenities, where to look for bargains...?

- Neighbours

- How to get to somewhere from your home...what bus service, how long to drive, how long by foot...

- Good food/schools in the area

The issues that keeps most home owners from selling DIY is...HOW exactly to sell:

- Lacking in knowledge of rules of sale of a HDB flat

- Lacking in knowledge of current market conditions

(some owners really have no clue, which leaves them vulnerable to unethical Agents, after I've tabulated all the offers and present to the owner sometimes they can tell me "I don't know leh...do you think I should accept?")

- Lacking in negotiation skill... (most buyers have their own agents, their agents will be looking after the buyers interest only)

- Lacking in knowledge in financing

- Lacking in knowledge of contracts

- Don't realize buyers may have problems selling their home

- Don't know how to qualify buyers

but the most important issue here is TIME, if you have the time to learn all the things i've stated above...sell your home yourself and save the commission for furniture or renovation of your new home...

Getting another phone number is very important, everytime i list a property online & in the papers I get on average 50-70 phonecalls a day (95% of the calls are from Agents), and i still get those calls after I've sold the unit for a period of time because all listings are stored in databases which Agents can access...

Ok, understood your points and agree with you.

Will discuss with my hubby and siblings whom had past experiences before deciding if agent is required

Thank you all!

[Plastic3 0]

Ok, understood your points and agree with you.

Will discuss with my hubby and siblings whom had past experiences before deciding if agent is required

Thank you all!

Happy to be able to help!

Hope you have a smooth transaction whichever way you decide to take