Buying and Selling Resale HDB Flats

Looking to sell your HDB but unsure how to go about it or which HDB property agent to engage? There are a few important things to take note of: 
1) Calculate your financial sales proceeds.

  • It is not as straightforward as selling price less outstanding loan and CPF refunds. You would need to take into consideration the CPF retirement sum requirement if you are turning 55 or have turned 55. Can you still take another HDB loan and is there a resale levy payable on your next property? Is it a positive sale or a negative sale and do you have to top up the CPF shortfall in cash?

2) Understand the timeline of the sales process.

  • Congrats you have found a buyer! Has the buyer done the pre-requisite steps before committing to the purchase? How soon can you buy your next house? Can you get a temporary extension of stay from the buyer?

3) Understand how to price your house for an effective sale.

  • Your neighbours told you your house is superb and you should not settle for anything less than a superb price! Are your neighbours helping your or themselves? While a generic market valuation can be used as a guide, we should assess the property objectively as every aspect contributes to arrive at a fair selling price. 

4) Negotiating for the best price and other terms and conditions.

  • Do you agree that whoever has more information over the other party is likely to have the upper hand? It is similar to the stock markets where fund managers have access to a large pool of data, experience, expertise and track records over the consumer. Hence fund managers and private bankers manage billions of dollars for wealthy clients who do not have the time to monitor on a daily basis.
5) Integrity and Track Records
  • Your property agent should represent you with your best interests at heart and be sincere in providing you the latest market information. With a proven track record in selling HDBs effectively, your agent should be able to identify the strengths and weaknesses in the property in order to execute a good marketing campaign.
Reserve your complimentary consultation!