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How does it work here to sell and re-buy property???

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FelineUK
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How does it work here to sell and re-buy property???

Post by FelineUK » Mon, 01 Aug 2011 11:34 pm

I have a question about the practicality of selling and re-buying property here in Singapore...

Here's my area of confusion: We have an Exec condo that we live in and want to move to another property that is bigger (expanding family). In the UK, I know you can arrange the contracts and movement of the funds from the property you are selling to the purchase property to all settle on the same day. Here with the deposit / payment process i am wondering how practically people do things...

Do you arrange the sale first, then move into rental for a short term whilst settling on the purchasing property?

Do most people move back in with family whilst everything is being processed?

Can you settle both in the same few days making it just the initial deposit and subsequent 9% etc etc the sticking point?

Do you arrange a bridging loan to secure the purchase property and sell to ease the burden of time?

Looking forward to some input, there must be a standard way people sell and re-buy here, I am just trying to find out which way most do it...

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Mad Scientist
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Post by Mad Scientist » Tue, 02 Aug 2011 4:28 am

It all depends on your financial stability.

Yes you can buy first and have bridging loan then sell away the house you live in. First port of call will be the banks, have the bridging loan approval done. Then on look for the new place. Again it is all about location and location and location.

Some will sell away the house they live in, put up in service or rental apartment then on you look for the house.

Housing market is all about demand and supply or over inflated house price in SG is a big killer on home buyer

In the 90s, a 5 bedroom HDB New House cost about $100K at a size of 140 sqm at a far flung area like CCK. Now a 3 bedroom house New HDB house already cost you $300 K approx.

One has to remember most private and all HDB house are under lease agreement which effectively means you do not own the house outright.
Simple fee or freehold or cross freehold or even cross lease cost more.
IMHO unless you are going to be here in the long run yes commit yourself. Then they will be this en-bloc sale which is another joke in the guideline.Otherwise renting at an older constituency or older condos will be best.. But again this is your call.
The positive thinker sees the invisible, feels the intangible, and achieves the impossible.Yahoo !!!

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FelineUK
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Post by FelineUK » Tue, 02 Aug 2011 3:50 pm

Yes i find the market frustrating too and very high... I just wish we bought here 10 years ago but i wasnt here then... Hubby was though...

I know it depends on situ, but there must be a common way/process that the locals and everyone else do as a standard matter of course if selling one property to buy another...

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sundaymorningstaple
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Post by sundaymorningstaple » Tue, 02 Aug 2011 4:47 pm

The easy ways have been systematically shut down due to rampant speculation causing high property values. Even the locals are screaming bloody murder because it's so costly now, with huge up front payments, minimum holding periods, and other snags now.

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