PingPropertyAdministrator

You’re ready to sell your HDB and you know there’s a lot to consider along the way. One of your first decisions is to select a real estate company and real estate agent who’ll join you in the process.

What is the Selling Price?

If you are a first-time seller or have not sold a home in many years, you will want to engage early on with a knowledgeable local agent who understands the market. You will want expert help to get your price right from the get-go. You will want input on what appeals to buyers in your area so you make the best investment in any improvements. You will want a solid sounding board to answer the many questions that will come up, and help you set your expectations about timing. Speak to a Ping Property Agent who can help you.

If you are an old hand at selling homes, you may see your agent as more of a partner who helps execute the agenda you set. You may already know your market and have a listing price in mind. You may understand what the next few months have in store. But even the most seasoned sellers could use a professional on their team.

Check out the resale flat prices of flats in your neighbourhood. These prices reflect the market conditions at the time of the transactions. You may refer to them to set a realistic selling price. When selling your flat, you need to settle your financial obligations. This includes paying off the outstanding housing loan, refunding the CPF you have used to your CPF Ordinary Account, and off-setting any payments due to HDB, and expenses. You also have to make sure that you are up-to-date with your payments for the service and conservancy charges, and property tax. Use this calculator to work out the estimated sale proceeds.

Show Time

If you are serious about selling, you should be ready to show your place at a moment’s notice. So keeping your home straightened up, clean and “show ready” is crucial.

To begin seeing your home as a financial asset, start by de-personalizing your rooms. Buyers want to experience the space, not your latest trip to Disneyland, so stow away photos and souvenirs. Keep your flat well lit and welcoming. Present it as you would when important guests come over.

You will want the prospective buyers to have a good impression of the place and feel at home when viewing your flat. Excite them with the possibilities of making your flat their new home.

Showing documents

Some prospective buyers may request for evidence of your flat ownership and eligibility to sell the flat. Documents such as a printout from your My HDB Page, property tax statement, town council statement, or title deed are examples of documents that can confirm your ownership of the flat. If you have applied for a confirmation letter from your HDB Branch, it will indicate your ownership and whether you have met the minimum occupation period to sell your flat.

Negotiations

It is smart to discuss negotiation strategies with your real estate agent well before offers start to roll in. Negotiation is more than just about the money. Price can be compensated by other factors that work to your advantage. It is worth it to consider everything. Decide the lowest expected price you are prepared to go. Be careful if you want to let go of a good offer early.

What fixtures and fittings remain with the flat? Inform the prospective buyers if there is any furniture that you can include in your offer. Put it down in the Inventory List of the Option to Purchase.

Check if the prospective buyers have any deadline to meet. When will you need to move out? Your Ping Property Agent can make use of the information and negotiate a win-win scenario for you and the buyers and close the deal.

Your Ping Property Agent can assist with completing and submitting the Intent to Sell to HDB for you at least 7 calendar days before you grant an Option to Purchase (OTP) to the buyers.

Once the price is agreed upon, you will grant an OTP to the buyers. Your buyers will pay you an option fee of not more than $1,000 and have an option period of 21 calendar days to consider whether they wish to proceed with the purchase.

If your flat buyers decide to:

• • Proceed with the flat purchase, they will exercise the OTP and pay you an option exercise fee. The total of the option fee and option exercise fee must not exceed $5,000.
  • Give up the flat purchase, the buyers will forfeit the option fee paid to you earlier.

Please note that once you have granted an OTP to the buyers, you cannot grant an OTP to another buyer until the option period of 21 days has lapsed.

For any inquiries or questions regarding our services, please contact us.

Your Next Home

Sell or buy first? If you sell your HDB flat before you buy a new one, are you planning to rent a place or live with your relatives before buying another flat? Do you mind moving twice?

Even if you plan to sell first, it makes sense to start shopping for your new home right away. If you find one you want, you can be ready to make an offer as soon as your flat sells. If nothing else, it gives you a head start and something to do while you are vacating your home for viewings.

It is important to have another place to live after selling your flat. If you could, settle this first before putting your flat on the market for sale.