Hdb Resale Process 2023
A Comprehensive Guide For Hdb Owners
With the lifting of restrictions, I am seeing more homeowners reaching out to explore their next phase of life – post COVID-19.
Well, perhaps more than 20,000 hdb units that will be reaching MOP in 2020 to 2023 could explain this surge in inquiries.
“It was a pleasure working with Rick throughout my selling and upgrading journey.
His recommendations and knowledge of financial calculations and preparations are impressive – even factoring in risk management specific to us, for the next 5 to 8 years.
He has shown his expertise in real estate and guided us step by step all the way, making transactions effortless for us.
Well done Rick!
Shawn
Buyer - Riverfront residences
Many homeowners looking to sell their existing HDB flat usually come to me with this common question: “What is the HDB resale process like?” or “How do I start selling my home?”
I have answered this question, What is the Hdb resale process, probably more than a hundred times during my course of work, I figured, why not answer this as a useful guide on the blog for all curious homeowners like yourself.
Table of Contents
HDB Resale Procedure 2023
I have summarised the Hdb resale procedure in 12 steps:
1) Calculate your finances
2) Decide whether to engage an agent or DIY
3) Register intent to sell
4) Market your unit
5) Arrange house viewings for interested buyers
6) Option to purchase (OTP)
7) Buyer request valuation
8) Buyer to exercise OTP
9) Submit HDB resale application
10) House inspection
11) Endorse resale documents
12) HDB resale confirmation and completion
Hdb resale transaction
You may obtain an indicative selling price through HDB website, by sieving through similar unit types that were sold / transacted around your area.
OR
You may also use SRX x-value indication below as a guide.
Just key in your address and size of your unit, to get an indicative price.
Having used Rick to help me sell an apartment in the past, I had no hesitation in turning to him as my husband and I began to look for a new home. Rick was able to help us navigate the market as we came to terms with what our budget and chosen geographic area had to offer. As we narrowed our criteria Rick was able to direct us to apartments that fit our needs and then proved a superior negotiator in helping us get a great deal once we had made an offer. His guidance throughout the process was invaluable and he was always available to answer questions and help with the followup as we negotiated finances, legal terms and liaised with HDB. If I was ever to need the services of a realtor again I would not hesitate to call Rick and know that I could comfortably rely on his professionalism and efficiency to capably see me through either a purchase or a sale of my property.
Anthony & Sara
Buyer - Blk 293 Yishun
SRX x-value is only one of several ways I help my clients obtain an indicative valuation of their home.
Homeowners, do you know that know HDB prices have increased more than 25% past two years.
Chat with us for your available options now!
HDB Financial Calculator
Before you make such a huge financial commitment like buying and selling a house, the first and most important step is to calculate your finances.
You want to make sure the finances are done correctly – especially it’s a HDB contra case or upgrading to private property.
Most homeowners plan to use the resale cash proceeds to fund the new property purchase, but it is not such a straightforward calculation.
One simple example: the repayment of CPF accrued interest will eat into your cash proceeds.
Did not know that? Not to fear.
You can make sure you have the right calculations by using this simple HDB Selling Financial Calculator.
Still not confident of calculating it yourself? Reach out to me for a FREE Property Report
“Rick was introduced by a close friend of mine. This is my second time buying a flat (first time was 20 years ago) and I have forgotten all the procedure. With no experience dealing with selling and buying, this is my honest testimonial.
Rick is a very responsible agent which I’ve met so far.
Fast response to all my enquiries and he answered to all my doubts which I have.
Reliable and he knows exactly what to do and will give you his utmost advise and service.
I highly reckon Rick to those have the intention of getting property agent.
Thanks so much Rick for the help and assistance you have rendered from start until the end of transaction. I would definitely recommend you to my relatives and friends. Cheers
Ms Su
Seller of Blk 93 Paya Lebar
Engage a Property Agent or DIY
Once you are clear about your finances, the next step is to decide how you want to go about it.
Do you prefer to handle the entire process yourself or leave it to a professional?
Property agents can help you with the nitty-gritty and the complex parts of the process like:
- Handling the complex paperwork processes
- Marketing your unit right
- Prepare comprehensive buyer presentation kit
- Arranging house viewings
- Negotiating with the buyer
If you are an experienced property owner who knows what you are doing or can put in the time to handle the various steps and procedures, then skip ahead.
However, if you are unfamiliar with the process, I would typically recommend having an agent to help guide you through the process.
Register Hdb Intent to Sell
Before you even begin to start marketing your HDB flat for sale, make sure that you register your Intent to Sell.
This is so that HDB can assess your eligibility to sell the flat and who is eligible to buy over your flat.
It is simple enough to register: Simply log in to the HDB Resale Portal and submit the relevant details.
You can only officially issue the HDB option to purchase after 7 days of registration.
Do note it is valid for 12 months, so you will need to re-apply should you not sell the flat within 12 months.
Marketing Your HDB for sale
Now it is time to promote your unit and find yourself a buyer.
With an increasingly saturated market where DIY property platforms list thousands of homes daily, it may seem like a daunting task.
Even property agents are increasingly challenged to come up with more effective ways to attract buyers.
My winning formula?
Check out my marketing strategies in 2023, Selling House In Singapore.
Arrange House Viewings
Once you have attracted potential buyers, the next step would be to arrange house viewings for them.
COVID’s regulations may apply for the viewings of completed properties in person.
HDB Option to Purchase
Once you have an agreeable buyer who is happy with your sale price, you can grant them an official HDB Option to Purchase (OTP).
It is like a commitment from the buyer to you.
They will pay an Option fee in exchange for the OTP, which will be valid for 21 days during which they have to make a decision.
During this period, you cannot grant another OTP to another buyer.
Buyer Request Valuation
If the buyer is purchasing your flat with their CPF savings or housing loan, they will need to submit a Request for Value from HDB, after receiving your OTP.
Buyer to Exercise OTP
Hurray! Your transaction is almost complete.
Submit HDB Resale Application
The next step is for both you and the buyer to submit your individual portions of a resale application document online at the HDB Resale Portal (within 7 days of either submission).
If you intend to apply for the Enhanced Contra Facility (ECF), you’ll need to indicate it in the resale application.
Hdb resale inspection
There will be a mandatory inspection joint inspection arranged by HDB to check for any illegal or structural defects in your unit after submitting the resale application.
Endorse Resale Documents
After submission of your application, HDB will prepare a series of forms and undertakings for both you and the buyer to endorse on the platform.
As well as requiring your payment for the administration fee for the process.
HDB Resale Confirmation and Completion Appointment
The very last step concludes with you receiving a confirmation letter by HDB and scheduling an appointment with HDB and the buyer for the completion appointment.
Sign on the documents, hand over the keys and you have completed the resale transaction!
HDB Resale timeline 2023
The chart above summarizes the HDB resale timeline.
The timeline from finding an interested buyer to Hdb completion is usually about 12 weeks.
Questions to ask yourself
What is the purpose of selling your flat?
Have you work out the pros and cons of buying or selling first?
Do you know that 73% of homeowners did not prep their house right for selling?
Conclusion
If you are looking to embark on this journey to change up your home to another HDB or upgrading to a private property, I hope this will be a useful guide for you to kick-start your process.
If you feel that it is best to speak with a professional agent first before starting on your property journey, or perhaps you would to gain access to my specialized skills set and strategies, feel free to reach out to me.
Bonus for my readers
Applying is simple!
- Click the SCHEDULE button
- Allow me 30min of your time
- To go from having questions in your mind to understanding the options available
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Self Introduction
Greetings! My name is Rick Long, and I am proud to serve as the Associate Division Director of Huttons Asia Pte Ltd, with over a decade of experience in the real estate industry.
My passion for helping clients find their dream homes has grown exponentially during my tenure in the field. As a graduate of Singapore Polytechnic, I have always valued the importance of hard work and determination.
My prior experience serving in the airforce instilled in me the value of teamwork, perseverance, and discipline.
Over the years, I have been privileged to receive several accolades for providing exceptional service and dedication to my clients.
My ultimate goal is to ensure that each individual I work with has the best possible experience, whether they are buying or selling a property.
One of the most rewarding aspects of my work is receiving glowing five-star reviews from satisfied clients.
Knowing that I have positively impacted someone’s life is truly humbling, and it motivates me to continue striving for excellence every day.
When I am not working, I enjoy spending quality time with my loved ones, indulging my passion for sports, and exploring the rich and diverse culinary landscape of Singapore.
Amidst the bustling pace of life, I relish moments of calm by immersing myself in the art of tea-brewing and teapot appreciation.
Thank you for taking the time to learn a little more about me. I look forward to the opportunity to work with you.
Additionally, Rick is a proud fur daddy to two rescue kitties and loves spending his free time with his wife and furbabies. He believes in giving back to the community and volunteers his time to animal welfare causes whenever possible.
Related Articles:
Ever wonder if you are suitable for Sell one buy two investment concept? – Read more (Sell one buy two)
Is buying new launch or resale condo have better returns? – Read more (New Launch vs Resale condo)
Looking to upgrade from Hdb to condo? – Read more (Sell Hdb buy condo)
What to take note when selling Hdb resale flat? – Read more (Hdb Resale Process)
Buying another Hdb flat, and using the fund from current home? – Read more (Hdb contra)
Why do some Hdb flat price depreciate so much? – Read more (Hdb depreciation curve)
What is one of the most common reason for property negative sales? – Read more (Cpf accrued interest)
Financial calculation for selling a Hdb flat? – Read more (Hdb resale calculator)
Buying EC before selling your HDB? – Read more (Upgrade to EC before selling your HDB)
Should you sell your EC after 5 years? – Read more (Selling EC)
