Ready and planning to buy or sell your HDB flat? Finding a good agent is the next big step, and an important one. But if you have the energy and time to do it yourself, the option and resources are available.
HDB regularly runs resale seminars in English, Mandarin, Malay and Tamil to educate buyers and sellers about the resale process. On their website, they have a clearly mapped out 9-step process complete with links to resources. Sellers could also do the marketing and selling of the flat themselves but engage an agent only to assist with the paperwork.
The entire resale transaction, minus the open houses and home viewings, commonly takes between 6 to 8 weeks. Before all that, sellers and buyers are advised to check their eligibility to sell or buy a flat, plan their finances and either approach banks or apply for a HLE (HDB loan eligibility) letter before looking for a flat. HDB also has an online tool that helps you compute a rough estimate of your loan type and amount.
Upon finding a flat you wish to purchase or when someone is ready to purchase your flat, the seller will then need to grant the buyer an OTP (option to purchase) which costs up to $1,000 and the ball is then in the buyer’s court whether or not to exercise the option within 21 days. If the buyer wishes to purchase the flat, both parties are required to submit resale applications via HDB’s e-Resale service. There are additional legal, administrative, insurance and valuation fees to consider in the entire process. Agent or DIY, having a firm idea of what is required will only be helpful in making the entire resale flat search and purchase process a smoother one.
