Dear all,

first time I want to buy the house....hope you can guide me
I would like to know how long it take for you to sell/buy the house based on your past eperience in the past?
I want to sell my present 2 sty terrace (my family occupied under my parent's name & fully setteled) and buy 2.5/3 sty terrace to move in (2nd hand but vacant)., the question is: I only want to borrow 25~30% of the value of the new property & hope to use the money of selling the present property to settle the other 75~70% .
Is it likely to happen ? Assuming the present 2 sty terrace is in the good location than the new one...but until now I did not ask the agent to sell my present house but only shop around to view the new house...


Appreciate if you can guide me in this regard.... Thank you

This post has been edited by asiatrader98: Jun 15 2009, 03:40 PM

2 storey to 2.5 /3 storey ??

Waaa...you are big shot oredi ....rich ppl ...

Why are u so desperate ? With the money u have ...u can go and survey without any hassle ...

You mean the ownership transfer process? 3 months for freehold, 6-12 months for leasehold.

As for how long the agent can find you a buyer, you should ask him.

thank getsmart
but what I want to know is: if u r in my condion whar r u going to deal with it?
sell the present house first or booking the new house first?
but the timing i think can not be matched if i want to use the money of present house after selling to settle the new house & only borrow the difference from the bank

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Added on June 16, 2009, 10:32 amin fact i am moving from big house to smaller house....now the price of new house is too expensive

This post has been edited by asiatrader98: Jun 16 2009, 10:32 AM

Hey Asiatrader,

Are both properties the same type of property? i.e. freehold?

Assuming that they are the same type of property, I suggest that you negotiate with the seller to allow you more time to settle the balance purchase price. In the agreement you can indicate that the difference between the loan sum and the balance purchase price will be paid within fourteen days from the completion of the first sale. The Seller might not agree to this unless you provide him with some compensation (eg. maybe paying him rent to wait)

Otherwise, it would be safer to sell your current house first and make sure that the purchaser has got his loan approved. Even then there is a risk that if the purchaser does not pay you on time you might breach your agreement with the seller of the new house and have your deposit forfeited.

Only after I have looked at all the documents can I give you proper advice.

Regards

Get the second house. Apply for a full loan for it (80% or 90%).
Then, sell your current house. Use the money to pay the loan.
In the end, you'll owe the bank like 25% or 35% or the value of your
new properties.

that's one approach too...the only thing you have to pay higher legal fees and stamp duty.