FIRST 3 steps to DO before viewing for HDB BUYER!
DIY buyer or using an agent – this applies to all of you!
1. Intent to buy.
We used to have a buyer checklist, now replaced with intent to buy. A lot of buyers are not doing their intent-to-buy – do that first! It’s online and will tell you your eligibility to buy whichever property.
2. Loan Approval
If you’re using HDB loan, aka HLE, you need to apply for it first before you make any offer or purchase a property.
Bank loans? Yes, you can buy first then go to your bank to churn out your bank loan; aka letter of offer.
Either way, it’s better to go to the bank first, or your agent will help you get a mortgage banker, to an in-principal approval for your loan. Only then will you know how much you can borrow! And do your financial calculations. PLEASE do your financial calculations, and if you can’t, GET A PROFESSIONAL. Otherwise, you’ll definitely face a lot of problems down the road!
If you’re a direct buyer, you can’t expect the seller agent to do the financial calculation for you. The seller agent represents the seller, and you represent yourself. Seller agent won’t do your work for you! So really make sure you get your loan sorted out.
3. Understanding the Process and Timeline
This is so easy to understand, it only takes a few minutes. Free advice incoming!
1) Buyer gives $1,000 deposit to the seller.
2) Buyer applies for valuation and bank loan. Within 21 days, if the buyer decides to buy, they will have to pay $4,000 to the seller and $80 to submit this to HDB.
3) 1-2 weeks later, HDB will send you a letter to inform you of the completion date.
4) From the day you submit, about 3 days later, you will receive online acknowledgement.
This whole process takes close to three months.
Get these 3 things done before you start your property purchase. Too many buyers nowadays don’t know this and just start calling agents…. It’s the agent’s job to make sure the buyer is qualified and eligible. To arrange a viewing and all that for you is a lot of work! It would be great if buyers came more prepared and having done the above 3 things before contacting us seller agents.