Ultimate Guide to HDB Resale Timeline

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This is a SUPER detailed guide to HDB Resale Timeline for your Selling and Buying.

(Perfect for your timeline planning, especially if you are still confused by how your agent has explained to you)

Here, you’ll learn exactly how professional property agents plan for their clients.

And at the end of this post, we’ll be also giving you some bonus tips on your HDB Completion Appointment Date.

Specifically, here’s what we will be sharing with you:

Let’s start with the most popular question that all HDB sellers always ask:

How long does a HDB Resale transaction take?

So, what exactly is HDB Resale Timeline like in 2021? How long can you expect it to take?

Upon securing a buyer, the entire HDB Resale Timeline will take about 12 weeks (3 months) to complete.

This is the average time frame required for most HDB resale transactions.

You also need to know this point:

HDB will be the one that decides the Resale Completion Appointment Date.

Now, take a look at this table and you will understand the timeline breakdown:

Step
Date
Est. Duration
Issue OTP
1 Jan
Exercise OTP
15 Jan
2 weeks
Resale Submission
20 Jan
5 days
Completion Date
31 Mar
10 weeks

You now have a clear picture on the entire timeline process..

And 12 weeks (3 months) is usually the norm.

But what if you want your resale timeline to be as fast as possible?

What is the Fastest possible time to complete a transaction?

If you are pressed for time or funds..

Or you are urgently looking to complete your HDB purchase..

.. Yes, it is possible to complete your HDB resale faster than the 12 weeks norm.

But by how much faster can the timeline be?

The fastest possible timeline taken to complete a HDB resale transaction can be as quick as 10 weeks (2.5 months).

And of course, there are certain factors that you will need to note if you want your resale timeline to be faster.

We’ll show you what are they, and how you can do it..

Option To Purchase (OTP) Exercising Timeline

This is the first step that sellers and buyers can take to speed up the transaction process.

You may already know that an Option To Purchase is the contract between sellers and buyers to agree on the sale and purchase.

When a seller issues the OTP to the buyer, the OTP will have an expiry date which have to be 21 days later..

And this simply means that the buyer has 21 days to exercise the OTP, and confirm their purchase of the property.

So, to speed up the transaction process, aim to get the OTP exercised as early as possible.

Here’s an example of the detailed steps for you to take note of:

Step
Date
Issue OTP
1 Jan
Apply Valuation
By 2 Jan
Valuation Result
3 to 10 working days
Exercise OTP
?
OTP Expiry
22 Jan

Let’s go in deeper on the above example..

HDB Valuation Timeline

If a valuation is required for the purchase, the buyer has to submit the request for valuation to HDB by the next day after OTP Issue Date.

You can speed things up slightly by applying for HDB valuation the same day as the OTP Issue Date..

Thereafter, how long the valuation result will take to be out will depend largely on the OTP purchase price.

In a nutshell, if HDB deems the purchase price as a reasonable market price, they will not send a valuer down to evaluate the property..

.. and the valuation report may be out as quick as 3 working days.

But if HDB decides to send a valuer over to look at the property, the entire valuation process will take between 5 to 10 working days before the valuation report is out.

So, how quick the OTP can be exercised will fall on how fast the valuation report is out.

HDB Loan or Bank Loan

This is the other major factor that can affect the time lost before the OTP can be exercised.

If the buyer is taking a Bank Loan, there will be further slight delays..

.. as banks will only be able to process the loan documents (Bank Letter of Offer) after buyer receives the Valuation Report from HDB.

Most banks require 3 to 7 working days to get the Letter of Offer out for buyers.

But if the buyer is using a HDB Loan, there’s no need for any wait to exercise the OTP once the Valuation Report is out..

.. this is because the buyer must already have their HLE (Home Loan Eligibility) on hand before you issue the OTP to them.

hdb-otp-buyer-acceptance-section

Buyer exercise HDB OTP

To sum up..

Most buyers will only be able to exercise the OTP in around 1 to 2 weeks.

And the fastest possible time a buyer can exercise an OTP will be around 3 days..

.. but this will have to take the combination of HDB not sending a valuer down to value the property, plus the buyer taking a HDB Loan.

Pro Tip

If buyer is using Full Cash for the purchase (not using any CPF and Loan), Valuation will not be required, and buyer can exercise the OTP immediately!

HDB Resale Application Submission Timeline

This process is how you can control the timeline for your HDB Resale Completion Date.

So what is HDB Resale Application Submission all about?

HDB Resale Application Submission is the online submitting of the selling/buying transaction to HDB, so that HDB can start processing the resale transaction.

And here’s how you can control your Resale Completion Date:

hdb-resale-application-number-of-days

HDB OTP Page 4

This is page 4 of the OTP..

If you need to adjust your selling or buying timeline, this where sellers and buyers pen it down in black and white.

This field in the HDB OTP will allow you and your buyer to indicate the pre-agreed timeline to complete the HDB resale application submission.

If you are aiming to quickly complete the resale submission to HDB upon exercising of the OTP..

.. you can indicate a shorter number of days, eg. 7 days.

But if you need a longer timeline for your resale submission, you may indicate up to even 120 days..

.. that’s if both parties agree to it of course.

So, how can you control your selling or buying timeline through the Resale Submission?

Simple..

.. you just need to know that upon completing the Resale Application Submission, the Completion Appointment Date will be in an estimated 8 to 10 weeks time.

The Completion Appointment Date is decided and issued by HDB.

And the 8 to 10 weeks countdown starts only when both sellers and buyers have completed their Resale Submission.

So, take your target Completion Date, and count backwards for about 10 weeks, and this will be the date you should aim for your HDB Resale Submission!

[Bonus Tip] I Need to Change the Completion Date Issued by HDB

Will you still be able to request to change the HDB Completion Date after HDB has issued it?

Yes you can. But you will only be able to request for a later date and not an earlier date.

You should be having reasonable grounds that requires you to change the completion appointment date..

For example:

  • You are unable to make it for the HDB appointment due to certain reasons
  • Your Sale Proceeds is not back in time for the Purchase Completion

 

.. and of course, both sellers and buyers must be agreeable to it.

So, how do you request to change the Resale Completion Appointment Date?

Basically, you just need to furnish HDB with a written confirmation signed by all sellers and buyers to agree on the requested change in HDB Completion Appointment Date.

Here’s what HDB says:

hdb-instructions-for-amending-resale-completion-date

HDB Acceptance Letter on Completion Date

Pretty clear instructions?

and that’s it!

Conclusion

The best HDB resale timeline to take as a gauge will be 3 months (12 weeks).

And the fastest possible time taken to complete a resale HDB will also be at least about 10 weeks.

Now, it should be much clearer for you to make your necessary timeline planning, starting from the moment you secure yourself a buyer.

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