All You Need To Know About HDB’s Resale Flat Listing Service

This post was originally posted on Planner Bee.

Buying a resale apartment is a huge commitment, especially given how much more they tend to cost when compared to a BTO flat. It could also feel like a chore. Likewise, selling your existing HDB can be a headache for those who are dealing with it for the first time.

For those who are in the market looking to buy a new resale flat or sell your existing flat, HDB’s Resale Flat Listing service might just be your new best friend.

What is the Resale Flat Listing (RFL) service?

HDB’s Resale Flat Listing (RFL) service is a platform that seeks to "create a transparent, reliable and trusted marketplace for the listing and transactions of HDB resale flats."

Through the RFL, HDB flat owners can list and market their flats for sale independently on the HDB Flat Portal, or appoint a property agent to do so on their behalf. Likewise, buyers can view the flats available on the portal and reach out directly to the sellers or their agents if they are interested in a unit.

What can RFL do for flat buyers and sellers?

The RFL service’s list of HDB flats on the open market for sale will be integrated into HDB’s Flat Portal. On top of the RFL list of resale flats, the portal will include information on new BTO flats, along with customisable financial calculators, providing a one-stop loan listing service, as well as information on the HDB Flat Eligibility (HFE) letter.

This creates a comprehensive one-stop platform where both sellers and buyers can enjoy a convenient and seamless way to sell and buy HDB flats.

For flat sellers

Firstly, flat sellers and their appointed property agents can list their flats using the RFL and carry out their resale transactions on a single platform, streamlining the entire sale process.

They will be notified if their price is 10% above the highest transacted price of similar units nearby in the past six months for them to make an informed listing. This could affect how favourable their unit would be to potential buyers. However, the price can be justified if their units are better renovated or furnished.

Sellers will only need to upload photos and descriptions of their flat as details such as the address, flat type, floor area and floor plan, which is retrieved from HDB’s data, will be automatically filled. This minimises misinformation about the flat and makes it quicker for sellers to list their flats.

Sellers can also easily indicate whether they require a Temporary Extension of Stay and/or Enhanced Contra Facility on the platform so that the buyer can make an informed choice on the requirements before purchase.

For flat buyers

While any prospective flat buyer can browse the flat listings on the RFL service, only those with a valid HFE letter can obtain the sellers’ contact details and/or schedule viewing appointments through the HDB Flat Portal. By directly arranging viewing appointments on the platform, everything is consolidated on this one-stop portal, making it convenient for buyers.

Also, as all the listings using the RFL must be verified by HDB, buyers can have peace of mind knowing that all listings are genuine and not duplicated. If there are discrepancies on the listings, they will be swiftly taken down by HDB, minimising misleading information on the platform. The seller might also be penalised with restricted use of the portal.

As the new HDB Flat Portal includes BTO flat information, flat buyers can consider new BTOs and resale flat options on the platform directly and make informed decisions on their available choices.

The resale flat listing will also show the potential buyer the recent transacted prices of similar units nearby, available amenities in the region, along with the ethnicity and citizenship quotas.

Prospective flat buyers can also compare flat attributes of shortlisted flats easily on the platform. They can also check out the preliminary payment plans such as monthly loan repayment amount and cash payment, if any.

Flat buyers with a valid HFE letter can view personalised payment plans based on their approved housing grants and HDB loan amount, if eligible, and more accurately assess if the shortlisted flats are within their budget.

Read more: How To Choose the Perfect HDB Resale Flat in Singapore

How to use the RFL?

To access all the available services through the RFL service, flat sellers will need to have a valid Intent to Sell, and buyers will need a valid HDB Flat Eligibility (HFE) letter. This ensures only genuine buyers and sellers can access the listing to create a trusted listing marketplace for HDB resale flats.

HDB has also provided a comprehensive guide on how to use the RFL service for sellers, with information from how to create and manage a listing to creating and viewing appointment slots.

Do you still need a property agent with RFL?

While the RFL service simplifies the buying and selling process for both buyers and sellers, it can remain complicated and confusing to many. The rules and paperwork that goes into buying or selling a flat can be intimidating and this is where a real estate agent comes in to help.

By engaging a property agent, sellers and buyers will be guided on up-to-date transaction processes and receive assistance on the sales process.

Your real estate agent is also expected to negotiate in your interest and help clinch the best deal, regardless if you are the seller or buyer. With the experience they have in the industry, they are likely to know what would be advisable when negotiating.

The RFL service is a great service to view potential flats available for buyers, and for sellers, to view the prices for similar flats for your apartment. Engaging a real estate agent makes the process less painful and confusing, albeit at a cost. It is recommended that you discuss the options with your spouse or the person you are purchasing the flat with, and assess your financial status before deciding to engage an agent or do it yourself.

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