bepgof

Well, HK gov has just increase stamp duty fee to cool the "heat".

Addition: Truely feel sad that, seller/agents' irresponsible/igorant act which resulted in your expenses. You ought to get back these expenses. 1. U need not to pay agent a single cents, because sale not through ! 2. If you've paid $180 for valuation report, can return the report & get back the $. 3. Demand rental fees from seller due to failed sales? No such thing, common sense tells. Advise is: get back $5K and whatever $paid to agents(if u have done) and let matter rests, start search for new one. Understand the rules of game before you take part in it. HDB web has many info.

Your are LEGALLY ENTITLED to get back the $5k + compensation. See OTP document, page 2/10, clause 3.2 - "The buyer MAY pursue any other claim againt the seller". Other claims can refer to many things like: (Make sure the seller has signed the OTP in the first place !) A. Tangible losses/damage (Best to provide receipts, black & white doc, etc) 1. Transport fee (to & from), visit unit, banks and so on 2. Time loss (how much you are currently paid, based upon hourly rate) 3. Bankloan cancellation penalty. 4. Valuation report..... B. Intangible losses/damage (difficult to assess) 1. Stress, face Suggest u to write down a list of those tangible losses, attached with receipt, attachement, photocopies, etc. Address the list to the Seller, cc to agent and his/her company's head, writedown date, ask for response within 14 days...

Let me start: 1. HDB owner with private property sure kena...... 2. Buy, stay, then sell interval control? 3. COV payment in 1st appointment for bank loan?

Some "cooling measures" on HDB mkt will be announced in March. Care to input your anticipations as to what will these be ? And the effects of such invisible hand?

My porfolio as below: 2 children (1B-15yr/1G-13yr),wife, mom-in-law, hdb resale 5-rm 1. Boy-(135)+(5x30)+30(mobile), Girl-(20)+(5x30)+30(mobile),both have insurance plans each $250. Total 565+450=$1,115 2.Mine=120+(2100/12)=295, wife=135, total=$430. Medishield not counted. 3. $420 +(1200/12)=insurance, + (500/6)=road tax, fuel=300, cp=65 total =$968 , not including parking exp, maintenance, lience fees. 4. (9000x4%)/12 + 400(combined) = $430. Note: feel very boshiog paying this to gov. 5. $300 6. Nil, no sick, no buy bk, no holiday..... 7. Cannot disclose 8. $1820 (cpf alone, use no cash), within a month's time, intend to pay bank a lumpsum to remain 100k outstanding for 1 yr 9. $400(wife) + $600(mine) = $1000 10. $800 to in-law. She cooks. Total(cash), monthly =1,115 +430+968+430+300+1000+800 = $5,078. Money not enough! Raising children is expensive! Car is good but also expensive. Still got many items not included in the list. Having just "downgraded" from condo, if not kena need to pay $430 maintenance fee for nothing(cp)-hardly use facilities. So, income 8K, take home=$6,400, it is enough to buy a 99-yr lease condo, say at 900K?? No insurance, no kids, no parents maintenance no wonder can have PETS !

Berry, u said u paid COV during 1st appointment? U need not to pay anything besides the $5K, before 2nd appointment. Pay valuation price + COV only during 2nd appointment. I noticed in mkt there is a "reverse" way of paying the deposit & OPT fee aginst the paper written in the HDB web. Mkt = deposit 1k, otp=4k. Paper put deposit 4k, otp 1k. funny, isn't it. Who bothers?

Hope this msg not too late. I strongly believed that bad neighbour is worse than loanshark. Law is tought, police can always handle these runners/masterminds. Imagine the Joo Chiat case. Can ask neighbour to move out? Loanshark is manageable. Remember, "one theory can never exist alone by itself", reality is a blend of many goods & bads, like rojak where u hardly can segregate one ingredient out perfectly without having smell of others. Believed u like the unit very much, try $0cov. If u have time & energy, play delay tactics with agent/seller, let them have anxiety. If I were u in this situation, tell agent/seller, take it or leave it. Give them a wk to response. Same time look for new unit.

Get it right first .You meant seller makan the $5k? Dun want to return to buyer? So through legal means to get back this? Or to get the seller selling the house to the buyer via leagal means, at this stage (have not submitted the resale application, only OTP signed)? If this is so, I'm sure the buyer is wasting his whatever resources. Just fyi, once the resale application is approved (after 1st appointment) there is no way the seller "don't want to sell"- even seller has suddenly passed away during such, transaction will get through.

Quite right for those loans with "variable" interest. These are pegged to either prime, sibor or float rates. When business operation conditions are not in the financial institutions' favor, they'll and are legally right to increase the rate "without your prior approval". Sure they will send u letter informing sure. I kena one time before and now switched to fix rate for 2 yr, 3rd yr float.

Read & understand the OTP carefully. 100% sure u're entitled to get $5k back. 1.Seller's agent has implied duty to help get back $5k. Write a letter to Dr. Dennis Wee. 2. Go to small claim court, take time and both parties get "injured". 3. If after 1st appointment, seller back out, he sure loose. Got cases like this.

Facts as below: 1. Signed OTP to submittion of of resale application = 90 days = 13 wk. You as buyer has right to ask agent to put this day to yr favour! 2. Submittion of application to 1st appointment = 13 wk, can check hdb's web. 3. 1st to 2nd appointment, maximum is 8k as stated in OTP doc, anyway usually ~6wk. Total = 13wk+13wk+8wk =34wk! Yr scenerior put you & most buyer/seller of hdb resale into some "difficult" pos-most of the time ended unhappy-u want to move in quick, buyer wants to move in your quick.... 4. To avoid unhappine, but provided you have $$$$$, buy first and take yr time to sell and to reno.

It all depends on yr present/near future financial committments, comfort zone, lifestyle, values...etc, ask/calculatel yourself the following: Apportion the following into monthly: 1. Children edu, present & future(each 80K when each reach 21yr) 2. Personal insurance/family insurance 3. Car instalment 4. Property/income tax 5. Monthly gas/water/electricity/telecom bills.... 6. Other fix/variable monthly instalments 7. Personal fix saving***** 8. Present home instalment 9. Monthly personal expenses 10. Parent maintenance? After minu above, if combined still have >30% of disposable**** (take home cash), u can start consider to look for one, but ask yourself following as well 11. Amount in CPF OA, enough to pay stamp duty(3%-5,400), 15% upfront, 12. Spare CASH amount in bank, enough for 5% downpayment, legal fee,etc 13. Amount of loan, Yr of refinance. Comfort zone for monthly instalment, cpf & cash, etc 14. Monthly maintenance fee for condo (say 4 shares, can come to $370 easily) Hope above give your some light, I've done my calculations before I committed in 2005! when my combined income has slightly >8k monthly.

Wish u the best.

Give up? Ask yourself: is this yr dream unit???. Dream unit hard to come by chance, especially resale. Price, cov, location, floor, sunlight, NS, NE wind, view, tpt, neighbour, year, unit's condition, etc need to be considered.......If found, do not give up easily. "loanshark" not in my list of consideration at all, but yes for neighbours. You must know what you want. I'm now living in a 31-yr-old 5-rm. I got 1st hdb 5-rm in 1992, stayed there 12yr, rented out 1 year, sold 13 year later. Stayed in condo for 3 years. Now back to (just moved in end Jan 2010)pt-blk 5-rm, near mrt/mkt/school/#23 fl/morning sun/N,E windows, W main door. Opp PR indian couple with 2 children, another 2 units are father/mother/son. I put deposit and exercised OTP the same day I viewed this unit - why so decisive? I have done homework earlier! This is the #8 unit I viewed while searching for "dream home" within 2 months. Why I wrote so much, because I know WHAT I want and I knew that good unit is hard to come by.

Curryqueen, typed too fast, missed out the 1 infront of 80. Nothing to be afraid of loansharks, if you are not the one borrow $ fm them! Tell u a true story happened on me, some 20 yrs back when 4 of us (brothers) were staying together. We were not married then. 2nd bro borrowed $ from a few loansharks but not physically staying in the unit. Paints, locks, O$P$, unit # everywhere can be seen.....The unit is in 3rd bro's name. Has advised runners, 2nd bro not stay here. We did not care those wording or locks, until one day saw paint on main door/gate/floor. 3rd bro got real hot, later for a few nights, we remained gate/main door opened & slept in hall with choppers. At last, abt 2am, 3 runners came. We asked if the paint were their "masterpiece" -unluckily not. Invited them in and talk with choppers. After this, no more loansharks. If come across sure, paste a note on door "informing" them borrow has moved and put your name & contact number on note for contacting you for clarifications...Law is tight! Don't worry!

Forgotten, it seems you do not quite "enjoy" with pty agents. I spoke to a few (good ones I regard as)and remain in touch and their views on property mkt are really eye opening.

Curryqueen, do let us know by how much increased you get from previous valuation to your own authorised valuation. Valuation report cost $80 and will usually take a wk to generate from valuation date. I supposed the difference would not be more than 50k, otherwise, yr valuation expert would have landed himself in trouble not to mention spoiling the mkt. You need bank's "letter of offer" during 1st appt. This letter usually valids for 6 months, this letter comes with some legal obligations. If sum not disburst within 6 months u'll have to pay fine...but this can discuss with bank. Wise to approach bank after knowing 1st appt date. Of couse, u must be quite sure u can get the amount u want. 1. I paid deposit and exercised OTP same day (30/8/09)as I 1st viewed the unit. But only too late realised seller's agent put "90" days in the submission column. 90 days is the maximum day where agent can delay before submit your application for 1st appt. You have right to reduce the number to suit yr need. 2. Bear in mind, period betw submission to 1st appt is now 13wk away. Can check HDB's web. 1st to 2nd appt is 8wk maximum, as stated in OTP doc. Must add reno timing as well........ 3. Can speak to neighbour for loanshark issue, lookout for any "repainting" on walls...., ask seller why they sell and where there move to....

Hope this helps those he who read this, especially for buyers: TRANSACTION DATE: 1. NOW submission to 1st appt is 12wk away! Submit today, earlier possible 1st appt date is 4 May 2010! This indicates hdb resale mkt is hot. 2. Lookout on OPT document for submission day, there is a "blank field" whereby most agents like to put "90" days. 90 days = 13 wk!. Meaning, agent is legalised to submit yr application 90 days after u exercised OTP. You have the RIGHT to change to day, so long not more than 90 days. Put this day as small as possible to your advantage and "force" agent & seller to commit to submit application early. 3. The legalised maximum period from 1st appt to 2nd appt is 8wk, This is stated in the OTP. If 2nd appt can't be completed within 8wk, buyer(fault on on him) is entitled to get back deposit & downpayment prevaling interest. 4. So, from moment you've eyed an unit, maximum transaction period is 90days + 12wk + 8wk = 33wk. 5. Resale pte property, transaction takes 8wk counts from OTP date. Buyers DO NOT need to pay commission to agent. Your agent'll split the comm from seller's agent. Goodluck always follow good planning. Good planning needs information and experience whereby you can't buy from school. And always, u need to pay "school fee" for experience.

This is a rather straight-forward case. Just get a ID to hack/build the walls to what u want. Should be less than $1K. Buyer must always be in extra careful, check the following if rather interested in the unit: 1. Ask/check seller's status. Has bought another place to stay or is buying in progress? 2. How long u expect him to finish the buying. 3. Once exercise OTP, maximum submission is 90 days later. Agents very likely to put this days without informing buyer to protect his backside. 4. Check if any " contra case" involve.

May I know yr is resale or new? How much is the contract amount? Mine is 5-rm, resale, contract value close to 70k. Hand over key to ID on 15/12/09, Planned shifted in on 28/1/10, but delay 2 days cos the amount of reno work outstanding. Shifted in on 30/1/10 but still doing here & there. On 2/2/10, told ID, house open from 9am till 5pm daily, till 5/2/10. End of each day, all tools stay outside house. STOP all works by 5/2/10, 5pm. Remain outstanding to commence after cny, hold back payment abt 13k. Anyway, all these cos of WRONG timing. Understood that there is super high demand of reno works for recents months. They will "eat wind" about 2 months later.

I've done that some 19 years ago for my 1st 5-room. Not that easy, best spray water ontp wall, let dry a bit, then use scapper (best 5-6 inch width). for very deep uneven surface, make surface rough. After dry, use water-proof sand paper to make surface smooth. Prepare to dirty yourself.

$57 for TL-PA201, $04-33 Sim Lim Square. Try www.videopro.com.sg

COV=10K, valuation=518K, 119sqm, 23rdd fl, pt block, 31 year old. Bedok North Ave 2. Deposit, otp paid on same day- 30Aug09. Transaction price reflected after 1st appointment. 5min walk to mrt. Meet criterias -right location, right view, right fl area, right sun direction(morning, right major reno required, nice seller, neighbour seem ok, 2nd owner. Reno in progress, planned move in on 28 Jan 2010.

This is equivalent to effective interest rate of 6.4%. I think now should be around 3$ which is $540.