Loanshark

[superrazorblade 0]

Hi,

Need an advice. Can we cancel the HDB resale after 1st appointment?

We just saw that the flat has been harrassed by loan sharks.

I have already paid deposit for flat, renovation, aircon and have signed the bank loan.

I guess all these will be forfeited.

I have asked whether has the flat been harassed previously before we bought the house but obviously we are not told the truth. I am thinking of cancelling the resale and sue the owner for damages.

Blade

[Phantom 1]

Hi,

Need an advice. Can we cancel the HDB resale after 1st appointment?

We just saw that the flat has been harrassed by loan sharks.

I have already paid deposit for flat, renovation, aircon and have signed the bank loan.

I guess all these will be forfeited.

I have asked whether has the flat been harassed previously before we bought the house but obviously we are not told the truth. I am thinking of cancelling the resale and sue the owner for damages.

Blade

I empathize with your situation but have you considered the fact that the owners who sold you the house have the money to pay you damages?

I'm not trying to be callous about the situation but its a point worth considering.

[superrazorblade 0]

I empathize with your situation but have you considered the fact that the owners who sold you the house have the money to pay you damages?

I'm not trying to be callous about the situation but its a point worth considering.

Agreed..Worst case, I will just have to forfeit the deposit and the pay the possible penalty from the bank.

Blade

[Phantom 1]

Agreed..Worst case, I will just have to forfeit the deposit and the pay the possible penalty from the bank.

Blade

Have you spoken to your agent about it? There is alot to consider:

Air-con and Renovation Deposit : Speak to the firm if they allow you to delay your reno to another place when you find one. Tell them your fustrations.

Bank Loan : speak to the officer. Sometimes banks are negotiable. Tell them that if they delay for you, you'll definately sign up with them again. for the new loan.

[zirhk3355 1]

Yes you can cancel anytime you want. However, unless you have written inside the sales agreement that "to be void and null in case of loanshark harassment", you probably won't have any recourse to claim damages.

In fact, the seller might have a case AGAINST YOU for cancelling the deal without a VALID reason. His arguments could be:

1. No black and white agreement that you would not buy if there's loanshark harassment, or

2. The loanshark never came before and this time they came to the wrong unit, or

3. When seller moves away, he will inform the loanshark, so this is a separate issue and cannot affect the resale of my flat.

You might be able to rebutt Point 1 by saying there is a verbal agreement, but for Point 2 & 3, you won't have any arguments unless you can get the loanshark to testify in court that he will continue to harass you as the new owner.

Thus you might have a weak case here, pl be careful and consult your lawyer first. Also if an agent is involved, please expose his/her name here and complain to the agency. Such agents need to be wack thorough thorough one...

For your reno, aircon and bank loan, do try to negotiate and see if can use for your next flat.

Good luck!

[Phantom 1]

Yes you can cancel anytime you want. However, unless you have written inside the sales agreement that "to be void and null in case of loanshark harassment", you probably won't have any recourse to claim damages.

In fact, the seller might have a case AGAINST YOU for cancelling the deal without a VALID reason. His arguments could be:

1. No black and white agreement that you would not buy if there's loanshark harassment, or

2. The loanshark never came before and this time they came to the wrong unit, or

3. When seller moves away, he will inform the loanshark, so this is a separate issue and cannot affect the resale of my flat.

You might be able to rebutt Point 1 by saying there is a verbal agreement, but for Point 2 & 3, you won't have any arguments unless you can get the loanshark to testify in court that he will continue to harass you as the new owner.

Thus you might have a weak case here, pl be careful and consult your lawyer first. Also if an agent is involved, please expose his/her name here and complain to the agency. Such agents need to be wack thorough thorough one...

For your reno, aircon and bank loan, do try to negotiate and see if can use for your next flat.

Good luck!

Gd Points raised by zirk3355 (Although naming was part of our government's policy to shame renegade scholars previously, its not a recourse accepted in this forum. Please take note.)

I believe that the seller is also able to claim that if he sold you at x price and now he can't sell it again at such price, the difference is claimable off the buyer. (I'm quite sure of this point)

As mentioned, do check with your solicitor.

[superrazorblade 0]

Yes you can cancel anytime you want. However, unless you have written inside the sales agreement that "to be void and null in case of loanshark harassment", you probably won't have any recourse to claim damages.

In fact, the seller might have a case AGAINST YOU for cancelling the deal without a VALID reason. His arguments could be:

1. No black and white agreement that you would not buy if there's loanshark harassment, or

2. The loanshark never came before and this time they came to the wrong unit, or

3. When seller moves away, he will inform the loanshark, so this is a separate issue and cannot affect the resale of my flat.

You might be able to rebutt Point 1 by saying there is a verbal agreement, but for Point 2 & 3, you won't have any arguments unless you can get the loanshark to testify in court that he will continue to harass you as the new owner.

Thus you might have a weak case here, pl be careful and consult your lawyer first. Also if an agent is involved, please expose his/her name here and complain to the agency. Such agents need to be wack thorough thorough one...

For your reno, aircon and bank loan, do try to negotiate and see if can use for your next flat.

Good luck!

Thanks for your advice. I intend to speak to the lawyer tomorrow.

Blade

[Zc31 0]

We seem to be in a similiar situation except other then ordering my mattress, i haf nto signed anything yet other then 1st appt.

I call everyone out, including the ah long.

In conclusion, lawyer will draft out a irrevocable letter of 10k, 1 yr with me. In an event i'm harrassed, the money would be used to pay off such debts and make good any damages to my house.

Also if the money is touched or insufficient, it shall be increase and same goes to timeline for money placed in trust.

True lotsa unnecessary worries in future but seller say never borrow ah long and point finger at this finance company who gave him a personal loan who denied the writings.

Sigh wish me luck also ba

[zirhk3355 1]

In conclusion, lawyer will draft out a irrevocable letter of 10k, 1 yr with me. In an event i'm harrassed, the money would be used to pay off such debts and make good any damages to my house.

Also if the money is touched or insufficient, it shall be increase and same goes to timeline for money placed in trust.

You mean the seller will put $10K cash with you for 1 yr??

Wow, that's something new; I think its a good solution to have a win-win situation for everyone...

[GoalHome 1]

Know of a relative's neighbour's flat that was harassed by loan sharks. The buyers managed to put a stop to it after pasting the resale transaction and police report on the front door... stating the seller's new address. My guess is that can get the address from the agent/police/HDB or relevant authoritities.

[Zc31 0]

You mean the seller will put $10K cash with you for 1 yr??

Wow, that's something new; I think its a good solution to have a win-win situation for everyone...

Errr yup i am having this direction taken. I won't hold the money, but it'll be placed in my lawyer's trust.

As for future add of owner, actually this can be requested from immigration as they're supposed to change their address within 10 days if i rem correctly.

I had made a police report on this incident actually so that i'll prove that mine is a genuine case in future.

[Jessie 0]

really scary to buy these ah long hse.

sigh~

[Zc31 0]

really scary to buy these ah long hse.

sigh~

Wah such a long ago thread you look through.

Yes it's a scary/taxing/frustrating experience, tell me about it.