Seller Cancel Sales After Exercise Otp

[davidbslee 1]

mine is a nightmare oso. i signed OTP to purchase an unit & was misguided by the seller's agent. As we have been looking for suitable units for 3 mths already & have to move out by early May to hand over my current flat to my buyer, we were quite rushed into this purchase of next unit w/o the valuation.

When I asked the agent what's the valuation, he told us it is abt $290k - 310k. However, when we offered a price after viewing the unit 1 week later, he informed that the valuation is now abt $310k - 320k. I still re-confirm with him on this increased valuation as compared to the previous info he gave me. He replied that now the range is like that already. Thrusting that he is the expert in this real estate field & I'm not, we signed the OTP when the valuation is not out yet, preparing to pay abt $20k cov.

Who knows abt 1 wk+ later, valuation report is out & it is only $297k!!! This means that we have to fork out $43k cov. I got really depressed & sucidial when I heard that info. Cos this means we got to borrow even more $ from relative to purchase this flat (originally already need to borrow $ for the $20 cov).

We faced a really $-faced & stubborn seller who treatened to sue us if we burst the case. We asked if they can lower the price but they refused to negotiate at all. This is not the 1st issue we had with this seller. Earlier ask for lower selling price, he refused to discuss & have the "take it or leave it" attitude. When asked for early move-in, he quoted us the maximum rental charge in the market. And now, this cov issue. Sigh.................. I'm really depressed now. Dunno how long more this thing will drag. We are gg to be homeless very soon & still got this dilemma to settle.

OMG, that really sad. Never ever sign any OTP when the valuation is not out yet. You mean you OTP at 350k since the valuation is at 297k. 350K offer by seller itself or what?

[therat 18]

exercise OTP w/o waiting for the valuation report out is a double sword.

[jolyn1374 0]

ya, we signed the OTP & had already submitted to HDB. before we viewed the unit, i did checked HDB web for past transaction price & understand that it's abt $290k+ (including cov). after we found the unit suitable we only offered $315k, assuming the valuation would be ard $290k - $300k. but the seller refused to negotiate at all & say if we want, it would be $340k. as we've already sold our place, hv been looking for units for the past 3 mths + HLE expiring soon & headache of dunno where to stay & store our stuff after we hand over our house in may, after hearing from the agent that the valuation is now $310k - 320k, we agreed to their asking price of $340k thinking that the cov would be $20k. another reason in quickly agreeing to the deal is bcos we hv a child + parent + maid together with us who have to look for place to stay. sigh.... dunno when this nightmare will end..... i dun wanna end up having depression over this house.....

[adryz 1]

Thanks all for ur replies & advises..

Fortunately, I've asked back some compensation fm the Seller.

and my UOB banker did a very good job,

help to waive the 1.5% penalty but UOB charge a process fees which is only 0.38% of my total loan...

I'm continue looking for better Unit now

Hope I am lucky enough & will not meet such case anymore

lucky u that UOB only charge an admin fee...my DBS Banker lousy..paid up 1.5% of loan for cancellation...haiz...good luck

[bepgof 20]

ya, we signed the OTP & had already submitted to HDB. before we viewed the unit, i did checked HDB web for past transaction price & understand that it's abt $290k+ (including cov). after we found the unit suitable we only offered $315k, assuming the valuation would be ard $290k - $300k. but the seller refused to negotiate at all & say if we want, it would be $340k. as we've already sold our place, hv been looking for units for the past 3 mths + HLE expiring soon & headache of dunno where to stay & store our stuff after we hand over our house in may, after hearing from the agent that the valuation is now $310k - 320k, we agreed to their asking price of $340k thinking that the cov would be $20k. another reason in quickly agreeing to the deal is bcos we hv a child + parent + maid together with us who have to look for place to stay. sigh.... dunno when this nightmare will end..... i dun wanna end up having depression over this house.....

Can image yr situations. I almost landed "homeless" with 5 ppl (inc myself), luckily pulled the brake( delay selling) in time avoiding to rent 2 pl ( one for ppl, one for bulky stuff). But ... major reno to resale flat in a big mass, wrong timing (~ started 2 mnth b4 cny), I'm still holding back 10% retention sum now...

No pt sighing over the valuation & cov issure, let's go and be decisive, quickly either talke to buyer to extend yr stay (like pay him rental, I think this is best in yr case avoid to move twice), or find a place to stay.

Since you have HLE, not sure if you need to pay COV in cash or cpf. Anyone can advise?

Edited March 29, 2010 by bepgof

[Phantom 1]

Cov is always cash. No exception. No loan to bridge.

[therat 18]

ya. Phantom is right.

COV only CASH. cannot use home loan or CPF to pay.

Either borrow from family or do personal loan.

BUT never go to ah long

[Phantom 1]

No personal loan allowed. U can take from overdraft facilities if have. Please don't tell the bank

[therat 18]

personal loan also cannot

really need to break the piggy bank liao

[Phantom 1]

personal loan also cannot

really need to break the piggy bank liao

Well, I dunno man. LMAO

1) Resale Prices Crazy

2) Private Prices Crazy

3) DBSS no more chinese quota.

no choice got to rent in my case. LOL.

[jolyn1374 0]

Can image yr situations. I almost landed "homeless" with 5 ppl (inc myself), luckily pulled the brake( delay selling) in time avoiding to rent 2 pl ( one for ppl, one for bulky stuff). But ... major reno to resale flat in a big mass, wrong timing (~ started 2 mnth b4 cny), I'm still holding back 10% retention sum now...

No pt sighing over the valuation & cov issure, let's go and be decisive, quickly either talke to buyer to extend yr stay (like pay him rental, I think this is best in yr case avoid to move twice), or find a place to stay.

Since you have HLE, not sure if you need to pay COV in cash or cpf. Anyone can advise?

ya, most probably my family need to split into 2 groups & squeeze in with relatives for the time being while finding storage solution for our stuff. for our case, can't delay handling over the hse cos the buyer oso urgently in need of the flat as they will be handling over theirs soon.

[tango 0]

For me, completed the HDB 1st appointment but now seems like seller not keen to sell. (Discharged his lawyers twice).

Any advice from the bros/sisters here?

[StevenNg 6]

For me, completed the HDB 1st appointment but now seems like seller not keen to sell. (Discharged his lawyers twice).

Any advice from the bros/sisters here?

same with the threadstarter case here... since u opted and paid deposit... u can sue/claim back what u have paid + compensation for time loss etc etc

[tanweiw 2]

For me, completed the HDB 1st appointment but now seems like seller not keen to sell. (Discharged his lawyers twice).

Any advice from the bros/sisters here?

u can sue under civil suit

HDB will not care

[Batman 0]

Bro Tango, if u have an agent serving u, ask ur agent. It is their duty to assist u.

Good luck and hope you real ur "Dream" soonest!