Seller Ask For Extension

[smurfzzz 0]

Hi, my seller ask for an extension of a couple months to stay, I read in this forum that we can opt to collect rental? Have anyone encounter before, and what do will you opt to do (reject, let them stay for free or rent out)?

If I opt to rent out, what are the procedures? How is the payment like? The sales transcation will be completing soon.

[bepgof 20]

Hi, my seller ask for an extension of a couple months to stay, I read in this forum that we can opt to collect rental? Have anyone encounter before, and what do will you opt to do (reject, let them stay for free or rent out)?

If I opt to rent out, what are the procedures? How is the payment like? The sales transcation will be completing soon.

Based completion date stated in OTP signed. Look like seller just raise this "extened stay" request suddenly, very non-professional, think of their own interests only. You're now at upper hand, if you got time to let them stay, "chop" seller back lah. Take it or leave it, or ask them to vacant on exact date, to rent elsewhere, to camp at seaside also can, Bencoolen hotels very cheap, free and easy. Seller still has time to decide. Put across you decision to seller quick.

Age, sqf of whole unit, location, land lease title, facilities etc determines $$$. If you would like to disclose more info, I can agar agr for you.(I'm not agent)

Edited September 28, 2010 by bepgof

[smurfzzz 0]

Thanks... Its 3-4 more weeks to finish sales transcation (reach the 12 weeks dateline)

The seller didnt even say want to pay rent, so I assume they are asking for a extension out of goodwill. PM you the condo name, in case owner or the agent reading (i suppose this forum is popular?), then i'll be pai seh.

Edited September 28, 2010 by smurfzzz

[matrix0405 0]

agree w bepgof. if u not in hurry to move in,rent to them.

[therat 18]

rent them in market rate.

Tell them government say. No free lunch

[bepgof 20]

Thanks for the infor, just TOP Dec 2009, you bought 2nd hand. No wonder seller still "miss" the place. Based on 80% loan @ 1% interest for 10yr tenure, monthly instalment =$5781.

Justify to "chop" seller at $5781/per month.

http://img816.imageshack.us/img816/5393/cityregency.jpg

Edited September 28, 2010 by bepgof

[rainforest 0]

Thanks for the infor, just TOP Dec 2009, you bought 2nd hand. No wonder seller still "miss" the place. Based on 80% loan @ 1% interest for 10yr tenure, monthly instalment =$5781.

Justify to "chop" seller at $5781/per month.

http://img816.imageshack.us/img816/5393/cityregency.jpg

Yes , agree, no free lunch.

I think the sellers are not sincere in asking for a few months extension of stay , this long into the completion process (2 months) , some more without reason and mention of rent payment. When they sold you the place, did they mention at that time they were looking to buy or rent another place or not at all? With one month left to completion, they don't have many (buying) options. Renting maybe.

[mach668 0]

Thanks for the infor, just TOP Dec 2009, you bought 2nd hand. No wonder seller still "miss" the place. Based on 80% loan @ 1% interest for 10yr tenure, monthly instalment =$5781.

Justify to "chop" seller at $5781/per month.

http://img816.imageshack.us/img816/5393/cityregency.jpg

assuming is a 3 bedders, $5781 (=$4.75psf for a std 1216sf 3 bedders) is quite ex unless is in a better location. i doubt seller will take up offer. anyway as u mentioned they are not professional if request only put up recently!

[smurfzzz 0]

Thanks, decide to reject. Though not in hurry, but timing too last min and will cause many inconvenience if extend (unless its a few days or a week), not worth the rental money.