Hdb Resale Ea Unit At Kang Ching Road

[st96 0]

Sigh! After HDB 1st Appt, the seller kept delaying the payment to Town Council (outstanding sc/cc) and to Property Tax Dept ..... In total, almost $10K.

HDB already issued the ultimate term that seller must settle these bf 20 Feb 11, otherwise there shall not be any completion of the resale transaction (9 Mar 11) ......

Property Agents are also in the lost .......

Being the case, although can claim compensation against the seller. But judging from their financial situation, how much & when can this claim be settled .......

[st96 0]

Just wonder what is the level of protection given to the Seller and Buyer.

Visited HDB HQ, Branch Office, Town Council ...... there are limited options opened to me (Buyer):

- cancellation CANNOT be initiated by me (if not, the Seller can claim compensation)

- only can wait until the 2nd Appt

- if due to Seller's default, I (as Buyer) can take legal action .....

- but the potential damage: $5K deposit, Conveyancing / Registration / Stamp / Caveat & etc ... Fee = $13K+, and many others ......

The painful lesson learnt: DO NOT BUY FROM THOSE OWNERS WHO ARE FACING FINANCIAL ISSUE

but how to know this? You only know this when attending HDB 1st Appt ..... Sigh !

[May_dream1 14]

Just wonder what is the level of protection given to the Seller and Buyer.

Visited HDB HQ, Branch Office, Town Council ...... there are limited options opened to me (Buyer):

- cancellation CANNOT be initiated by me (if not, the Seller can claim compensation)

- only can wait until the 2nd Appt

- if due to Seller's default, I (as Buyer) can take legal action .....

- but the potential damage: $5K deposit, Conveyancing / Registration / Stamp / Caveat & etc ... Fee = $13K+, and many others ......

The painful lesson learnt: DO NOT BUY FROM THOSE OWNERS WHO ARE FACING FINANCIAL ISSUE

but how to know this? You only know this when attending HDB 1st Appt ..... Sigh !

hhmm....sorry to hear that your purchase is facing so many problems. at least you know it now, better than after you move in, then a lot of ah longs come spray paint on your new door.

Did you ask why they want to sell the flat? maybe that would give an indication whether they are facing any financial issues.

[st96 0]

hhmm....sorry to hear that your purchase is facing so many problems. at least you know it now, better than after you move in, then a lot of ah longs come spray paint on your new door.

Did you ask why they want to sell the flat? maybe that would give an indication whether they are facing any financial issues.

Yes, we did consult SPF & TownCouncil. There was no record of ah long harassment for this unit. So, we thought the situation is not so bad.

Yes, seller told us that they are down grading to 3-rm hdb BTO flat. But until hdb 1st appt then we knew outstanding bills about $10K. Even this, with the $5k deposit, we thought they should be in the position to settle.

Now they are playing such dirty game by not paying .......

So now, the only choice we have, is to wait till the 2nd appt. If seller's default, buyer take legal action to claim compensation ......

[ngunadi 2]

Yes, we did consult SPF & TownCouncil. There was no record of ah long harassment for this unit. So, we thought the situation is not so bad.

Yes, seller told us that they are down grading to 3-rm hdb BTO flat. But until hdb 1st appt then we knew outstanding bills about $10K. Even this, with the $5k deposit, we thought they should be in the position to settle.

Now they are playing such dirty game by not paying .......

So now, the only choice we have, is to wait till the 2nd appt. If seller's default, buyer take legal action to claim compensation ......

Have you paid your COV fully?

[May_dream1 14]

Yes, we did consult SPF & TownCouncil. There was no record of ah long harassment for this unit. So, we thought the situation is not so bad.

Yes, seller told us that they are down grading to 3-rm hdb BTO flat. But until hdb 1st appt then we knew outstanding bills about $10K. Even this, with the $5k deposit, we thought they should be in the position to settle.

Now they are playing such dirty game by not paying .......

So now, the only choice we have, is to wait till the 2nd appt. If seller's default, buyer take legal action to claim compensation ......

Buying flat should be happy occassion but your seller playing this kind of trick, Haiz....

How much cov they are asking? The cov should be able to cover the outstanding, right? What will happen to their bto flat?

Hope you able to solve this asap.

[st96 0]

COV does not help as their is a "negative" sale, that is almost everything go back to their CPF Account and paying outstanding balance to HDB.

In cash term, they only can receive less than $10K (inclusive of the $5K deposit).

Yes, I already paid everything per-se.

[May_dream1 14]

COV does not help as their is a "negative" sale, that is almost everything go back to their CPF Account and paying outstanding balance to HDB.

In cash term, they only can receive less than $10K (inclusive of the $5K deposit).

Yes, I already paid everything per-se.

Difficult to believe that theirs is a negative sales when prices of the flats have increase so much the last few years. if they have stayed there for at least 5 years, they would have at least have capital appreciation of 30% which should be able to cover their CPF account and outstanding balance.

your 2nd appt on 9th Mar? are you going to start looking for other flats?

[st96 0]

This is another proposed layout. Quite like the space planning.

So far, have received six proposals. Now, evaluating their proposals & quotations (Ranging from $40K+ to $60K+).

Keep my fingers crossed, and hope the resale can go thru as planned on 9 Mar 11. Only then, I can award the works to the selected ID/Contractor.

Note: I have good property agents. They are willing to use their agents fee to settle the outstanding bills for the seller. So, they are trying very best to complete the resale transaction as scheduled.

[May_dream1 14]

This is another proposed layout. Quite like the space planning.

So far, have received six proposals. Now, evaluating their proposals & quotations (Ranging from $40K+ to $60K+).

Keep my fingers crossed, and hope the resale can go thru as planned on 9 Mar 11. Only then, I can award the works to the selected ID/Contractor.

Note: I have good property agents. They are willing to use their agents fee to settle the outstanding bills for the seller. So, they are trying very best to complete the resale transaction as scheduled.

Ok lah, so can settle it then everything can go through. Keep praying!!

[st96 0]

Finally, signed everything and collected the keys this afternoon. Except I have agreed to let the seller to move their things out, latest by this Fri 11 Mar 11.

I must thank the property agents for using their commission (almost all) to pay seller's outstanding bills with Town Council and Property Tax Dept.

If you have friends looking for property agents, I would more than happy to introduce them to you and your friends. BTW they are from OrangeTee.

Back to the renovation, after the preliminary round, I have shortlisted 3 IDs/Contractors for site visit & measurement.

Shld be busy meeting them during the next one/two weeks for final selection.

[csingeu 0]

gd for you! at least secure the keys le...

hopefully they able to move out by friday without much hassle.

i think the slight disadvantage is that, u already "did" your inspection, before the handover... hopefully, they don't play punk...

anyway, my seller also requested to keep 1 mailbox key, coz he's still updating his address, and expecting mails til mid-Apr. At first, told me end-feb, then later stuck a post-it in my mailbox, telling me that he wants to keep the key til mid-Apr.

luckily, i'm not moving in anytime soon, if not, sure very ma fan...

[marshmallow 0]

Finally, signed everything and collected the keys this afternoon. Except I have agreed to let the seller to move their things out, latest by this Fri 11 Mar 11.

I must thank the property agents for using their commission (almost all) to pay seller's outstanding bills with Town Council and Property Tax Dept.

If you have friends looking for property agents, I would more than happy to introduce them to you and your friends. BTW they are from OrangeTee.

Back to the renovation, after the preliminary round, I have shortlisted 3 IDs/Contractors for site visit & measurement.

Shld be busy meeting them during the next one/two weeks for final selection.

congrats! so happy for you~ and kudos to your agents

[May_dream1 14]

Finally, signed everything and collected the keys this afternoon. Except I have agreed to let the seller to move their things out, latest by this Fri 11 Mar 11.

I must thank the property agents for using their commission (almost all) to pay seller's outstanding bills with Town Council and Property Tax Dept.

If you have friends looking for property agents, I would more than happy to introduce them to you and your friends. BTW they are from OrangeTee.

Back to the renovation, after the preliminary round, I have shortlisted 3 IDs/Contractors for site visit & measurement.

Shld be busy meeting them during the next one/two weeks for final selection.

Congrats!!! At least you get this flat after all you been through. Hopefully they already moved out.

Have you decide on your contractor and design??

[ne0mesis 0]

Finally, signed everything and collected the keys this afternoon. Except I have agreed to let the seller to move their things out, latest by this Fri 11 Mar 11.

I must thank the property agents for using their commission (almost all) to pay seller's outstanding bills with Town Council and Property Tax Dept.

If you have friends looking for property agents, I would more than happy to introduce them to you and your friends. BTW they are from OrangeTee.

Back to the renovation, after the preliminary round, I have shortlisted 3 IDs/Contractors for site visit & measurement.

Shld be busy meeting them during the next one/two weeks for final selection.

hey fellow EA, read up your tblog and is such a relief to hear they you had collected your key after all the money issues on the seller side.

and yea, indeed thank your lucky stars that you have such professional property agents.

your layout is really lovely! and how unique to have the round corner in yr mbr. can do miracles there if done correctly!

was comparing yr few layouts and bearing in mind that there's 7 adults, space planning indeed, can b tricky. btw, is the last layout on 25 feb with a bedroom in mind near the kitchen? is for the maid i suppose? imho; i prefer the latest layout but perhaps with considerations with the following pointers;

1. yr very first layout initially had 4 rooms only right? without the maid's rm. i suppose u made provisions for the maid to bunk in in one of the rooms? with that, i will definitely prefer the latest layout without the maid's room (if i am assuming correctly that it is the one near the kitchen). thus, u have a much bigger kitchen work space. and bigger kitchen is better since you have so many of you all i.e more food, more cooking i suppose.

2. the room nearest to the main door. would be better if it can be smaller so you free up the walkway immediately after the main door. visually, it will really really do justice for a EA. otherwise, may feel tight and the impression is not as welcoming as a big open walkway.

3. is the store still there in the latest layout? if it's up to me to decide, no store means less clutter to store. tat way, u made sure u only store what you need and not anything and everything. no store also means that the living room is EVEN bigger. to compensate the loss of the store room, perhaps you can heart pain pain whack carpentry there (from floor to ceiling)and have lots and I mean LOTS of cabinets.

4. agree with january totally to share the toilet. and yea, i can imagine how visually enormous the place is going to be if u can consider having an open kitchen i.e hack down the immediate wall LHS of the main door. imagine if you have the service balcony together with the kitchen!

i got so excited at the planning of space that i actually created one. hope you dont mind i kpo hor..

is serious carpentry money here i think but your EA really looks like 2 EAs if this can be materialise. hahahaha

hope you had a smooth journey selecting yr id/contractor!

will be following your blog!