Selling House Issues

[spidt09 0]

hi all,

i am very confused about the whole situation i am in now. thus, i am seeking advises from you good people here.

it came to light that my parents have not been paying the house monthly installments of about 800/month for the past 2-3 years as both of them have been out of job. as i am the only working person in the family, i was told to include my name as the 3rd owner to settle the arrears and installments henceforth. it will be a heavyload for me considering hdb will wipeout my whole cpf, and i still have to continue the installments alone.

however, after much talks with my friends and fiancee. is it a feasible idea for my parents to sell the house to settle the current problem including the snowballed arrears? at the same time, i will get a new resale house with my fiancee? my parents and younger brother will then stay in my to be purchased house after they sell the house.

in the long run, after my brother finishes his ns and my parents get a new job, they will then be able to purchase their own house.

pls advise. thanks!

Edited April 7, 2011 by spidt09

[forgotten 1]

hi all,

i am very confused about the whole situation i am in now. thus, i am seeking advises from you good people here.

it came to light that my parents have not been paying the house monthly installments of about 800/month for the past 2-3 years as both of them have been out of job. as i am the only working person in the family, i was told to include my name as the 3rd owner to settle the arrears and installments henceforth. it will be a heavyload for me considering hdb will wipeout my whole cpf, and i still have to continue the installments alone.

however, after much talks with my friends and fiancee. is it a feasible idea for my parents to sell the house to settle the current problem including the snowballed arrears? at the same time, i will get a new resale house with my fiancee? my parents and younger brother will then stay in my to be purchased house after they sell the house.

in the long run, after my brother finishes his ns and my parents get a new job, they will then be able to purchase their own house.

pls advise. thanks!

I am sorry to hear your parents' situation. I applaud your commitment to help your parents solve their problem.

Many of the hdb owners, who have difficulty paying the housing loan instalments, sold off their current hdb and downgraded to a smaller hdb in cheaper town to pay off the snowballed arrears. This is the common solution adopted by hdb owners, who have difficulty paying the housing loan instalments.

Does your financee get along with your family members? They will be staying together for years. If there are conflicts, you will be sandwiched in between.

Do you have enough cash to pay for the next house's COV and renovation? Are you relying on your parents' sale proceedings to help you pay for your resale house? If yes, they may not have enough cash to pay for their 2nd house's COV and renovation. Note that your parents may not be able to get any loan from HDB or bank due to their age years later.

Edited April 7, 2011 by forgotten

[chronograph 0]

This is a family issue, need to talk to your parent and wife.

Your plan looks good cos u and wife will be owning the property instead of co-own with your parent.

Your major concern is :

Is your wife ok staying with your family?

I doubt your parent will be getting job any sooner with the fact that they have been out of job for few years. Thus, this is going to be a very long stay. Talk to your wife.

[spidt09 0]

I am sorry to hear your parents' situation. I applaud your commitment to help your parents solve their problem.

Many of the hdb owners, who have difficulty paying the housing loan instalments, sold off their current hdb and downgraded to a smaller hdb in cheaper town to pay off the snowballed arrears. This is the common solution adopted by hdb owners, who have difficulty paying the housing loan instalments.

Does your financee get along with your family members? They will be staying together for years. If there are conflicts, you will be sandwiched in between.

Do you have enough cash to pay for the next house's COV and renovation? Are you relying on your parents' sale proceedings to help you pay for your resale house? If yes, they will have no cash to pay for their 2nd house's COV and renovation. Note that your parents may not be able to get any loan from HDB or bank due to their age years later.

thanks for the reply.

downgrading to a smaller unit looks like a feasible idea. but the problem i am afraid might surface later on is that my parents will not then b able to pay for the downgraded house's installments, and bills as they are not currently working. tapping on my younger brother who is currently serving his ns is also not feasible as he is not earning much from saf.

about the COV and renovation, i might have just sufficient to survive as my finance totaled with my fiance will be around 6k per month.

but in the long run, i still foresee having to support my parents. ultimately, they are my own parents.

[forgotten 1]

thanks for the reply.

downgrading to a smaller unit looks like a feasible idea. but the problem i am afraid might surface later on is that my parents will not then b able to pay for the downgraded house's installments, and bills as they are not currently working. tapping on my younger brother who is currently serving his ns is also not feasible as he is not earning much from saf.

about the COV and renovation, i might have just sufficient to survive as my finance totaled with my fiance will be around 6k per month.

but in the long run, i still foresee having to support my parents. ultimately, they are my own parents.

I see your point. Your parents may have no cpf to pay for the next hdb's instalments, and the same problem will return to your family. Then the only solution will be for you to buy a hdb, and let them stay with you.

I'm going to face the same issue as you when hdb 'force sell' my parents' house probably next year. My dad purposely withdrew so much money from his OA account until no cpf money left to pay for my 2 younger sisters' uni school fees and pay for housing loan instalments. My dad hasn't been paying for household expenses for more than 10 years. My dad is a gambler addict, we all think he is forcing my mum to sell off hdb to get his hands on more money to feed his habit.

Solutions for my case:

1) 2 sisters (still studying) + mum + brother (working now) will stay in my house. My hubby will not mind but my MIL is very traditional thinking, she will surely make big hooha about it.

2) My brother buys a hdb with my mum to stay. My brother's gf is still studying in uni. I doubt they will want to ROM so quickly. Problem is we don't know whether his future wife + future inlaws will mind about her staying with our mum.

3) My brother add his name to parents' hdb to use his cpf OA to pay for instalments. Same problem as 2) will result.

My mum did not want to talk about this hdb issue when siblings and I approached her. She said that she only wants to discuss about it when hdb knocks on the door. I guess this is how my mum keeps her sanity throughout these two decades.

Edited April 7, 2011 by forgotten

[spidt09 0]

This is a family issue, need to talk to your parent and wife.

Your plan looks good cos u and wife will be owning the property instead of co-own with your parent.

Your major concern is :

Is your wife ok staying with your family?

I doubt your parent will be getting job any sooner with the fact that they have been out of job for few years. Thus, this is going to be a very long stay. Talk to your wife.

thanks for the reply.

actually my fiancee is ok staying with my family. indeed, if i were to include my name as the third name, she will be staying with me and my parents.

thus compared that to buying my house, my fiance will feel more comfortable knowing its her own house, although my parents will be staying with us.

[spidt09 0]

I see your point. Your parents may have no cpf to pay for the next hdb's instalments, and the same problem will return to your family. Then the only solution will be for you to buy a hdb, and let them stay with you.

I'm going to face the same issue as you when hdb 'force sell' my parents' house probably next year. My dad purposely withdrew so much money from his OA account until no cpf money left to pay for my 2 younger sisters' uni school fees and pay for housing loan instalments. My dad hasn't been paying for household expenses for more than 10 years. My dad is a gambler addict, we all think he is forcing my mum to sell off hdb to get his hands on more money to feed his habit.

Solutions for my case:

1) 2 sisters (still studying) + mum + brother (working now) will stay in my house. My hubby will not mind but my MIL is very traditional thinking, she will surely make big hooha about it.

2) My brother buys a hdb with my mum to stay. My brother's gf is still studying in uni. I doubt they will want to ROM so quickly. Problem is we don't know whether his future wife + future inlaws will mind about her staying with our mum.

3) My brother add his name to parents' hdb to use his cpf OA to pay for instalments. Same problem as 2) will result.

sis,

i feel for you. i thought i already jialat. yours seem like more worst. i hope all goes well for u!

[forgotten 1]

sis,

i feel for you. i thought i already jialat. yours seem like more worst. i hope all goes well for u!

You are lucky to have such a sweet, understanding fiancee. Jiayou! I wish everything goes well for you too. We cannot control the events but we can definitely control our reactions to them.

Honestly, my siblings and I do not pity ourselves. We are still much more fortunate than people who are suffering from terminal illnesses and victims from natural disasters.

The 'intensive training by our dad' has gave my siblings and I certain amount of inner strength when facing difficult situations and difficult people. Yeah I still cry sometimes but I will be able to laugh after it

Edited April 7, 2011 by forgotten

[therat 18]

another option is your parent sell away the existing HDB and downgrade to Studio Apartment.

http://www.hdb.gov.sg/fi10/fi10321p.nsf/w/...io?OpenDocument

U and your fiancee can able to buy a new HDB while ur bro can stay with you all.

[forgotten 1]

another option is your parent sell away the existing HDB and downgrade to Studio Apartment.

http://www.hdb.gov.sg/fi10/fi10321p.nsf/w/...io?OpenDocument

U and your fiancee can able to buy a new HDB while ur bro can stay with you all.

Yah it will be more affordable than a resale hdb.

The studio apartment takes 3 years to build. Meanwhile, TS' parents can stay with them.

Edited April 7, 2011 by forgotten

[chronograph 0]

thanks for the reply.

actually my fiancee is ok staying with my family. indeed, if i were to include my name as the third name, she will be staying with me and my parents.

thus compared that to buying my house, my fiance will feel more comfortable knowing its her own house, although my parents will be staying with us.

Since your fiancee is ok, u have most your problem solved. Talk to your parents, selling their house and maybe help you with your COV using their profit(if there is) from the sales of their unit.

My parents are staying with me as well, sometimes conflict does happened but u have to be firmed on your call, do not take side, reason things out. It is good to have extras hand to help out in the family. My parents are supervising the helper in taking care of my children.

[spidt09 0]

thanks again for all the replies, good people.

i have actually have the application approved for my name to be included as the 3rd name for the house. just waiting to sign for the formal transfer agreement before its finally concluded. however, now that i've decided to go ahead with the new plans (parents sell the house, and downgrade(or just stay with me) whilst i get a new flat), i did called my parents' case officer to inform them the new plans).

however, hdb seem to insist me to continue with the signing of the agreement to include me as the 3rd owner, which i am not inclined/disagree to do so. afterwhich, then i should sell the flat after i've included my name as the 3rd owner. hdb even suggested that if my plans are not given the thumbs up, and i declining to go ahead as the 3rd owner, they will just revest my parents flat. what am i supposed to do now? what rights do i have? im really lost.

Edited April 7, 2011 by spidt09

[bepgof 20]

1. Experience tells me it is human nature to seek help and appear to be "accomodating" during the trouble days. Once the trouble has been settled and these ppls (even own parents/siblings) will start to claim "credits". There is no black/white document signed and no figures or period of stay stated. To avoid the unfairness/dispute in future and expenses to yr financee, best not to include yr name as 3rd co-owner. Yr financee may not be fully aware of the "dark side" of human nature and the complications of human relationship . Hdb is of course encourage 3rd co-owner, so the "owed" $ can come into HDB's pocket quick and safe.

2. Cal the proceeds from sale of present house and roughtly workout the costs of downgrading and monthly instalment amount. Best, at least got money(from proceeds) to last for at least 36 instalments for the downgraded house. May consider yr brother to include his name as one of the co-owner of this house.

3. Get a new resale for yourself & financee asap. Of course you may still contribute some money to your parents. It is a "logical", "sound", and "harsefree" approach.

Long story cut short (Similar to forgotten's). - My FIL was traditional professional addicted gambler when I know then gf, now my wife in 1983 who stayed in a hdb rental "one room half hall" with 4 members.

-After much discussions in between over years, we finally decided to get a 5rm & SIL & MIL stayed with us. Dumped FIL to one side to survive on his own. Applied new 5 rm, approved, got keys in Sept 1992, we held customary and church solemnisation wedding the same day in march 1993.

- Few yrs after married, FIL also moved to bedok due to resettlement, at a rental flat(one room type, blk 106). Again after few yr, gov encouraged tenants to buy, so he bought the unit under his & mil's name (actually we asked mil to go ahead, we promised to financially support the flat in case FIL can't make it, so far so good)

- SIL has moved out after married in 2003.

- MIL has been staying with us all this while, though her IC address at blk106. My son already 16, girl 14.

- FIL has toned down a lot on gambling, 2 wks ago told us abt his recent 1st visit to MBS with $600, won 9k halfway and continued gambling till pocket empty then go home.

To be "fair" to yr financee and "future family", never put yr name with parents' property, especially staying with siblings, complications surface in no time.

Edited April 7, 2011 by bepgof

[spidt09 0]

Can someone advice me what should I say, or what rights I have, if the hdb officer insist I add my name as e 3rd owner, and if not, they will do a compulsory acquisition on my parents flat? Although of the plan to instead sell e flat, and downgrade?

[bepgof 20]

If form not signed, no one can hold you responsible for anything.

Can someone advice me what should I say, or what rights I have, if the hdb officer insist I add my name as e 3rd owner, and if not, they will do a compulsory acquisition on my parents flat? Although of the plan to instead sell e flat, and downgrade?

Edited April 8, 2011 by bepgof