Sellers Back Out On Sale Of Resale Flat

[karen77sg 0]

Hi clare.

Wah....tiis seller really TOO MUCH lor...

I understand yr situation and really hope all can resolved soon and to yr favourable side.

Good Luck!

[MaCe 3]

support zirhk3355 's suggestion ;

sue them all the way. if you pity them then who come and pity u?

[zirhk3355 1]

Hi zirhk3355,

I took your advice and went to propose to the sellers few weeks ago. We proposed to them to rent the flat back to them for half a year at the rental that they are currently paying their landlord. We will also help them to appeal to MP to get them a rented HDB flat. They were rather surprised at our proposal and said that half a year may be too short to get HDB approval for rented flat. So we extended to 1 yr. They said to consider.

The next day, they replied saying that they don't feel good staying in their own flat but in rental (ru**ish right!). Then they showed their true colour....they requested us to give them $30K cash saying that they can use the cash to buy new flat. Like what you say, if they sincerely have problems, they will accept our proposal right. See, they already have intention to extort more $ from us. We are very pi**ed off with them!

We have already gotten a lawyer to issue them a letter of demand (7-day notice period for them to response) last Thurs. Still nothing heard from them. Our lawyer will prepare docs and proceed to file with high court. But as the seller is a bankrupt, still have to get permission from court to sue him....like that have to wait 2-3 weeks.

Although we know that the legal proceeding will take quite sometime, we think that we cannot just let the sellers get off like that. They also didn't mention about returning my few $k deposit.... And also to prevent them from using the same tactics to cheat others.....

Well, this time is really 'just your luck' lor - *sigh*

BTW, just thought of something: If the seller is a bankrupt, the agent actually have the duty to qualify them accordingly (by helping them to seek approval to sell) and inform you of the status PRIOR to sale.

If you can prove that the agents did not do their job and accepted your deposit without performing the necessary, you can sue them too.

But I am not too sure of the procedures and if it works for this particular case; best is to call up your lawyers to check on the liabilities of the agents when they had misrepresented the information that is due to you. At least if you cannot get back any money from the bankrupt seller, you can get some from the agents.

Meanwhile, leave this to the lawyers to handle and move on to look for your new flat lor; don't dwell on the unhappy things in life, look forward to happy things!!

GOOD LUCK!!

[clare 0]

Hi, thanks for all your encouragement!

However, while suing the sellers, we would not be able to lift the caveat off the purchased flat. So during this period, we will not be able to buy another HDB flat. Can only private property...but now prices so ridiculous!

[richman 0]

Hi, thanks for all your encouragement!

However, while suing the sellers, we would not be able to lift the caveat off the purchased flat. So during this period, we will not be able to buy another HDB flat. Can only private property...but now prices so ridiculous!

i feel your injustice. hope you at least get back your deposit soon and succeed to sue them for the flat. these pp hide just behind their bankruptcy.

[ek504 0]

Hi All,

Need Advice, recently we have signed OTP, and return back the otp copy the agent, but he seems to refuse to submit to HDB, what can we do for that? can we get back our deposit if he not submit?

[raincole 0]

You can do the submission yourself. But before that, maybe talk to the seller if they are serious or not, else dun waste time and move on to looking for a new, maybe even better place.

[ek504 0]

But i have signed the bank loan, then how? Sigh....

No way to sue them??

[zirhk3355 1]

Hi All,

Need Advice, recently we have signed OTP, and return back the otp copy the agent, but he seems to refuse to submit to HDB, what can we do for that? can we get back our deposit if he not submit?

Just to let you in on some tricks by all these chao agents:

HDB's OTP has a standard validity for submission (think 14 days or 21 days, can't remember). The agent must either submit the documents personally to HDB's dropbox, or apply thru ResaleNet. If no submission is done within that period, the OTP becomes null and void.

If submit personally, then they cannot bluff and must submit before the deadline. However, if the agent apply thru ResaleNet, then they can play with the dates because HDB won't know when the OTP was signed; the original OTP would be submitted only during 1st appointment.

In this case, the chao agent would ask to meet you earlier that day, then give you a c*ck & bull story that his admin lost the original OTP and get you to sign another copy with a new date. By which time you will probably sign it, because you already waited so long, tired of looking for flats liao plus you really want that flat mah, so you got no choice.

The common reason why the chao agent did not submit the OTP is because of the sellers' situation; they might need to go search for their new flat, pending loan approval for their new flat, etc so the chao agent is holding on.

As for your recourse, you can demand for 2 x deposit amount paid, and also *maybe* can sue for damages in delay. But the latter is more difficult, because you first have to provide a tangible amount for your 'loss' (eg opportunity loss, buy another flat more ex, bank loan cancellation charges, etc), also I think the OTP got state that the liability is only 2x deposit.

BTW have you signed any commission agreement with the chao agent? If so, then quickly take it out to check; most agencies do state that in case that the transaction is cancelled, then you got to pay half of the deposit to them as commission.

[raincole 0]

Or you can just submit it yourself. The difference is that agent can get earlier dates which is not open to public.

[ek504 0]

Hi Zirhk3355,

Thanks for yr explain. If agent not submit the OTP by 14 days, then it become null and void.

then is that mean seller & agent can use this loophole to cheat our $$

Raincole,

If we submit ourselves, and 1st appt date seller also not turn up, we also can not proceed, correct?

[raincole 0]

That's why first, discuss with the seller if they are serious or not. Don't keep you in dark, if they have problem like reno delay or not, then maybe we can understand. I think we hate to be leading by the nose right.

Act. I don't like agent. Agent submission cost them only $60 but market practise charge us $80. $80 is the price we pay if submission through public.

[zirhk3355 1]

Hi Zirhk3355,

Thanks for yr explain. If agent not submit the OTP by 14 days, then it become null and void.

then is that mean seller & agent can use this loophole to cheat our $$

No they cannot cheat your money. Technically speaking, the deal had bust when the OTP was not submitted to HDB on time. They will have to compensate you 2 x deposit amount if it was their fault for failing to submit on time. You have every right not the sign the new OTP with new date, and demand for your money back.

However, if you really like the flat, then you will have no choice but to sign the new OTP right? So that's where they can lead you by the nose lor.

[ek504 0]

How to get them to compensate my 2X deposit? need a lawyer to do this?

May i know the procedure?