Urgent Advice needed
- Thread starter beembeem
- Start date
__iceman__
Well-Known Member
Re: Urgent Advice needed
Just to share - yes its true that you're looking at the loss of 25%. However its 25% of the first 5% payment. Case in point, I also committed to a unit very quickly - it was a very 'hot' configuration unit that suddenly became available as the balloted owner could not secure a loan, and it was really hot. On the spot, I had to make quick calculations to understand if this decision was really bad, how much would it cost me. The answer was about 20k, so I made a plunge there and then to secure it.
Past this stage, your next hurdle is to complete up to 20% of the payment, and that's where officially you can call the property - "yours" and that is where you would probably try to shoot to sell it for approx 103% of the price to recover so you don't lose $$$ i.e. 'flip it'. I am not an expert, only forced by circumstances to find out. The scene has been pretty crazy.
Just to share - yes its true that you're looking at the loss of 25%. However its 25% of the first 5% payment. Case in point, I also committed to a unit very quickly - it was a very 'hot' configuration unit that suddenly became available as the balloted owner could not secure a loan, and it was really hot. On the spot, I had to make quick calculations to understand if this decision was really bad, how much would it cost me. The answer was about 20k, so I made a plunge there and then to secure it.
Past this stage, your next hurdle is to complete up to 20% of the payment, and that's where officially you can call the property - "yours" and that is where you would probably try to shoot to sell it for approx 103% of the price to recover so you don't lose $$$ i.e. 'flip it'. I am not an expert, only forced by circumstances to find out. The scene has been pretty crazy.
Re: Urgent Advice needed
BB, which property did u visit? Was it the same developer as per my experience?
I also got stuck in such a muddle last time. Also, GM asked me to sign first and give cheque. Tomorrow morning can confirm the booking. Sales staff called me at 8:30 am and called back at 8:45am to confirm the unit is mine. I told him I am not yet ready to buy but then he sd that I have to penalty since I signed the OTP. I was absolutely clueless. I called my lawyer immediately and he settled things for me. Luckily, I didnt had to pay anything except my lawyers fee....
BB, which property did u visit? Was it the same developer as per my experience?
I also got stuck in such a muddle last time. Also, GM asked me to sign first and give cheque. Tomorrow morning can confirm the booking. Sales staff called me at 8:30 am and called back at 8:45am to confirm the unit is mine. I told him I am not yet ready to buy but then he sd that I have to penalty since I signed the OTP. I was absolutely clueless. I called my lawyer immediately and he settled things for me. Luckily, I didnt had to pay anything except my lawyers fee....
beembeem
Well-Known Member
Re: Urgent Advice needed
Hi,
Nt sure it could be the same developer. But the tactic used sounds pretty the same rue. Had to visit the lawyer couple of times to get advice. To this date, had not heard from the developer yet, so I keeping my fingers crossed that matter is settled.
If u r interested in knowing which developer, PM me. There are quite a number of interest-linked individuals that may be working for them so it's nt convenient to name it openly.
Cheers
gobal100;568358 said:
Hi,
Nt sure it could be the same developer. But the tactic used sounds pretty the same rue. Had to visit the lawyer couple of times to get advice. To this date, had not heard from the developer yet, so I keeping my fingers crossed that matter is settled.
If u r interested in knowing which developer, PM me. There are quite a number of interest-linked individuals that may be working for them so it's nt convenient to name it openly.
Cheers
ST.Phase
Well-Known Member
Re: Urgent Advice needed
Long shot since this tread has been awhile...
I'm facing the same situation ... but I was misleaded by sales person base on calculation worksheet he had done for me on the spot ( still with me ) and being lure to sign the option on the spot as well ... later did I found that all calculation was wrong and bank will not approve the amount that was presented to me by the sales person ( no bankerduring signing or calculation)... So I worte to developer and tell them the whole story but THEY DON"T GIVE A S*#T.. it the agent fault not theirs.. so my 25% was forfited base on the agreedment ... I guess I no problem with that .
Now I'm going after the agent and it's company for my lost.... So what are my chances...
Long shot since this tread has been awhile...
I'm facing the same situation ... but I was misleaded by sales person base on calculation worksheet he had done for me on the spot ( still with me ) and being lure to sign the option on the spot as well ... later did I found that all calculation was wrong and bank will not approve the amount that was presented to me by the sales person ( no bankerduring signing or calculation)... So I worte to developer and tell them the whole story but THEY DON"T GIVE A S*#T.. it the agent fault not theirs.. so my 25% was forfited base on the agreedment ... I guess I no problem with that .
Now I'm going after the agent and it's company for my lost.... So what are my chances...
