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On buying HDB resale and levels of risk involved, if taken wrong steps, results can be catastrophic. In Dec 2008 I purchased a 4 room flat from a HDB seller just next block to me. We signed the OTP and attended the first appointment and getting ready for renovation. I do not have a agent that time. The Agent was represented both seller and buyer for the same unit. I was also doing a contra, and I had refunded my buyer for another transaction. However the HDB seller chosen to back out and does not refund me the deposit, lift upgrading and other expense that I had incurred. I was given insults from the HDB seller also. In the end I offer him to return my deposit instead, he still gave me a bounce cheque. the whole scenario took at least half a year. HDB has advised me to seek legal compensation against the seller. Meet the MP session, My MP also ask me to seek the legal counsel. 2009 April, hired a lawyer for the case, paid up $38k in legal fees & high court fees. 2010 Sept, I won the hearing. There shall be specific performance to be paid by seller. 2010 Sept to Mar 2011, My lawyer did not follow thru up the case, despite my attempts of getting him was very difficult as he was on MC and busy. Mar 2011 He informed with me the 3rd party issue on the SLA caveat was lodged on the flat by the Seller Agent for 40k without any black and white stating he loan money to the seller. The seller was not able to pay him. The Seller bank refuse to sell the flat as there is a caveat on this. 2012 Feb, The seller shifted out of sudden. I was ready for a bank loan and fixed interest was 1.88% at that time. 2013 July, The follow up went thru as somehow the Seller bank is fret up of the outstanding balances the Seller owes the bank. There are some amount of the seller's sale proceeds went the the Agent. To me this sum is invisible, however it depreciates the value of Seller repayment. 2013 August, The bank lawyer and my court lawyer is same lawyer. I had to pay 2k penalty to my bank for contract expiry. The fixed interest increase and became 2.4%. I had collected flat without any keys. When the locksmith open up the flat, and there were too much of junk and furniture not thrown away. 2013 Oct, My lawyer sent me additional invoice of $65k. I was not aware that the total is so high additional expense. If I would have been inform as at that time kept asking and asking, I would not have taken up the suit against seller. Until today I do not receive a single cent of compensation from the seller which amounts $160k. They have been issued bankruptcy notice, but remains missing in Singapore. The lawyer has told me on how I had benefited the sale. Debit Purchase of 4 room : 260000 Legal total: 38000+ 65000= 103000 <-hardcash Total = 260k + 103k= 363000. Currently Resale transcactions in Sept 13, 4 room flats in my area is 400,000. Lesson Learnt and Heart to Heart (priority) 1) What troubles me right now most is the 65k repayment in cash to my lawyer. I do not have enough money to pay my lawyer. I had informed my lawyer the only option I have is unless the Seller pays the compensation I could only release the amount of what’s owing to him. 2) To exercise the bankruptcy notice to seller is another 5 figure sum. My lawyer had advised me as they can be discharged. I may not even get a cent back from seller. 3) Agents lend money to sellers are consider legal in Singapore as long no interest involvement. 4) 5 years down the road, people aged and do not live forever. Hence please do not live life in problems of such matters, knowing how let go is quite important. In life there are not many paths and decisions to choose and pretty much how wise is one enough to take to bring the others involved as well. 5) Should not use the sledge hammer instead of a nut cracker to crack a nut. If the seller does not want to sell you do not do it the hard way or both of you will have hard time. Using a problem to create more problems, affects personal social, upbringing, talents, enjoyment and most importantly be a debt-free Singaporean citizen. Hope HDB to change its Policies 1) Ponzi scheme between sellers and agents are still in the market to cover up the loanshark issues. 2) I think since HDB is public housing. In open market scheme. There should be no collecting of monies from sellers to buyers. They should pay direct to HDB as application and registration for the S$1000 “Apply for sale” and “Apply for buy”, be it one time registration fees for every party. Anyone who backs out fully confiscated. It reduces the deprivation and anxiety for waiting. It is fair and safe, do you think the government should step in and protect their citizen since we pay tax and improve the system by a bit. How the new policies had helped 1) The 7 days to OTP to revaluation to personal financial is important. In the past do not have. Buyers do not know the sellers background. Most important no Caveats, HDB and bank loans outstanding to be clear cut. find out the occupation of the sellers are important to justified their income. 2) The agents representation is from each party is important, One from seller, One from buyer. I only encourage the people of similar plight to comment. As for valuable contribution, please PM me your suggestion, I will put in your nick, to keep the thread clean. Lets improve this system for better education for this and make Singapore a better place to live in. Thank you for your time in reading.