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nokiaman

Advise Needed Urgently

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Hi bros and sis,

Advise needed urgently.

I finally went for my ist appt for selling on fri, after so many delays by my buyer.

Just an hour after that, my hdb officer called me and say my buyer does not want to proceed with the buying. Pls note had had just signed all the docements on the first appt.

I am in dilema now as i had commited on my buying side and i cant complete it unless i complete my selling because of CPF funds issues.My seller wants to sue me for this.

Please advise me on what i should do. am really DOWN and OUT now.

 

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You can sue your buyer as well, but whatever is it, it will take a long time to close whether u sue your buyer or your seller sue u.

Now, to prevent being sue by your seller u need to complete the buying transaction. The worst scenario is that u will have to take whatever loan HDB can offered for your new unit after depleting your CPF. Which means u will have 2 units. Of course that will not be allowed, HDB will allow u to sell your old one in 6 months time. During this period, u will have to service both loan through CPF and top up cash if necessary. It is going to be tough during this time until u sell your old unit, fund return back to CPF and used it to refinance your new unit. The above is assuming you are getting loan from HDB.

If u r getting from bank, the bridging loan will kill u.

 

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