How Much Cov Did You Pay For Your "loanshark" Flat?

[curryqueen 0]

Hi,

Whether you were aware that the unit you purchased was one that has been "decorated" by loanshark runners or not at the time of purchase, would be grateful if you could share how much CoV (if any) you paid for your unit, what type (3rm, 4rm, 5rm) and when your purchased it.

This would affect my negotiations with the seller's agent. Thanks very much.

[davidbslee 1]

Hi,

Whether you were aware that the unit you purchased was one that has been "decorated" by loanshark runners or not at the time of purchase, would be grateful if you could share how much CoV (if any) you paid for your unit, what type (3rm, 4rm, 5rm) and when your purchased it.

This would affect my negotiations with the seller's agent. Thanks very much.

I will suggest you choose another flat before you regret next time.

[synapse 0]

agree with davidbslee

if loanshark unit.. dont even bother to consider

[forgotten 1]

When one batch of runners gets caught by police (for splashing paint, locking up gate with their chain etc), the loanshark boss can send another batch of runners to harrass the house owners.

U better consider carefully.

Edited February 20, 2010 by forgotten

[kruncho 0]

hey, u can try ask for -80K COV.. as compensation for future possible harassment.

[bepgof 20]

Hope this msg not too late. I strongly believed that bad neighbour is worse than loanshark. Law is tought, police can always handle these runners/masterminds. Imagine the Joo Chiat case. Can ask neighbour to move out? Loanshark is manageable.

Remember, "one theory can never exist alone by itself", reality is a blend of many goods & bads, like rojak where u hardly can segregate one ingredient out perfectly without having smell of others.

Believed u like the unit very much, try $0cov. If u have time & energy, play delay tactics with agent/seller, let them have anxiety.

If I were u in this situation, tell agent/seller, take it or leave it. Give them a wk to response. Same time look for new unit.

[forgotten 1]

Curryqueen,

What's your decision?

[curryqueen 0]

Curryqueen,

What's your decision?

I exercised the option. COV paid was slightly less than 7% of valuation.

Seller refused to budge from the price. Agent was prepared to return me the $1000 as he already had 2 other buyers on waitlist (who are also aware that of the history of the flat and dun mind).

Expect to get my keys sometime in Jul-Aug.

[bepgof 20]

Congrat ! COV seem skews toward righ. Say valuation =500,000,COV=6%=$30,000.

[curryqueen 0]

Congrat ! COV seem skews toward righ. Say valuation =500,000,COV=6%=$30,000.

Yah..CoV is crazy right now. When I first started searching, I refused to pay any CoV (willing buyer, willing seller, right?).

Then realized that's it's impossible around my area.

3rm flat original condition with a hole in the toilet ceiling asking CoV was $30K.And it was sold with a $32K CoV!

4rm corner low flr, toilet just done up but the rest original condition was asking for $70K CoV and it was also sold!

So this unit, because of it's history, is the first unit I saw that was willing to even consider a CoV below mkt rate. Coupled with the new valuation (that saved me 5K cash), not that bad. At least I won't cough blood over the price.

But I still trying to get used to the fact that I am actually paying more than a 1/4 million $$ for a HDB flat!!

[sksh 0]

I don't know whether you have the slightiest idea on how annoying those loansharks can be.

Their harassment can be endless and frustrating. If you thinking that police can catch ALL of them, read through the news - how many raids conducted in the past year and how many hundreds (or thousands?) already been caught - but still, we are hearing those harassment news in the papers.

There isn't much you can do when they strike. When my flat was strike by one of these people, I called them up to reason with them, telling them that my tenant already moved out and no more staying in the unit. Their reply? "We only recognised the address, we don't care the rest. U want to live in peace, u pay up for him". The 2nd group who strike, after talking to them, told me to go make a police report and paste the report at the door. But he told me, "no guarantee they will do nothing".

Good luck and all the best.

[salavanun 0]

I don't know whether you have the slightiest idea on how annoying those loansharks can be.

Their harassment can be endless and frustrating. If you thinking that police can catch ALL of them, read through the news - how many raids conducted in the past year and how many hundreds (or thousands?) already been caught - but still, we are hearing those harassment news in the papers.

There isn't much you can do when they strike. When my flat was strike by one of these people, I called them up to reason with them, telling them that my tenant already moved out and no more staying in the unit. Their reply? "We only recognised the address, we don't care the rest. U want to live in peace, u pay up for him". The 2nd group who strike, after talking to them, told me to go make a police report and paste the report at the door. But he told me, "no guarantee they will do nothing".

Good luck and all the best.

I rather stay in void deck than to buy such a flat. nothing can compromise yr family safety. i agree that police action is real slow and end up we have to settle ourselve.not worth it at all

[Reira 0]

Curry Queen, in the end you bought the which had been "decorated" by loan shark previously?

We are not aware that previous owner borrowed from loan shark and the first time we went to see the flat, the wall was totally clean. Nov 2009. Everything went smoothly including my renovation. We got our key on 26 March. After almost a month of renovation 15 April till 10 May, everything was going well. But last Tuesday (11 May), it happened. My contractor called me early in the morning at 8:45AM, telling me that I need to make a police report as our entrance have been splashed with yellow paint by loan shark.

The COV we paid was $6k. It was low but the condition of the flat was not great either. Really upset about it and if we could predict this kind of thing can happen to us if we bought this unit, we will not even consider about it even though the COV was so cheap.

Also, we suspect that whoever borrowed from loan shark, borrowed after our 2nd appointment. Really don't feel like moving in anymore after this incident but we are worried that if no one is staying in the house, loan shark runner will break into our house and destroyed our newly renovated flat...

Edited May 16, 2010 by Reira