How Many Signed Otp Last Week?

[Ely 0]

I'm wondering how many of you had signed an OTP of a resale flat last week?

I think life has just thrown me a curve ball, as I literally signed on the 30th.. Should I forgo the $1k, and wait for the market to "cool", as changes should be drastic within the next 6 months with people needing to let go of their property, or would prices and COV remain pretty stable for the next year?

What to do!

[Spikey 0]

I'm wondering how many of you had signed an OTP of a resale flat last week?

I think life has just thrown me a curve ball, as I literally signed on the 30th.. Should I forgo the $1k, and wait for the market to "cool", as changes should be drastic within the next 6 months with people needing to let go of their property, or would prices and COV remain pretty stable for the next year?

What to do!

forgo the 1k...and tell the seller immediately. Seller sure panic. Then ask for lower COV and then resign again. Market for HDB will drop. Definitely lower COVs in the next 6 mths.

[neubie 2]

If u r a genuine buyer who is looking for a roof over your head, the new ruling shouldn't really bother you…but if u r a speculator who is looking to flip after mop, then is best to stay away.

[Ely 0]

If u r a genuine buyer who is looking for a roof over your head, the new ruling shouldn't really bother you…but if u r a speculator who is looking to flip after mop, then is best to stay away.

I AM a genuine buyer, first time home owner here, but I have a foreign property under my name. So it sort of puts me in tangles. I cannot guarantee the sale of the property in 6 months? It is a family holiday home/accomodation for brother studying there, not an investment. I would have to put my life on hold, travel over there, try and sell it (and everything contained within in, omg headache!) and deal with the legal paperwork there. They have their own housing laws too, as I am unable to transfer it to a family member or sell to another foreign investor.

Even as a new owner, wouldn't the now-volatile COV make a difference? Currently paying 50k COV, not eligible for grant. Personally, I don't think that I should be held liable for that OTP, since this ruling isn't my choice and was very sudden. Now the seller wants me to appeal to HDB to keep my foreign property and if I cancel my check, may take legal action against me. I have not declared that property to HBD but was going to play by their rules anyway, ie. still not declare, yet sell the property to be compliant to the new ruling. Basically, the seller is now making me declare it, which I don't really want to do.

[Always Happy 0]

I AM a genuine buyer, first time home owner here, but I have a foreign property under my name. So it sort of puts me in tangles. I cannot guarantee the sale of the property in 6 months? It is a family holiday home/accomodation for brother studying there, not an investment. I would have to put my life on hold, travel over there, try and sell it (and everything contained within in, omg headache!) and deal with the legal paperwork there. They have their own housing laws too, as I am unable to transfer it to a family member or sell to another foreign investor.

Even as a new owner, wouldn't the now-volatile COV make a difference? Currently paying 50k COV, not eligible for grant. Personally, I don't think that I should be held liable for that OTP, since this ruling isn't my choice and was very sudden. Now the seller wants me to appeal to HDB to keep my foreign property and if I cancel my check, may take legal action against me. I have not declared that property to HBD but was going to play by their rules anyway, ie. still not declare, yet sell the property to be compliant to the new ruling. Basically, the seller is now making me declare it, which I don't really want to do.

If haven not submit the OTP, forgo the 1k. 1K is easy to earn back.

Sell your foreign property if u really intend to. By the time, the local prices would have gone south next year.

[JCase 0]

forgo the 1k...and tell the seller immediately. Seller sure panic. Then ask for lower COV and then resign again. Market for HDB will drop. Definitely lower COVs in the next 6 mths.

Maybe but it really depends on location of HDB estate. Some established estates will still command a preium regardless of the new changes. Imo of course.

[foursprings 0]

I AM a genuine buyer, first time home owner here, but I have a foreign property under my name. So it sort of puts me in tangles. I cannot guarantee the sale of the property in 6 months? It is a family holiday home/accomodation for brother studying there, not an investment. I would have to put my life on hold, travel over there, try and sell it (and everything contained within in, omg headache!) and deal with the legal paperwork there. They have their own housing laws too, as I am unable to transfer it to a family member or sell to another foreign investor.

Even as a new owner, wouldn't the now-volatile COV make a difference? Currently paying 50k COV, not eligible for grant. Personally, I don't think that I should be held liable for that OTP, since this ruling isn't my choice and was very sudden. Now the seller wants me to appeal to HDB to keep my foreign property and if I cancel my check, may take legal action against me. I have not declared that property to HBD but was going to play by their rules anyway, ie. still not declare, yet sell the property to be compliant to the new ruling. Basically, the seller is now making me declare it, which I don't really want to do.

if i were you, i'd forgo that non subsidised high COV HDB and 1K.

Keep the overseas property and lookout for a small private apartment or condo here.

[Ely 0]

Another thing - the OTP wasn't *completely* signed till last night, AFTER I informed my agent that I wanted to withdraw from the OTP. I signed it before Aug 30, but the owner was away and only came back last night.

I don't know why the seller is now making things so difficult for me. I am willing to forgo the 1K, but it's more of a matter of principles.

[Ely 0]

if i were you, i'd forgo that non subsidised high COV HDB and 1K.

Keep the overseas property and lookout for a small private apartment or condo here.

I was looking at condos, but the non-shoebox ones are simply out of my budget. I want a home I can live in and grow with. Not a studio I have to move out of in 2 years if I decide to have kids. Already, a 2-bedder now is so small for my OH, dog, cat and I! It becomes more pertinent that I get a home I can grow in because of the new ruling. Need to accumulate a lot more cash upfront.

I don't know what I am going to say in my appeal to the HDB? >< They are now INSISTING that I do it. sigh. Like, oh sorry, I can afford a $2mil house overseas but can only afford HDB here? (Btw, the property wasn't paid by me - just in my name because of PR status).

[bepgof 20]

I was looking at condos, but the non-shoebox ones are simply out of my budget. I want a home I can live in and grow with. Not a studio I have to move out of in 2 years if I decide to have kids. Already, a 2-bedder now is so small for my OH, dog, cat and I! It becomes more pertinent that I get a home I can grow in because of the new ruling. Need to accumulate a lot more cash upfront.

I don't know what I am going to say in my appeal to the HDB? >< They are now INSISTING that I do it. sigh. Like, oh sorry, I can afford a $2mil house overseas but can only afford HDB here? (Btw, the property wasn't paid by me - just in my name because of PR status).

Ask youself the following questions, then you'll get clearer picture and know what to do:

1. If commit and proceed resale application

1.1 "Save" the $1K.

1.2 Brother oversea's accomodation become problematic

1.3 Have to fly down to do marketing/promoting and sell the house, expenses $?, profit $? Estimated time "loss"?

1.4 Got own place to stay here.

2. Don't submit OTP to seller, ONLY $1k down the drain.

2.1 Don't have to "bother" oversea's property issue. Save yr time, & "save/waste" your $

2.2 Brother got place to eat/sleep/study.

3. How urgent u need a "own" shelter here

3.1 HDB resale price likely to fall soon, you target is by how much? By when? 2.0. becomes negligible.

3.2 Get a "cheaper" resale private unit?

It seems more worth to forgo the $1k and wait for a few months for price to slide then action....

Edited September 2, 2010 by bepgof

[forgotten 1]

If overseas house is sold, the brother will also need to fork out > 1K for rental overseas assuming he needs to stay there for 1 more year.

[Ely 0]

I feel so royally f***ed by this ruling, because now my entire life is on hold while I try to sell the house. If not, there is no other way I can get a resale and condos are too expensive (OH and I are not receiving help from parents). I went ahead with everyone's advice and forfeited the 1k - the seller is so pissed off, and if I want to buy it from him later (assuming it's easy to sell the property overseas), not sure if he will want to, or charge a higher price. Sigh.

Now ROM and everything put on hold because no house. AHHHHH! Am extremely upset. Was so excited looking for ID and planning for house. Sadness.

[bepgof 20]

I feel so royally f***ed by this ruling, because now my entire life is on hold while I try to sell the house. If not, there is no other way I can get a resale and condos are too expensive (OH and I are not receiving help from parents). I went ahead with everyone's advice and forfeited the 1k - the seller is so pissed off, and if I want to buy it from him later (assuming it's easy to sell the property overseas), not sure if he will want to, or charge a higher price. Sigh.

Now ROM and everything put on hold because no house. AHHHHH! Am extremely upset. Was so excited looking for ID and planning for house. Sadness.

OMG, many options available ahead le, lies with whether one can identify those and how to weight them.

Can leave aside foreign property for time being, focus more on if to rent, buy resale HDB/pte. Go to URA web, pte not necessarily "expensive" depending on criteriors(location/age/facility...), just ROM? The "road" still loooong await for you ahead le....

I'm actually pity MBT. LKY has said in public abt MBT: "If he can't resolve the property pricing issue, he deserved to be voted out".

Edited September 2, 2010 by bepgof

[Ely 0]

OMG, many options available ahead le, lies with whether one can identify those and how to weight them.

Can leave aside foreign property for time being, focus more on if to rent, buy resale HDB/pte. Go to URA web, pte not necessarily "expensive" depending on criteriors(location/age/facility...), just ROM? The "road" still loooong await for you ahead le....

I'm actually pity MBT. LKY has said in public abt MBT: "If he can't resolve the property pricing issue, he deserved to be voted out".

Renting seems like waste of money, since the amount equates to a monthly mortage payment, and any money that can be saved should be saved (did some calculations and reno + furnishings are considerable, esp without grant). Cannot buy HDB/resale since I don't know when I can sell the house overseas - don't even have an agent yet! And I am prohibited from selling to non-citizens, so my buyer market is now smaller. Any >1,000sqft condo seems to be too expensive. And, not sure if should ROM and continue to stay apart? Parents are quite traditional, and I'm definitely not moving in with OH (nightmare PIL, seriously)!

I'm just wondering what happens if I simply buy now and be unable to sell the property? Not sure if there's any form of penalty, especially if it's not within my control. Called HDB to ask, and they simply said "write in".

I'm a sad panda

Yeah, that LKY statement was quite a stinger.

[foursprings 0]

I feel so royally f***ed by this ruling, because now my entire life is on hold while I try to sell the house. If not, there is no other way I can get a resale and condos are too expensive (OH and I are not receiving help from parents). I went ahead with everyone's advice and forfeited the 1k - the seller is so pissed off, and if I want to buy it from him later (assuming it's easy to sell the property overseas), not sure if he will want to, or charge a higher price. Sigh.

Now ROM and everything put on hold because no house. AHHHHH! Am extremely upset. Was so excited looking for ID and planning for house. Sadness.

why should the seller be pissed off, he got 1k just for nothing !?!

anyway this new ruling is suppose to cool the market so u can take your time to re-strategize and look around somemore as prices shouldnt be going up. not sure whether they'll come down though.