atans1

Estate agents so stupid and selfish meh?

In Financial competency, Property on 16/04/2018 at 10:31 am

Mr and Mrs Ow should lose their licences because they are so stupid that they didn’t know that the shorter time left on any lease, the value of flat goes down. (HDB flats: 35 is a dangerous age and Why 30-year old HDB flats difficult to sell/ Why PAP rule will end in 2029)

I am very concerned if property agents who are suppose to be advising their clients personally had such an unrealistic idea that prices of HDB flats would rise forever that they thought it prudent to pay $580k for a 5-rm HDB flat that was already 35 years old at the time of their purchase.

ST also highlighted another case of HDB owner trapped in buying old HDB flats.

It featured a property agent, Janet Ow, who bought her 5-room flat with her husband, also a property agent, in the old estate of Telok Blangah. They bought the flat at $580,000 some 8 years ago in 2010. Currently, their old flat has just got 56 years left on its lease.

In 2016, they started marketing their flat at $680,000 to $690,000 hoping to make at least a $100K. Bids came in at $620,000 and $630,000 but now offers have also dried up. For more than a year now, they couldn’t sell their flat.

“Those who called asked about the balance of my lease first,” Ms Ow said. “The flat’s age has now become a main concern after National Development Minister Lawrence Wong’s reminder in March last year.”

“Upon knowing the age, sometimes they won’t even proceed with viewings. In 2016, when we put up an ad, we would get around 10 calls. Now, we don’t even get a single call for one to two weeks,” she added.

“If I don’t sell now and prices keep dropping, I will be making losses on my flat eventually.”

Ms Ow and her husband are hoping to sell their flat quickly so that they could get a condo with a fresh lease.

“At least we know we have a long lease ahead of us and can cash out,” she said. “We don’t want another HDB resale flat because the ageing lease problem will crop up again.”

In any case, at the moment, Ms Ow said she feels “insecure about the future”.

https://www.theonlinecitizen.com/2018/04/15/owner-sells-3-room-hdb-for-15-less-after-wongs-comment-about-zero-value-of-expired-flats/

Another reason they should lose their licences is that to help her and her hubbie out of their stupidity, they want the govt to screw other S’poreans

Ms Ow said, “Perhaps HDB could look into allowing buyers of flats with less than 60 years left on the lease to utilise their CPF fully (ie, 100%) instead of partially.”

“That will help to alleviate the worry of having to pay cash for part of the purchase. This will help buyers who need to buy flats in an oder estate to be near their parents who may be there,” she added.

Err that means those who use 100% of his or her CPF savings to buy such older flats will not have enough to retire on later because of the near-zero value of the flat.

Robbing blur Peter to pay stupid, s3elfish Pauline isit?

 

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  1. Don’t you know that property agents are stupider & selfish-er than you realise?!? LOL!!!

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