QUOTE(prakashpj82 @ Oct 10 2012, 03:44 AM)
Dear Sifus,
Pleas shed some light on my below situation.
I spotted this property online and contacted the seller without any agent. So the process been going on without any agent intervention. After direct negotiations we agreed the final price (500K) which is for sure lower than the selling price around that area (no agent involvement).
last week I paid 3% earnest deposit for this subsale double story house. Paid to the vendor's lawyer and the final clause says exactly: EARNEST DEPOSIT SHALL BE FULLY REFUNDED TO THE PURCHASER IN THE EVENT THAT THE LOAN IS NOT APPROVE PROVIDED THAT THE PURCHASER PROVIDE AN EVIDENCE FOR THE SAID MATTER FAILING WHICH THE EARNEST DEPOSIT SHALL BE FORFEITED BY THE VENDOR.
2 days later I happily went to 6 banks with complete set of docs.
All the banks did valuation check the same day and told me selling price approximately 80-100K more thn market value. I said in that case I won't be able to buy the property as I'm a first time house buyer and I need 90% loan. I have strong credit record and good salary. But they are saying it's not due to my profile but to the property value where it can only be financed up to 70-80% of the selling price. I asked for loan rejection letter to reclaim my deposit all the banks refusing me to give the rejection letter cause they did not process my application at the first place. I feel trapped systematically.
I already lose my sleep past few days due to this issue. If I agree with the bank to continue with a lower amount (80-90% amount) and bring the letter offer to show their lawyer that I didn't get 90% loan I afraid very much my earnest deposit 'll be forfeited as in this case the loan might be defined as approved even tough not up to 90%. Seriously I have no money to top up if they were to give only up to 80%.
I have 14 working days from 2/10/12 to sign the S&P or show the rejection letter. My hard earned savings on the line.
Plz help me. May God bless you guys.
Nowadays lots of property sellers are jacking up the prices of their properties way way higher than the real property value .....so you need to check the valuation first before you give them any amount of earnest deposit . The valuation then can be used to bargain for a more reasonable price . ...... so what happened to your earnest deposit ? Did it get forfeited ?
Added on November 28, 2012, 12:32 pmQUOTE(S'aimer @ Jul 8 2012, 08:40 PM)
I have a question regarding water leaking issue from the ceiling.
Am interested in a property but it has leaking problem from the ceiling in one of the room - agent said she will get the owner to sign a form to submit to developer to rectify this problem. At the moment, have yet to sign any agreement or made a booking because worried that if i make an earnest deposit to secure the property and IF there is still leaking issue after I buy the property, it will be quite problematic on our side? I don't know if the developer will want to cover up with paint work just to 'rectify' the problem
So how do I ascertain that the leaking issue is rectified properly after that - do i need to go down to check after a rainy day?

Ask for a reduced price from the owner to cover the cost of plumbing so that you can rectify the problem yourself , that way you can ascertain the problem will be settled to your own satisfaction
This post has been edited by azi_fauz: Nov 28 2012, 12:32 PM