Hi all,

Recently i book to purchase a subsale property and paid booking deposit.
After much hassle and delay here and there, finally i got the temp title, land search along with my docs to submit the loan.
however, when i submit the loan to bank, they found out few problems:

1) developer already bankrupt, now new developer took over. Strata still under developer name.

2) management office still owe quit rent about 3k plus

3) current owner have legal case about 10 years back, but not sure case drop or not.

few bankers recommended by the agent even told me don't go for this property due to a lot issue.
when i confronted to the agent, he keep telling me this is small issue only (as usual?)

hence, seek advise from expert here, is this really small issue? if i get this property, will it have any future issue?
apologies in advance as this is my first property and im quite lost.
he said the owner will pay the fee for strata to change to my name.


at the moment, pbb already rejected me. and which i believe mbb will reject too (hopefully)
im only afraid on my deposit unless 2 bank rejected me...

This post has been edited by phra09: Aug 26 2017, 06:51 PM

don't think you will be able to get yr loan approved as there are too many red flags for the banks..

if I were you, I will cancel..Dont listen to the agent, most of them just want to sell , collect comm and run..you die your problem.

thanks for the info
currently im hoping mbb to reject asap so i can proceed to cancel.

im just curious, for such case, what will happend if i really purchase the property?
since new developer took over, should be fine right?

thanks

take over yes but it will take years
then did you check where they are right now in terms of reviving the project? do you need to top up funds ?
then you mentioned seller has legal case..is there a caveat on the unit? what kind of legal case? so many "clean" developments in the market why need to buy this one? very cheap? its probably cheap for a reason ..btw is the development called AR?

bro thats too much red flag

dont be too naive to listen to agent. they are there just to collect commission. always seek advise from professional.NOT AGENT!!!

the new title for new developer already out i guess. but it still under owner name since he didn't transfer from beginning. owner will fund the title transfer name to me direct.

im just worry in case the bank approve, is it really ok for me to take it....

This property is a big no no.

So much hassle and trouble.

Forget it and find another.

get away from that property as far as possible.

My advice, dont trust agent. Trust the professional as they are the one who process your application.

Until today, i still dont understand why the agent fee so high (some even higher than lawyer fee), yet some of them work so unprofessional.