Stuck with Property... TOP Coming... My Friend wants to Feed Tiger

[scroobal]

From a rough calculation, I believe he has to cough out even more than 300k. Nevertheless is it possible to let the Sales and Purchase agreement laspe and lost the deposit of 5% since there is no way your friend can make up the difference. There is still a stamp fee to consider which would works out to more than 50k.

Life not so simple. The developer will sue for completion or bankruptcy. You cannot walk away from these things.

 

[Naturefarm2]

He can just sell the house off. Its a classic example of singaporean who cry poor while they are actually buying things beyong their limit.
My friend say he is poor as he is driving a BMW...haha..

 

[ahbengsong]

I think he was lured in by the deferred payment scheme.... don't think he paid 20% downpayment. More like only 5% downpayment. Those blood-sucking developers were dying for business and came up with this scheme. The bank previously agreed to loan him $900k based on market valuation. But last month the bank informed him that the market valuation of his condo has dropped to $780k and they are only willing to loan him 70%. Die die he must cough out $200k~300k cash to complete his purchase....Siao liao....:(

he can use his cpf to pay the $200-300k... if he doesn't have that much.. then he deserve to be screwed for jumping in and believing lky's golden period bullshit...

 

[ahbengsong]

He can just sell the house off. Its a classic example of singaporean who cry poor while they are actually buying things beyong their limit.
My friend say he is poor as he is driving a BMW...haha..

your friend is telling the truth... he is poor because he drove a bmw...

 

[Uncle2]

For those of us not affected by the property crash... we just stand aside and laugh. But this friend of mine... I see him also I 'kek-sim'. Running around talking to friends and jio 'lim-kopi'. During the kopi session, comprain and comprain.... then at the end... ask to borrow money!

 

[Sammael]

The newly built condo next to my house had only 4 owners moved in after 2 months TOP - out of a total of 66 units. Looks like lots of gold-miners got burnt this time round! I dun pity them at all becos when they were making the money, they were laughing as us peasants.Hhahaha LOL.

 

[The RealTuaKee]

You think the white tigers want to eat him meh?

They have already shown distaste for certain kind of meat.

Scary thing is that they may only maul your friend's balls now.

 

[Leongsam]

Damn pitiful. Dunno whether to lend him $$ or not?:(

He sounds like a typical Sinkie loser who was trying to keep up appearances despite the fact he couldn't afford to lifestyle he wanted to adopt.

I say let him stew in his own juices. He deserves to suffer.

 

[lifeafter41]

The newly built condo next to my house had only 4 owners moved in after 2 months TOP - out of a total of 66 units. Looks like lots of gold-miners got burnt this time round! I dun pity them at all becos when they were making the money, they were laughing as us peasants.Hhahaha LOL.

Just wondering what development is this. Will it be lelong like the Luma where it is going for almost half price.

 

[88max]

More than that I think. The developer might go after him to complete the deal.... failing which they might sue his ass off....

Same case as the FT Canadian guy who was sued bankrupt by those banks for his purchase of his condo unit..

 

[SneeringTree]

Was having kopi with a friend yesterday and had a hard time consoling him. His new condo going TOP soon and needs $$ to pay. His wife has just lost her job recently and the bank only want to loan him 70% of the previously agreed amount. As the day for payment draws near.... he feels like buying a ticket to Mandai Zoo and feed white tiger there....

Damn pitiful. Dunno whether to lend him $$ or not?:(

Maybe it's because he's not my friend but is it wrong for me to have no ounce of sympathy for him?

 

[lifeafter41]

he can use his cpf to pay the $200-300k... if he doesn't have that much.. then he deserve to be screwed for jumping in and believing lky's golden period bullshit...

It is not so easy to have S$200k or S$300k in one's cpf nowadays, with cpf being capped at S$4.5k payable on, the monthly contribution on the OA is slightly less than S$1000, assuming the required amount is S$250k, a person would need to be working for at least 20 years or even 25 years to have that amount. And that is on the assumption that he/she begins with a starting pay of S$4500.

 

[Conan the Barbarian]

For those of us not affected by the property crash... we just stand aside and laugh. But this friend of mine... I see him also I 'kek-sim'. Running around talking to friends and jio 'lim-kopi'. During the kopi session, comprain and comprain.... then at the end... ask to borrow money!

This type of people cannot lend money to one lah.

 

[johnny333]

I am sure in time to come, people can easily buy landed property for just half a million too.

If you can wait, can even get a cheap place in Oxley Rd. I'm sure there will be a vacancy :p

 

[banova888]

When I saw buyers start jumping into the bengawon to grab properties during its high time in 2005 & 2006, I can't help laughing at the news because 1997 and 2002 period were vivid in my memory then. Now that these property buyers started to cry woe, I duno whether to pity or to laugh again. I am sure in time to come, people can easily buy landed property for just half a million too.

I still have a few Hello Kitty Properties I want to let go at $5 per fur:p

 

[lifeafter41]

If you can wait, can even get a cheap place in Oxley Rd. I'm sure there will be a vacancy :p

Oxley?. That would be a good place to start with.

 

[Einfield]

Was having kopi with a friend yesterday and had a hard time consoling him. His new condo going TOP soon and needs $$ to pay. His wife has just lost her job recently and the bank only want to loan him 70% of the previously agreed amount. As the day for payment draws near.... he feels like buying a ticket to Mandai Zoo and feed white tiger there....

Damn pitiful. Dunno whether to lend him $$ or not?:(

Greed is to be blame, let him learn his lesson, one that he will never forget.

 

[2lanu]

Was having kopi with a friend yesterday and had a hard time consoling him. His new condo going TOP soon and needs $$ to pay. His wife has just lost her job recently and the bank only want to loan him 70% of the previously agreed amount. As the day for payment draws near.... he feels like buying a ticket to Mandai Zoo and feed white tiger there....

Damn pitiful. Dunno whether to lend him $$ or not?:(

My friend was the reverse. He bought a 3rm flat and keep claiming that since he bought at $222K in Aug, the price is going up till $240K now. Which I find it beyond logic.

Maybe next year will go lower...hee

 

[annexa]

You lend him money when he lose money. Will he pay you some of the profits when he makes money?

 

[oli9]

Was having kopi with a friend yesterday and had a hard time consoling him. His new condo going TOP soon and needs $$ to pay. His wife has just lost her job recently and the bank only want to loan him 70% of the previously agreed amount. As the day for payment draws near.... he feels like buying a ticket to Mandai Zoo and feed white tiger there....

Damn pitiful. Dunno whether to lend him $$ or not?:(

is it them or Sinkieporeans in general are bad accountants? not enough money still want to buy condo? No sympathy for them. yes, feed them to the tigers