need serious advice on property tansaction

[scroobal]

Virtualchick is right. When it comes to enbloc or potential enbloc all bets are off. Market value is no longer the operating model for valuation. It goes out of the window. Every unit is based on what the seller wants or the seller's perceived value especially when the statutory quota is not met. The price differential can be wide and very wide. In some cases, sellers are given things that are not reflected in the price and therefore not reflected in the published list of what the total package is. And I am not talking about souvenirs

The fact that the seller is TS's friend is not surprising. I am sure the lawyer will "gladly" take on the case as well.

Yup, people still term it as Enbloc although technically it's not considered as Enbloc. That's why i term it "Enbloc". Yes, difference of $900k, no harm trying. As the $2.4mil was transacted few days before his friend's unit, his friend will have a strong case against the PA, if he is the one handling both units.

 

[I_Hate_Pappies]

Virtualchick is right. When it comes to enbloc or potential enbloc all bets are off. Market value is no longer the operating model for valuation. It goes out of the window. Every unit is based on what the seller wants or the seller's perceived value especially when the statutory quota is not met. The price differential can be wide and very wide. In some cases, sellers are given things that are not reflected in the price and therefore not reflected in the published list of what the total package is. And I am not talking about souvenirs

The fact that the seller is TS's friend is not surprising. I am sure the lawyer will "gladly" take on the case as well.

In this case, if both $2.4mil and $1.5mil transactions were done by the same P.A which the $2.4mil was being transacted first, i believe TS's friend would have queried the P.A about the prices other units are receiving. Take note that, Sellers in such "Enbloc" scenario are damn afraid to lose out to another. Did the P.A lied to TS's friend on the amount so as to get him to sign on the dotted line? If so, TS's friend has a very strong case against the P.A.

 

[I_Hate_Pappies]

Virtualchick is right. When it comes to enbloc or potential enbloc all bets are off. Market value is no longer the operating model for valuation. It goes out of the window. Every unit is based on what the seller wants or the seller's perceived value especially when the statutory quota is not met. The price differential can be wide and very wide. In some cases, sellers are given things that are not reflected in the price and therefore not reflected in the published list of what the total package is. And I am not talking about souvenirs

The fact that the seller is TS's friend is not surprising. I am sure the lawyer will "gladly" take on the case as well.

This is an e.g.

http://www.asiaone.com/Business/My+Money/Property/Story/A1Story20090306-126720.html

 

[scroobal]

Familiar with ERA case. Nothing to do with this case at all. Same agent no issues where the prices vary in an enbloc situation. In fact in most cases, it will be the same agent for enbloc.

Just to make it clear, if this was an ordinary sale and not en-bloc wide price especially if its same agent, no need to go to court, the agent will quickly settle to avoid damages as there are many legal precedence.

 

[I_Hate_Pappies]

Familiar with ERA case. Nothing to do with this case at all. Same agent no issues where the prices vary in an enbloc situation. In fact in most cases, it will be the same agent for enbloc.

Just to make it clear, if this was an ordinary sale and not en-bloc wide price especially if its same agent, no need to go to court, the agent will quickly settle to avoid damages as there are many legal precedence.

Precisely, for such cases, usually the same agent or agents working as a team. There's no way TS's friend signed on the dotted line without enquiring anything knowing this is an "Enbloc" case. At least, he will ask is it the same price for all the owners selling, right?
We are talking about a difference of $900k. Unless the agent is able to get the buyer to void this sales. Otherwise, i don't know how is he able to settle.

The scenario is the same, the "actual" market value of TS's friend's unit was being concealed by the P.A.
The commission i suppose is being paid by the Seller. So P.A acting for who and whose interest is he supposed to protect? Seller or Buyer?

All TS's friend needs to do is to ensure, the Option for $2.4mil was signed before his and the agent acting for both unit is the same person. Bang! He got a case. Whether he did asked about other units' offered price or not is not so important. Words against words. $1.5mil and $2.4mil, gap is to huge for a Judge to believe Seller is that ignorant.

 

[hotbot]

thanks everybody, i will keep you guys updated, cheers!