Stuck with Property... TOP Coming... My Friend wants to Feed Tiger
- Thread starter Uncle2
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My fren said its hard to close a deal now:
1. Seller wants to sell at a profit or at no loss at all (unrealistic as the market will sink further)
2. Buyers are all smart - suka suka slash 30-40% from asking price. There was a unit he showed to a couple last week asking for 850psf. & You know how much was the offer??? 600psf!! The seller nearly fainted when he heard the offer. Like that how he can close deals?
3. Wait a few more months. All the seller wake up from their dreams already.... buyers all affected by the recession - got no confidence or $$ to buy.
Si bei Jialat:(
1. Seller wants to sell at a profit or at no loss at all (unrealistic as the market will sink further)
2. Buyers are all smart - suka suka slash 30-40% from asking price. There was a unit he showed to a couple last week asking for 850psf. & You know how much was the offer??? 600psf!! The seller nearly fainted when he heard the offer. Like that how he can close deals?
3. Wait a few more months. All the seller wake up from their dreams already.... buyers all affected by the recession - got no confidence or $$ to buy.
Si bei Jialat:(
most banks now offer only 70% loan based on their valuation..
also bank valuation of property dropped so much from the buyer's purchase price.
with bank loan so diff to get and at much lesser quantam, good luck to sellers trying to break even..
also bank valuation of property dropped so much from the buyer's purchase price.
with bank loan so diff to get and at much lesser quantam, good luck to sellers trying to break even..
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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?:(
Ask him to do national service. Leave this world with LKY or LHL. Whichever is okay. You die your business so might as well bring people who want you to die along, for the sake of your children. Million dollar minister reading this forum, you know.
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It in only natural that sellers will want to sell at profit. Buyers are aware that time and money is on their side.
The main problem is now bank is only willing to lend, not only at 70% of valuation but also 70% of last year valuation. Assuming that the couple bought at 850psf. Bank valuation of the property would be 0.7 of 850psf or 600psf.
The couple asking price is only just at the bank valuation, they should have offered at 550psf or lower instead. That will be the situation moving ahead if they don't have money to hold.
Just now had kopi with him again at clementi.... nowadays he so free afternoon also can meet uncle2 for kopi and TCSS... His team of about 6 agents broke a new record this month - only 2 units sold by the entire team. The division director cursed and f@#k them like mad also no use. No buyer means no buyer. Now he is on a lookout for something else to do for the next 2 years until market recover then come back as agent....I:o
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ALL these bankers and fund managers are crooks of the worst kind . The feds are included and in cahoot with them, if you read the CVs of the managers in the Feds now. alot of them were former fund managers. All these white collar crooks do is sit around and hatch some dubious schemes/ financial "products" all virtual and worthless and does not do one cents good to the economy except enrich them selves. The signs there all along. It is a pyramid scheme in a different fform. Mortagge repackaged again and again and resold and over valued and each time they collect sales commissions and huge year end bonus for selling something akin to hot air!!! That's right, hot air. You cannot eat it nor use it to make your life more ocmfortable but just hope some idiot would buy it after alot of hype. Same with overhype properties and rechurning of insurance. it is commonsense that some idiiots should be paids millions and billions for such cheating schemes now pretend it is the financia system and mortgage at fault(when they are the ones who started these sub prime crises). I believe the same thing happened in singapoire and now the mother of all recessions(worse than 1929 ) is on us and I am indeed very happy their bluff has been called. STI is now at 1600 and would hit 1000 soon. Just to illustrate my point, last year alot of financial analysts said the STI would hit 4500 at year 2008 and 5000 by mid 2008. What happened to all these so vcalled "experts"/ idiots who monitored the market and are sipposed to be the "best". They are the worst!!! and even a layman like me can predict 2 years ago taht a financial storm would hit the world soon. Frankly I am very happy alot of these crap people would get retrenched and have their properties/cars etc repossessed. They deserved it. Car dealers are another a##holes. First they want a free market and now ehn COEs have drop to $2 thay want govt to restrict COEs to protect them. Go to hell. No wonder alot of businessmen says singapoire cannot compete with HK as there the market whether property or car or stock is completely free of intervention. No cry baby stuff like locally and no nanny state. let the property market free fall I say. the real worth of all these crap apartments is only about 20% of its current value, just like the stock market, need realistically plunge by 70-80% to make sense/actual value.
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You should have told him to curse back his Division Director, if he is so capable, why don't he bring in the numbers instead.
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Yes, looking out for one and another, especially in such trying times. If the Division Director does not comprehend this, then he is definitely not a team player.
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sumtimes i really tink issit sgporeans over love face too much.
a sml head forcing himself to wear a big hat.
furthermore, it really depends hw much he is going to lend.
if he lends from ppl to ppl, end of day, how is he going to return to so many ppl and also the loan he took frm bank.
wat happens one day u need money and he cant return u?
there is a limit to helping ppl. help within ur limit.
lend ppl money easy but when u ask back for your money.......haiz
a sml head forcing himself to wear a big hat.
furthermore, it really depends hw much he is going to lend.
if he lends from ppl to ppl, end of day, how is he going to return to so many ppl and also the loan he took frm bank.
wat happens one day u need money and he cant return u?
there is a limit to helping ppl. help within ur limit.
lend ppl money easy but when u ask back for your money.......haiz
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