To sell or not to sell our pty

[bebe]

Agree…ILs is a relationship that is hard to understand and difficult to manage…it will get messier when $$ is involved…


I almost did that last year - thought of selling my flat and bought a landed house…get my ILs to stay (I did not expect them to contribute $$)…but unable to find suitable house and gave up…then when I delivered #3…MIL came and stayed and helped out…and I am convinced that she and I cannot stay under one roof. There can only be one woman in the kitchen…one mistress in the household.

[30plus]

cherrygal, can I ask you when you were selling your old house, did some potential buyers come with agent? how much these buyer’s agent ask? do you need to agree with them before they bring people to view?

[cherrygal]

30plus:

cherrygal, can I ask you when you were selling your old house, did some potential buyers come with agent? how much these buyer's agent ask? do you need to agree with them before they bring people to view?

Yes, for my current house which I tested the market in 2009, some agents called to tell me they had interested buyers.

Dunno why so many people engage agents to source properties for them... Isn't it more interesting to find on your own?

Anyway, yes, the agents who have buyers all wanted the 1% commission from me. Even though I tell them upfront I don't want to pay any commission, they always say, let them bring the buyer to view first, no need to agree anything. If the buyer shows interest then nego the commission. I only let 1 or 2 such people view then didn't allow anymore. Waste of time. I then decided not to sell my current place and renovated it instead.

As for the condo I sold, no agent came with buyers coz my buyer came really quickly on her own. Timing was right.

[metz]

Hi cherrygal,


I am so glad to chance upon this thread. The thought of paying agents thousands of dollars really wrenches my poor heart. Not that I am unwilling to pay them, but I don't think their effort worth 2% of the selling price.

Could you please share the various ways you engage to advertise your previous condo unit? Wordings with the expected selling price? How can we sieve out the potential buyers from those look-look-see-see type? Do you recommend asking for a higher price and allow for negotiation later on?

Many thanks!

[LOLMum]

ccgoh:

Hi,


What do you think about in-laws and you pooling your resources together to buy a bigger house? Wise to do so or should keep one property to rent and then buy a smaller house?

hi,

i agree with most pp that you should not even think of buying anything (not just house) with your in-laws even if he is the only child.

easy to tie a knot but difficult to undo it.

for peace of mind and maintaining a friendly relationship with all, $$$ shouldnt be involved.

[monmon31]

ccgoh:

Hi,


What do you think about in-laws and you pooling your resources together to buy a bigger house? Wise to do so or should keep one property to rent and then buy a smaller house?

I think it is better to keep one property to rent and buy a smaller house. Things can get complicated should your other half have siblings. I believe you would have read the newspaper today - Mdm Lim sueing her daughter for half of the proceeds for selling the Minton Flat- Even a mother will sue the daughter. Do you really want to stay with your in-laws?? I personally feel it is better to stay near but not with - better for your relationship with them in the long run.

[MyBaby]

Sounds so sad right? Mummy and daughter sueing each other and over $600k which worked out to $300k each...


Saw this being played out a few years back in my DH's family. My MIL's generation. And the property is only a HDB flat - not even an expensive condo or landed property ... DH was so upset by it as he saw the worst side of his aunties and uncles ... Up to now, so many years later, CNY gathering is still awkward and some aunties and uncles don't appear in the same space and time anymore ...

monmon31:

ccgoh:

Hi,

What do you think about in-laws and you pooling your resources together to buy a bigger house? Wise to do so or should keep one property to rent and then buy a smaller house?

I think it is better to keep one property to rent and buy a smaller house. Things can get complicated should your other half have siblings. I believe you would have read the newspaper today - Mdm Lim sueing her daughter for half of the proceeds for selling the Minton Flat- Even a mother will sue the daughter. Do you really want to stay with your in-laws?? I personally feel it is better to stay near but not with - better for your relationship with them in the long run.

[MMM]

ccgoh:

Hi,


What do you think about in-laws and you pooling your resources together to buy a bigger house? Wise to do so or should keep one property to rent and then buy a smaller house?

If you are staying together, I don't see any issues with that. It also depends on the kind of in laws you have.

My pils bought a condo with my hubby before we got married. So we never have a chance to apply for a HDB and earn that amount. When we got married, my name was added to help to finance the condo. Due to the legal structure, we were initially tenant in common but as hubby has 4 other sisters, we eventually change that to joint tenant. So from a legal perspective, we are covered. My hubby is the only son.

Subsequently, we also bought another freehold apartment with my parents. We upgraded them from 3 room HDB to private apartment. The apartment has 4 names (my parents + ours). I am the only child and I view that as a opportunity for increase the investment value and I am currently financing that house.

Then my fil offered to give us some financing to get a landed which was around 30% at that time as property price was low at that point. This time round, he told us to put only our names (my hubby and I) and he even thought of including my ds. But he is a minor so that cannot be done. We are currently staying in this house and have the condo that has my pils' name rented out. My fil dream of buying a 3 room HDB so that he can get more relief from the govt. But now he cannot do that with the new regulations.

So I feel that no doubt that there horror stories, there are good ones too.

[cherrygal]

chamonix:

Hi cherrygal,


I am so glad to chance upon this thread. The thought of paying agents thousands of dollars really wrenches my poor heart. Not that I am unwilling to pay them, but I don't think their effort worth 2% of the selling price.

Could you please share the various ways you engage to advertise your previous condo unit? Wordings with the expected selling price? How can we sieve out the potential buyers from those look-look-see-see type? Do you recommend asking for a higher price and allow for negotiation later on?

Many thanks!

I am going to get killed by the agents... will pm you.

[DesertWind]

MMM:

Subsequently, we also bought another freehold apartment with my parents. We upgraded them from 3 room HDB to private apartment. My fil dream of buying a 3 room HDB so that he can get more relief from the govt. But now he cannot do that with the new regulations.

Hi MMM,

This is with good intentions I am sure ie. to upgrade your parents/ILs from HDB to private!

But today I was just talking to the cab driver that when one gets older, it would make more sense to downgrade to HDB and get all the health care subsidy plus other subsidies & freebies dished out by the garmen. Especially the health care subsidy!

Touch wood we all hope that we are healthy but the reality is that medical cost without govt. subsidy is exorbitant in SG. For my parents staying in a 4-room HDB flat, medical subsidy is about 60% in a govt. hospital.

My PILs just downgraded from private housing to a 4-room HDB and my FIL seems to get weaker by the day and falls sick quite often these days. Touch wood again, I told my hubby if there is a real need, to be prepared to send my FIL to a government hospital. When he was younger, my FIL had a heart by-pass at a private hospital (then he was staying in private property as well) and a large chunk of his savings went into paying the bill.

I also told my husband to be prepared next time when we retire to downgrade to public housing. This seems to be the \"best\" way of surviving old age in Singapore!

What you think?
:celebrate: