To sell or not to sell our pty
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How to safeguard profit while waiting for prices to come down? Banks interests can be rather peanuts, especially against the eroding inflation rate
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jedamum:
It is interesting that whenever I mention that we have bought over our PIL's property, friends and relatives assumed that we got it \"dirt cheap\" and almost like inherited it :rant: . The truth is that we bought it over at the price our next door neighbour just sold theirs for ie. market price. Our PIL wanted to sell it anyway to fund their new flat and retirement hence they can always sell it to outsiders if we are not interested.
at times like this, can really see people's true colours. really lose respect of those out to milk their parents.MummyThreeStreams:
Yar, must be careful when it comes to family and money. I have seen how such matters can ruin family relationships. I'm quite ok with my brothers taking my parents' home, even if it's for free. DH is also staying far far away from his parents' property. Just manage our two apartments can already!
My hubby was very interested to continue staying in the house where he grew up. Like he said, better to buy over an old house you know than to buy from someone else and you dunno what has gone on in that house!
While I never dream of taking advantage of my PIL by buying over cheap, I also never dream that I would be in a \"hostage\" situation whereby I pay market price but have NO CHOICE in choosing or shopping for the property. Know what I mean? :scared: -
when it comes to prop and money generated by prop, alot of people become irrational.
heard from a friend that his parents sold their 3-rm and bought a new 3-rm. the net profit after paying off the new flat was at least $200k. And one of his siblings actually asked the mom how she's gonna divide the profit :faint: !! of course the mom fumed :mad: lah...saying she's not dead yet :rant: !!! -
DesertWind:
I think they were planning a transfer of ownership and the money transfer would be a private arrangement. Can't believe that some people can be so selfish as to take advantage of their own parents. 没良心mummy of 2:
Totally agreed. My sil wanted to buy her parents' flat for less than half the market value. I managed to get DH to see why it would be grossly unfair to his parents but not sure if sil will wake up her idea. Best part is ils are staying with us and currently renting out their flat.
Hi mummy of 2,
While talking to the lawyer, I understand this is not advisable at all as it would create a lot of potential problems later on. Like later on family members may come and dispute this \"purchase\" that it is not at market price and not fair and dispute about the \"estate\" of the parents when the old folks passes on. Furthermore, I understand that the CPF board will also call the seller/purchaser about the \"off-market\" pricing. To prevent all such problems, the best is to buy/sell at current market price even among relatives. -
DesertWind:
DesertWind, the reality is that there is a lot of greed and envy and accusations of \"unfairness\" when it comes to inheritance of any sort. Some of us, like MummyThreeStreams, choose to walk away from the ugliness and take less or nothing. But many others will simply not want to let go of their \"fair share\". Many family members become bitter enemies and some end up in lawsuits. Sometimes these unhappiness surface after many years and when you think everyone has \"accepted\" the arrangement. Human greed is very frightening.It is interesting that whenever I mention that we have bought over our PIL's property, friends and relatives assumed that we got it \"dirt cheap\" and almost like inherited it :rant: . The truth is that we bought it over at the price our next door neighbour just sold theirs for ie. market price. Our PIL wanted to sell it anyway to fund their new flat and retirement hence they can always sell it to outsiders if we are not interested.
My hubby was very interested to continue staying in the house where he grew up. Like he said, better to buy over an old house you know than to buy from someone else and you dunno what has gone on in that house!
While I never dream of taking advantage of my PIL by buying over cheap, I also never dream that I would be in a \"hostage\" situation whereby I pay market price but have NO CHOICE in choosing or shopping for the property. Know what I mean? :scared: -
mummy of 2:
I think they were planning a transfer of ownership and the money transfer would be a private arrangement. Can't believe that some people can be so selfish as to take advantage of their own parents. 没良心
The old folks can always sell to outsiders and not to your SIL. I suppose they must be relying on your SIL and/or want to stay in the same flat hence the arrangement? Dunnoo, if your PIL didn't allow it, your SIL cannot take advantage. -
DesertWind:
Ils are staying with us and there's no intention to stay with sil even after she buys over the flat. Sil is just taking advantage of her parents love to buy over their sole asset dirt cheap.mummy of 2:
I think they were planning a transfer of ownership and the money transfer would be a private arrangement. Can't believe that some people can be so selfish as to take advantage of their own parents. 没良心
The old folks can always sell to outsiders and not to your SIL. I suppose they must be relying on your SIL and/or want to stay in the same flat hence the arrangement? Dunnoo, if your PIL didn't allow it, your SIL cannot take advantage. -
gosh, i hope your sil would not moan or use the pressure/guilt tactic to get your pils to sell to them. i wouldnt like that in my home. all this nonsense would only upset the old folks and create unhappy atmosphere at home after she is gone.
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Well ils are quite willing to help her out but they may not be fully aware that they are doing themselves a disservice. They think they have enough money to live on but who knows if it will really last them till the end. We are not hoping that they will leave us an inheritance just that they have no money worries. Seems like sil has no such wish. All she wants is to rip them off. If she needs the money for something critical like medical emergency I can still understand. But no the money is just to make her own life easier.
Btw think I’m getting OT. Better stop before moderator comes after me. -
auntieM:
Years ago I stayed in a townhouse in the east. The pool is a good size but security became an issue after several units got rented out. Some even convert their place to a 'student hostel'. Those units with front gates facing the road kept getting their gates damaged and forced open.. Heng we decided to move out by then..
I heard about some townhouse units being full of people as they rent out the rooms to different people. Now deciding between a condo with not much facilities but very few units so more peaceful and one that has about 200 plus units but better facilities.
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