Update on House Hunting #2

It has been about a month since I last talked about wanting to get a HDB for myself. And I have finally found one I am mighty happy with!!! It’s a couple of blocks away from this flat that I viewed. The location is fantastic!

I didn’t get the Blk 124 one in the end. It was in quite an okay condition actually. The one that I paid a deposit for has this patch of plain cement right in the middle of the pathway! Damn. Blk 124 sold for $338,000 ($5K COV) when I was away at Hong Kong early this month. Too bad I guess. But when I got back, I went to view another similar corner flat in another block and decided that although the condition is not as good, I do like the place a lot.

A micro view of my future house! See the cement patch! :/

After 2 weeks of serious, nerve-wrecking negotiations to and fro, I finally got it at $338,000!!! Yes, compared to Malaysia, this house, for this size, is obscenely expensive. But within SG, this is the norm. Ah well. Rental & Selling can fetch just as obscenely higher as well if you compare with Msia, so I guess at the end of the day it’s the same.

It’s been 2 weeks with a lot of to and fro, so here’s a quick overview.

• Took like 2 weeks after viewing the place to negotiate and for my mom to consider.
• Searched for bank loans like CRAZY.
• Owner went from $345,000 to $341,000 to $340,000 to $339,000 to FINALLY, $338,000 I hate bargaining for things I really want – cos I will more than likely end up paying more for it than others. I nearly gave in at $339,000 but luckily those around me asked me to stick and be firm with $338,000
• Told Agent and Agent told me Buyer’s price is firm.
• I told her I am firm as well.
• I kept thinking about $$… wondering if this is a right decision. Should I or Shouldn’t I?
• Then someone told me that the market is picking up and sellers in the market are starting to ask for ridiculous amounts of cash over valuation. This friend asked me, if I miss out on this flat, will I be able to find another with such a good location at such a price? My answer was NO (and I did call around to check out the other flats on sale) and my mind was made up.
• Finally the buyer agreed to $338,000 – Super happy. Agent was very happy as well (DUH of course). I asked the bank to confirm that I can borrow the amount required and the stupid girl said that I HAD to sign the OTP form first. WTF. That means I have to pay $1,000 deposit and forego the deposit if the bank says, “oops sorry we can’t loan you”.
• Met up with the Agent to sign a “pseudo” OTP form without paying the $1,000 option fee first. She treated me to Sakae Sushi.
• I checked the owner’s name, matched it with her IC, matched it with the property address that she was taxed for in her income tax… and then, I signed.
• I knew I could STILL back out at this point. I submitted this to Standard Chartered and applied for a “In-Principle Approval” with the OTP form.
• I have changed the Standard Chartered loan manager 3 times by now (every single one of them unreliable and unresponsive), and the latest loan manager said I don’t need OTP… but will use the one I gave her to process Letter of Offer. Thank god.
• At this point, I also discovered that HSBC has another home loan promotion which is different but just as attractive.
• And then the mother of all headaches begun. HSBC OR STAN CHART? Or more specifically, do I go with a SIBOR-linked home loan package or do I go with a fixed rate home loan package?
• Finally decided at the very last minute to go with Standard Chartered’s fixed home loan package with interest rates @ 1.5% for the 1st year, 2.5% for the 2nd year and 1.25% + sibor rate for the 3rd year onwards. Lock in for 2 years.
• Finally finally signed the letter of offer from the bank and that along with the OTP form (to sign on the “Exercise Option” portion) is couriered over to KL where my mom will receive and sign.

That’s about where I am not with the house buying. So hopefully everything moves along quickly. :)

I am a happy but poor girl!