Wednesday, January 6, 2010

Nothing in particular...just another rambling


If blogging is any indication of my current "motivational" level, I suppose one can adaptly deduced "Laziness" would be the right word to come mind...

Just got back from the bank to sign the loan documents....left it to my partner to digest all the technicalities of the loan. My head remains solidly muddled with all the jardon. Why do they make things so difficult to understand for layman? It's intentional I know...Oh well, at least everything is settled now.

Previously the relationship exec in-charge was sooo fk up that my partner had to storm into the bank to throw a hissy fit at this incompetent guy whose brain is either fried from lack of use, or suffering the after effects of over ingestion of too much bad food over last 10years. It took the dude over 2 months to inform us "our lawyer" might not be approved, leaving us less than a month for other options. That being, we had to call for status from him (not the other way round) since our nagging suspicion tells us normal processing time only takes 5-6weeks max. Our worries were indeed founded.

We didnt understand what the problem was since the guy didnt even bother to follow the case. It was later that we were informed the lawyer we engaged wasnt able to handle our case due to loan size, and the ratio to the size of his firm didnt work out. So why couldnt the lousy exec had advised us accordingly in the first place when we first submit the lawyer's company name to him? The scum just took the documents, let dust collect until we rang him up. Man...he was literally asking for it...

So faced with the potential of losing our deposit, I let looose my all mighty partner and let him have a go at the useless chipmuck. Grossly stupid (ugly) smuck who simply didnt even understand the severity of the situation or how his oversight would potentially cause great grief. In the end after much nasty raving, the mentally invalid nitwit's manager had to step in and calm my partner down, and promised to take over and oversee our case personally. All we ask for is efficiency and finally we got some. Why do we always have to yell at someone before anything gets done properly? This is a clear testimony of why "bringing the world to its knee" is only reserved for the capable hands of elite "ivy league" bankers while morons in a case this like at best, can only ruined the day of a customer leaving others to clear his shit...Anycase, all is settled after our return from lousy oz trip, and all we have to wait now, cross fingers is the hand over at end of Jan'09.

It's terrifying. Buying a new home.
The process is lengthy, troublesome and every step of the way, u keep asking yourself, did I do right? Hopefully this anxiety will go away once we are actually the owner of the place.

Straying off to better things...
I kept telling myself I should sit down proper to blog about my Maldives trip before all the details start to elude me...but alas....the mind is weaker than the flesh as reality has sorely proved to me recently...It's probably already a miracle that I had even load the pixs onto Facebook but then that is restricted viewing... So that means it's round 2 of reloading...crap.

However, because I had such tonnes of fun (R&R really) in Maldives, it would be injustice to let my experience slip past without a word on it. Thus I have made my biggest resolve and singular resolution, to get the blooody posts up asap.

Tough seemingly I keep getting distracted grappling for my limited attention....oh wait, what is this? Just when Doc Who series revival is getting good, they are changing the good doctor again to Matt Smith. I hope he fits into the big shoe left behind... Did I digress again? Damn! Ok ok... I better get crackin after I finish whipping up my dinner...

3 comments:

WhiteDuskRed said...

Yes... Maldives pix... long overdue...

Anyway I'm glad I just sold my property in HK. And waiting for my 2 units in SG to TOP and officially become a mortgage slave...

Somehow feel more assured buying in SG than HK... feels the creeps... lots of uncertainties... blurzzzz...

Nomad said...

You did?! So u must made a killing!!! U bought 2 units in SG?! Actually sg property wont make me feel too secure right now as there seem to be oversupply and who on earth are buying all these places, and they aint cheap!? FT? locals with heavy loan? I am sure there are a portion like yourself can afford it but if u drive thru town, its scary with all these new and slated to launch places... can we really support that market with a tiny population? But u are rite...hk market is so craxzy and volitaile.... every year has to pray to ancestors that price will be right when it comes to selling:)

WhiteDuskRed said...

I sold it at a 25% profit but made a killing I didn't since it was a small unit. The price was right and it was time for a change of environment. Had enough of the city~

I bought the 1st unit in '06 at 600+psf and another unit in the same block last year at 800+psf! I think the present market rate is around >900psf. But I ain't gonna sell them lah.

Present prices in SG are like over SGD1000-1200psf. It's crazy... rental won't be enough to cover the mortgage repayments. The math is simple. If rental cannot cover mortgage then its overpriced~

A 1300sqft unit selling at SGD1.3mil in Tanjong Katong renal is around 3200-3700. Monthly mortgage repayment for 30-year loan is around 3400 for SGD1mil. Nearly 4800 for 2-year loan.

What if the market goes south and no one is renting? Rental will probably drop to 3000 or even less.

I think 900psf is the correct price~