New HDB ruling 7days seller cooling period = DANGER????

[Sgnick]

New rule that after give OPT and collecting 1k deposit from a buyer, seller have 7 days to back out and refund the buyer.

 

If the seller already offered OTP to a buyer, can the seller also at the same time offer another OTP to another buyer without first cancelling OTP and refund the 1st buyer? Because OTP is just a pc of paper, no need go through HDB, so seems like nobody can really check if the seller offered multiple OPTs at once, not even HDB.

 

If seller can do that, then this is a big problem. Gamblers can get interest free 7 days $1K loan from many sellers by putting up his flat "for sale". Give 10 OPTs equals $10K/7days loan liao, take the money go casino and punt. Then 7 days later tell all the buyers he not selling. All the buyers won't know that this seller gave out multiple OTPs anyway.

 

Or better yet, i put up my flat for sale every week, then every week collect and spend the deposit money, next week collect more money to pay off the 1st week refund plus more spending $, and continue like this week after week, a new Ponzi scheme.

Edited October 23, 2010 by Sgnick

[Blackyv]

Either you U think too much or u r those potential scammer..

[Sgnick]

Either you U think too much or u r those potential scammer..

 

If i can think of these scams without much effort, why can't the policy makers?

 

But seriously if I need interest-free short term cash to tide over something urgent, i know what to do now.

Edited October 23, 2010 by Sgnick

[Happily1986]

alot of occasions i have seen, garmen try to solve problem by creating another problem in its place.

[Darthrevan]

sometimes it takes a criminal mind to know how a criminal thinks

[Sgnick]

Oh, ok, found out how it really works

 

Sellers can only grant the Option to Purchase to the buyers only after 7 days from the date the Resale Checklist is completed.

E.g: If sellers go through the Resale Checklist on 1 November 2010, they can only grant an OTP from 8 November 2010

 

So my concerns above is invalid

 

See, i am not cut out to be criminal :)

 

Can someone delete this thread now?