Buying a property from your own parents should be less stressful — but as one reader shares with us, it's also a very unsettling experience. This sort of transaction goes outside the usual financial boundaries: it makes you also query things such as whether you're being too difficult, and it's very odd to hear your agent give you advice for...
Buying a property from your own parents should be less stressful — but as one reader shares with us, it's also a very unsettling experience.
"I knew my parents were counting on their property to retire, and I was doing quite well. My wife also persuaded me not to take it as a gift — she didn't like to feel that we would always be in debt to my parents, for the free house. BM had previously seen a dispute over property ownership in his family when two of his relatives went to court over their HDB flat; so he was cautious even though the sellers were his own parents.The most jarring example of this, according to BM, was that he knew what his parents wanted for the flat; but it was an amount that his agent claimed was overvalued.
It was right in front of my eyes all the time I was there, but somehow I never saw it until the agent provided a fresh perspective." BM was grateful nonetheless and noted that — if his property agent had wanted to be lazy — he could have just skipped over all this, and treated it as a formality.After the viewing, BM's parents did approach the property agent to ask if the price was too high. They mentioned they were willing to lower it if necessary.
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