Friday, May 16, 2008

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Home Loan Crunch

An excerpt of forum exchanges among Smart Buyers.

Jacq wrote:
"Read a few analyst report on Spore banks and got to know banks are generally turning cautious on giving out home loan.

Recently, I happen to talk to a housing agent on in investment property. She wanted to know whether I've got my financing approved by the bank
before talking to the owner to lower the asking price. I also spoke to a DBS loan officer.. he too would like me to file an application b4 committing to a property. I find it very strange 'cause this was not the case when I purchased another property few years ago. Are buyers are finding it hard to get loans approve from banks? If this is the case, it will definitely affect the market."

Anonymous replied:
"Interesting point. In my case, the agent keeps hounding me to make an offer. Maybe the seller is facing problems with financing. "

Another Anonymous replied:
"Then you should really wait.

Smart buyers shouldn't even bother to go viewing now. Why tempt yourself when you know that downturn hasn't even started? Why not spend the time with your family or reading about what's really happening around the world. With so much money lost during the recent financail turmoil, surely it must translate into huge losses in personal wealth. Read about the soaring inflation, is it really a passing matter or is it here to stay? Find out for yourself how bad things can be in the few years ahead. Then ask yourself if the worst should happen, are you prepared? "

Anonymous replied:
"Intersting point raised. I went to some showflats to view. Really felt tempted to make a purchase. But deep inside I know property price will fall soon as the market is generally quiet as compared to last year. This is really a sign that property price will fall soon or later. I am prepared to wait so there is much more potential for downside and upside."


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The blogger here has been affectionately named by close allies as "Smart Buyer" but really, he's not smart. Smart Buyer just believes that being prudent is smart. That's the essence of the message of this blog and Smart Buyer hopes it'll benefit other property buyers.

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