Back to the units, town houses that are still unsold by the “devilupahs”.
Ppl are handing back OTP units etc, and dropping deposits, while others are trying to take a partial loss and flipping them at below the original price. This is putting them in direct conflict with the “devilupahs” who need to hold up the original price or start a price war in their own development.
Would’nt the smart idea be to take these back at a discount, to share some of the loss, and try and hold the price up??
If it keps going the courts will be busy, as it won’t be the “devilupah” suing the ppl pulling out but, the Liquidator of the development, who is much more experienced in this type of matter.
Talked yesterday to a liquidator who is becoming very busy.
It concerns me when I hear of people ‘walking away from their deposit’, because it doesn’t end there! If the developer has to sell their units for less than they had agreed to buy them at (although I think the forfeited deposit is taken into account) the purchaser is still on the hook for any loss…..
Cheers
Mel
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