1
8 years ago, Liu Hui and I met at an alumni party, and then the relationship has been good. He is a native of Xiaogan, Hubei Province, and stayed in Wuhan after graduating from college. His wife, Pan Wen, works in a state-owned enterprise, and his son is more than 4 years old.
One day in June last year, Liu Hui said he intended to buy a house and wanted to find someone to consult the Wuhan property market, so he asked me to have a dinner with a classmate who worked in a real estate company.
After a good meal, Mr. and Mrs. Liu Hui drove me home. On the way, Pan Wen asked me if I had recently paid attention to the price of XX properties nearby, I said, just occasionally passing by when I saw the building has been built, a large advertisement hanging outside, I heard that the sale is quite hot, shaking the number to pay the “tea fee”.
Pan Wen nodded and held out three fingers, “the opening price is close to 30,000, you still do not intend to buy a house?”
I shook my head, said Wuhan purchase restrictions, my account is not here, not eligible.
“You hurry to find a way to get the account over it, looking at the future prices to rise again.” Liu Hui reminded me again.
After that day, Mr. and Mrs. Liu Hui began to look at houses in Wuhan, during which I was also dragged to do a few “drivers”.
I remember they had a commercial house of about 80 square meters in Hankou, only a few years, so I asked him why he wanted to buy a house again. He said his son was going to school, and that the suite he bought in Hankou when he got married was a little small and the school district was not good, so he wanted to find a good school district house in Wuchang.
In the hottest season of the year in Wuhan, I drove them both to run a lot of properties, footprints all over Wuhan three towns. At one point, I couldn’t help but ask him, “It’s not like you don’t have a house to live in, why do you have to rush out to look at houses in this heat?” Liu Hui wiped the sweat on his face while telling me that he didn’t want to brave the heat to come out and run, but in a short time the price of housing in Wuhan will soar, “if you don’t buy now, you can’t afford to buy later.
At that time, the rumor was indeed circulating the news that Wuhan house prices will skyrocket. The reason is that in mid-October, Wuhan will host the seventh summer military games, the city government to update a large number of urban facilities, the construction of a number of world-renowned projects, so that the entire city has a new look.
People in accordance with the 2008 Olympic Games and the 2010 Asian Games, Beijing and Guangzhou two host cities, the proportion of the increase in housing prices, after the military games, Wuhan prices will certainly usher in a new round of soaring.
Liu Hui has a deposit in his hand, plus a variety of news of rising home prices flying around, really let him leap forward. Liu Hui told me that in the second half of 2015, he did not seize the opportunity of Wuhan house prices soaring, “this time say what can not lose again”.
In addition, most of the colleagues and friends and relatives around him are also discussing the matter of buying a house, and several colleagues have borrowed money to buy a new house, and those who did not buy are also using their weekends to look around for houses, and Liu Hui feels that if he delays the wave of the market, he really lost a lot of money for no reason.
I also understand, during that time, their own cell phones often receive news of property developers in various places advertising, even some of the third ring outside the property, the marketing consultant predicted the unit price is close to 20,000 yuan per square meter.
“You look at the price of Nanjing, and then look at the price of Wuhan, obviously low a cut, that there is still room to rise, this military games, I’m afraid that is the last node of Wuhan to catch up with Nanjing.” Pan Wen also followed Liu Hui to persuade me, think about it is indeed not unreasonable.
2
In mid-August, Liu Hui again asked me for dinner, during which he asked me to “buy a house”.
I was very helpless, not because I did not want to buy, but because I could not buy without a local residence. I didn’t expect to hear me say that, Liu Hui seems to be a little happy, and then asked me, since I’m not buying a house in the near future, can I lend him some money to use.
“You are not ready to buy a house money, how to borrow money again?”
Liu Hui hurriedly explained that Pan Wen looked at a second-hand house in Wuchang, a relatively large area of 180 square meters, the total price of nearly 4 million, because it is considered a “second suite”, according to the policy, the down payment needs to pay about 2.3 million, the money on hand is not enough. They had not planned to buy such a large house, but the first time with the real estate agent to see the house, they immediately fell in love with this set – whether the type of housing, location, school district or community facilities, are very much to Pan Wen’s liking. And the owner of the house abroad to sell urgently, the price is also slightly lower than the market price – Liu Hui this time really look at the house to see bored, simply decided to bite the bullet and buy it.
But the family savings of only 800,000, the down payment gap is very large, asked a circle, around the economic strength of relatives and friends are also most of the brochures to buy a house, so you can only find me.
In order to reassure me, Liu Hui also explained that his parents have a factory in Xiaogan hometown, the benefits are very good, right now just a moment can not get so much cash, “(borrow) 800,000, 1 year, we pay you interest in accordance with the bank’s regular interest rate of 3 times ……”
I shook my head and said I didn’t have that much money on hand either.
“400,000, six months, 3 times the interest rate ……” Liu Hui compressed the amount and time by half each, but the interest rate did not change.
I still shake my head – not that I don’t want to help, but I really can’t get so much money in my hands at once. After thinking about it, I decided to be honest – 400,000 is indeed a bit difficult, but 50,000 or 60,000 can still be. There is no need to pay any interest, if you use it, I will transfer it immediately.
I would have liked to say a few more words to persuade him not to rush to buy such an expensive house, after all, there is a monthly loan after the down payment, the pressure is too much, but heard that I can not get that much money, Liu Hui face obviously some disappointment, and then ended the topic of borrowing money, I am not good to say more.
After a long time, Liu Hui did not mention the money to me again. I thought the two of them gave up on this, but soon after, I saw their new house photos in Pan Wen’s circle of friends, from the positioning, it is the set of 180 square feet large house.
Below the circle of friends are common friends envious of the likes and messages, I asked Liu Hui: “Done?” Liu Hui looked very excited and said it was done, “I like this house too much, my wife also said the house is big enough to prepare for a second child!”
3
Liu Hui’s parents started doing business in their hometown in the early 1990s, and Pan Wen’s mother’s family was in a good financial position. The two settled in Wuhan after they got married, and bought the commercial house in Hankou in 2013 with full payment.
I asked Liu Hui, the Hankou set of houses how to dispose of? Liu Hui said ready to sell, buy a new house borrowed a lot of money, need to use the first set of house sale money to pay off the bill. He also asked me to help him to send out advertisements, if there are friends around who want to buy a house in Hankow can contact him.
After that, we went our own way for a while and didn’t talk much about houses. I also helped him advertise in his circle of friends, during which people who contacted me to ask about the house, I forwarded to Liu Hui. But that house Liu Hui has not been offered, occasionally chatting, only to say that he is busy renovating the newly purchased house.
Liu Hui’s house in Hankou is indeed very sought-after, regardless of the type of room, location or area is very much in line with market demand. Liu Hui said they put the house on the real estate agent’s website in August, and someone immediately contacted them about the viewing time.
In September, a friend who had previously contacted Liu Hui through me complained, “These two are so unethical.” When I asked why, he said that he had agreed on 1.7 million and was ready in all aspects, but the day he paid the deposit Liu Hui suddenly reneged and said he would not sell. This temporary “pigeon” behavior made him very angry, but also incidentally complained about me, let me not introduce him to this “unreliable guy” in the future.
I turned to call and asked Liu Hui what happened. Liu Hui said helplessly that the deposit before the “pigeon” is the meaning of Pan Wen – a lot of people to see the house, Pan Wen felt sure that the previous price to be low, non-committal until after the military games to see the market before selling. I am also a little unhappy, said if so do not help you send advertising, or make me also bad to do people. Liu Hui sighed and did not say anything else.
Turning to the end of the year, a meal, we talked about the house again. Pan Wen immediately lamented that these days, investment in anything is better than investment in the house, now the listing price of the suite in Hankou has risen to 2 million, when they bought only 1 million, the value has almost doubled.
I teased her and said with a smile, “In that case, why don’t you just don’t sell it, look at the situation, the future still has to rise, stay a decade or eight years, it is estimated to rise to tens of millions, don’t be cheap to others.”
Pan Wen probably did not understand the mockery in my words, but nodded in agreement. Liu Hui then turned his head, smiled apologetically at me and said, “Or sell it, the new house side borrowed too much money, too much pressure.” And added that he had found a buyer through a real estate agent, the other side had seen the house several times and was ready to place a deposit.
Pan Wen’s face is a bit unhappy, white Liu Hui glance, said he heard his girlfriends speak, after the year Wuhan house prices are sure to have a round of rising, now buy houses are to “pick up”, sell houses are “cam” (dialect: fool).
My appreciation house has suddenly become a money-losing goods
After that, she cited several examples of colleagues and friends who bought houses, and was talking with great enthusiasm when Liu Hui suddenly and rudely interrupted her – Liu Hui’s voice was loud, and it startled me.
I looked at him in surprise, but Liu Hui just waved his hand and said not to talk about the house. After that, Liu Hui was black-faced the whole time, and whatever he talked to him, he just grunted and coped with the past.
4
On January 17, the last time I saw Liu Hui before the Spring Festival. That day he came to Guanggu to see the furniture, and asked me to eat together at noon.
The topic came up again above the house. Liu Hui said that the house in Hankou was sold, a little more than 2 million, and the other party had paid the deposit a few days before. I hurriedly congratulated him and asked him how he intended to “splurge” on this money. He said, after repaying the remaining part of the second suite loan, ready to buy some good furniture, after all, after buying this house, 10 years do not intend to change.
Liu Hui asked me to apologize on his behalf to the friend who had been “stood up” by Pan Wen before, so I said with a smile that I couldn’t blame Pan Wen for this kind of thing, after all, the difference in price between the two times is more than 300,000, which is not a small amount, so we can understand each other.
That day Liu Hui was in a good mood, and talked to me a lot about the house, before parting with me to visit his new home after the Spring Festival holiday. I jokingly asked him, moving to a new home also want me to follow the share? Liu Hui laughed and said no, he will be at home to fry a few dishes, we drink two glasses together.
On January 23, Wuhan closed the city. At that time I had returned home for the New Year, I heard the news and rushed to call Liu Hui to ask about the situation. The family still lives in their old house in Hankou, not far from the news that the “new crown virus” originated in the South China Seafood Market. Liu Hui said the family was fine and asked me to relax. We talked a few words about the epidemic, and hung up the phone.
On January 29th, the fifth day of the first month, I found that Liu Hui and Pan Wen suddenly issued an advertisement for the sale of a house in their circle of friends – the old house in Hankou – I was a bit surprised, Liu Hui said he had signed a contract with someone else.
I sent a message asking him about the house, he did not return.
When I received a call from Liu Hui at noon on February 4, I asked my friend who had contacted him to buy a house whether he wanted it or not. I said, people were let go by you before, now how I am good to ask again? Liu Hui was silent for a while and asked me to help him ask again, and he sold the house at the previous price of 1.7 million.
I was surprised and asked him what the situation was. Liu Hui said, before that contract yellow, he now urgently need to sell the house to get the money out, or the year after the trouble ……
I just learned that they bought the second suite really can not borrow money, he will be his father’s factory plant in his hometown mortgage to the loan company, to get 1.4 million, which paid the down payment for the second suite. He had intended to sell the house in Hankou, immediately after the money back to the loan company to redeem the plant, but did not expect to repay the money at the end of the “accident”.
I was very puzzled, I had the impression that Liu Hui’s parents’ factory was worth much more than 1.4 million. Liu Hui then explained that the loan company’s business manager is Pan Wen’s high school classmates, then suggested that they will be low cost mortgage plant, so that one can negotiate a lower interest rate on the loan, the second lending speed, the day the procedures are completed can be paid.
Liu Hui’s father has used similar methods to raise funds over the years, and out of trust in his classmates, Liu Hui and his wife agreed. They originally intended to solve the second suite of down payment funds through the “time gap” at minimal cost, but now the house in Hankou has a problem.
Before the military games, seven or eight buyers approached the couple to look at the house, but the two have not made up their minds to sell. Pan Wen felt that all the news said that the military games after the price to skyrocket, the more people come to see the house, the more she did not want to sell, think those people are trying to pick up “before the military games” this leak.
Liu Hui has also reminded his wife, the plant mortgage contract signed only six months, the middle of February to repay, second-hand transactions also need time, but Pan Wen still want to wait, non-saying that the house is not worried about selling, can earn more to earn more, “who do not mind the money bite hands”.
Liu Hui could not insist, after all, his father’s side of the factory is talking about a business, the deposit to arrive in the year before, there is an advance payment, the two money should also be enough to redeem the plant. Therefore, they did not finalize the sale of the house until they had dinner with me in early January 2020.
The buyer, surnamed Zhao, also lived near that house and wanted to buy a house for his parents who came to Wuhan from abroad to retire. The last time was on the 11th – the day Zhao took the decoration company directly to “see the site”, and the next day he signed a purchase contract with Liu Hui and paid a deposit of 170,000.
The following week, because Liu Hui was sent out of town on a business trip, the two sides agreed to go together on the 20th to do the formalities. But early in the morning of the 20th, Liu Hui received a phone call from Lao Zhao, saying that there was a situation at home, and the house purchase procedures had to be “postponed for a few days”.
In a few days to the New Year, Liu Hui some anxious, but the old Zhao side said that his parents are sick, he also feel unwell, is busy taking the family to see a doctor, temporarily no work to engage in house things. Listen to Lao Zhao said so, Liu Hui is also bad to insist.
“Later his family was diagnosed with three cases of pneumonia, and now I don’t know whether it was a blessing or a curse …… that I didn’t go with him that day to do the procedure,” Liu Hui said.
5
“Lao Zhao just said to postpone a few days, did not say not to buy, you are now looking for a new buyer appropriate?” I asked Liu Hui.
Liu Hui hurriedly explained that the previous contract had been voided.
Two days ago, Lao Zhao’s wife contacted Pan Wen, asked to cancel the purchase contract, their own family has three people infected, Lao Zhao’s parents have been sent to the hospital for treatment, Lao Zhao himself was isolated for observation, the matter of buying a house to be postponed. On the phone, Lao Zhao’s wife repeatedly apologized to Mr. and Mrs. Pan, saying that she did not mean to miss the appointment, but really something happened at home, and she also put forward a “refund” request to Mr. and Mrs. Liu Hui. Even if not, I hope that Liu Hui couple read the situation of her family now, to extend the payment time. In order to make Liu Hui couple believe what she said, old Zhao’s wife sent the diagnosis and CT photos issued by the designated hospital to old Zhao’s parents and old Zhao himself to Pan Wen.
Liu Hui and his wife were immediately confused.
“Although the contract does not indicate that the right to buy a house due to a major disease to cancel the contract, but there is a clause called ‘force majeure’, they said the epidemic is now ‘force majeure’, I hope I can understand their family’s current situation ……,” Liu Hui said. He originally did not know whether this is really a “force majeure factor”, consulting the real estate agent, the agent side also uncertain, suggesting that they first consult with the wife of old Zhao, in case the consultation does not work, and then through litigation to solve the way.
Liu Hui and Pan discussed again and again, really do not want to because of this matter with the old Zhao family in court, one to buy a house to sell the house on both sides is a happy thing, they do not want to do the happy thing into a sad thing; Secondly, at this juncture also forced people, indeed some unreasonable; Third, even if this litigation, and so the verdict down has long delayed the loan company’s side of the repayment time, there is this effort, might as well think of other ways.
Liu Hui and Lao Zhao’s wife then canceled the purchase contract, returned the deposit, and then called the real estate agent to inquire about other buyers, the real estate agent said, “This juncture, we are thinking about saving lives, which still have the mind to consider the house?”
But Liu Hui couldn’t stop thinking about the house. He hurriedly asked Pan Wen to call his high school classmates who helped him with the loan, asking him if the loan company could give him an extension, after all, the epidemic is so serious now that even the banks have released the news that they can delay the return of the purchase loan, hoping that the loan company can also take care of their situation.
Soon after, the students replied to them that the company had rejected the loan extension application because the contract did not indicate that the epidemic was “a force majeure factor for deferring repayment”, and that the bank’s extension was the bank’s business, but their loan could not be extended and would only be considered “overdue” if not repaid.
I can only advise Liu Hui not to be anxious. Now even if the mortgage is “overdue”, the other side at most part of the loan interest rate as “penalty interest”. According to the interest rate they agreed to when they signed the loan contract, this part of the “penalty interest” amount is not too big, as their own loss of a little house price.
But Liu Hui is more anxious, said he was in a hurry to borrow money, did not think he would really overdue, only focus on the loan interest rate but did not carefully look at the “overdue liability”, now turn around and look at the contract, only to find that the “overdue penalty interest” piece is outrageously high –The penalty rate of 2 per thousand per day, according to the 1.4 million loan, the penalty rate alone is 2800 per day, who can afford it! And, even if you pay the high penalty interest, after 3 months to pay back the full amount, the other party still want to take away the plant.
The company’s loan company is not the company’s money, but from other places, the company just earn a difference. The real owner refused to extend the loan, the loan company can not help. He previously coordinated with the owner through the loan company, the owner was informed of the situation, insisted that “the plant will be collected if the loan is not repaid”.
“I now know that the loan company is not very formal, many things are different from the normal lending institutions, I blame the rush to borrow money, in order to negotiate a lower interest rate, agreed to some very harsh conditions, but who thought at the time will encounter this situation!” Liu Hui said more and more angry.
“What about the advance payment? Didn’t you say before that there would be an advance payment around the Spring Festival that could be used to top it off?” I then asked Liu Hui.
A long sigh came from the other end of the phone.
Liu Hui said, the whole of Hubei is now in a closed state, Xiaogan also followed Wuhan closed city, the factory has long stopped working, do not know when to resume work. Even after the factory opened, it is not known whether the workers can return on time, the real resumption of production, do not know when.
His father talked to the partner, hoping that the other party can be affected by the epidemic for some time – it is not only the problem of advance payment, at the end of last year, in order to get the order, the factory updated the equipment, procurement of raw materials, spending is not a small amount, if the order is cancelled, the factory really can not afford the economic loss.
But the partner side also has hardships, firmly refused to wait, gave Liu Hui’s father two options: either cancel the contract, return the previous deposit, the opportunity to cooperate again; or the partner in accordance with the contract to pay the advance, the two sides continue to cooperate, but if the factory later can not deliver on schedule, the contract to compensate for the loss of the partner.
“How to start work in this scenario now? Who dares to start work? Delayed delivery is certain, continue to fulfill the contract, after fear is not only can not earn money, but to pay a large sum of money to the partner ……” Liu Hui said, his father even sought the help of the local county government, the county government also sent people to do coordination with the partner, but the other party refused to relent, and finally The two sides had to part ways.
The mortgage could not be extended, the hope of prepayment was extinguished, and Liu Hui couple had to work on the house from Hankow again. The two contacted some customers who had come to see the house before, but they all said “the situation has changed”. The euphemistic some, told Pan Wen currently Wuhan closed, the relevant departments are not working, and so on “epidemic past to say”; speak more frankly, directly told Pan Wen, the house is located in Wuhan outbreak of “new crown pneumonia” the core area, he “dare not buy”.
In an emergency, Liu Hui even with the other side of the offer “full purchase price reduction of 150,000” conditions, but the other side still do not agree. But a real estate agent with knowledge of the situation contacted Liu Hui privately and offered to help “internal digestion” with 70% of the list price, and if he agreed, he could get the money immediately, just sign an agreement online and wait for the procedures to be done after the epidemic.
Liu Hui felt that the other party was obviously “taking advantage of the fire”, so he did not agree.
“Now there is news that after Wuhan’s housing prices are likely to plummet, it is too uneconomical to buy now, so everyone is waiting and watching ……” Finally, Liu Hui sighed again.
I hung up the phone, I hurriedly contacted the friend who asked me to buy a house, briefly told him the situation of Liu Hui’s family, and conveyed the words “the original price of 1.7 million on the sale”, but the friend said that he could not return to Wuhan, and did not have the heart to consider buying a house, even if you want to buy, you have to wait until after the epidemic. I had to give feedback to Liu Hui.
Epilogue
At noon on February 14, Liu Hui called me and said he wanted to borrow money. I asked him how much he wanted, and he said that for the sake of his friends, he could give him as much as he could, because he really had no other way.
I went through all my bank cards and was able to lend him less than 70,000 yuan, and asked my friends to give him 100,000 yuan. Although his needs are still a hundred thousand miles away, but this is the biggest help I can provide.
I asked Liu Hui what to do next, Liu Hui’s mood is very low, he said now on hand to borrow about 400,000 to 500,000, the rest is still thinking of ways. He also asked me to help him check the responsibility of the mortgage after the overdue issue, if convenient to help him find a lawyer, see if you can find a way out of the “epidemic” above, after all, the old home set of plant value of at least two or three million, is the parents half a lifetime of hard work, the future also count on the plant pension it, really 1.4 million was taken away by others, he Really can not accept.
“Really can not, but also can only let the previous real estate agent ‘internal digestion’, as for the loss, as the years for nothing, right”.
On the phone, Liu Hui and his wife has been waiting for the “military games after the house prices rose” and did not hurry to sell the house to raise money, I advised him not to blame Pan Wen, she did that is also to earn more money, who would not expect to suddenly encounter a major event, now you two or find a way to raise money, other things to talk about later.
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