JustMortgage

Do not take up grant or hdb loan for the resale flat or for the BTO flat?

HDB officers will definately be the best people to give you the appropriate advice. The only potential pitfall we see is that regulations might change. So you might want to talk to the HDB officer to give you a written approval plus enquire that in the event that the regulation change in the meanwhile, would that impact you. Good Luck.

Negotiations are always tricky. Gd Luck.

Spot On. But when a client says 101 reasons about your house. Then he/she must REALLY like your house.

To the buyer maybe. To the valuer it's really the current + expected market condition and the recent transactions of the surrounding properties.

That's a good way.

Even if the agent is a party to the agreement you could always cite non performance as the reason for termination of the contract since the agent has not shown any value-add in the course of the tenancy.

It's not a matter of conflict of interest but rather a question of owing the "duty of care" to the client, in this case, the seller. Exclusivity protects the agent in the sense that they are assured that if they are to help market the property, that they would have some income if it is sold within the said period of time. BUT when agents who have an exclusivity with the sellers and refuse to co-broke with other agents because they want to earn more commission ie) to obtain 1% direct from the buyer Aren't they rejecting the possibility of other agents who might have clients representing them who could be potential buyers? Thus by rejecting co-broke agents, agents who have or do not have exclusivity with sellers are not performing their duty of care. Agents who refuse to cobroke might have or might not have exclusives with the seller but it is a common trend to refuse co-broking.

Welcome!

1) Correct. 2) Correct

How come you guys never approach us to find your bank loan? And your agents and bankers not doing any work?? Ok here it goes. Assuming there's no grant involved. Valuation 275k COV 12k Purchase Price = 287k If you are taking an 80% Mortgage Loan, 80% of 275k = $220,000 5% of the valuation price to be cash = $13,750.00 15% can be from CPF = $41,250.00 Stamp Duty = $3,210.00 (Can be from CPF) Legal Fee can be around $2000 to 2500 Assuming that the Legal fee is $2500 and your subsidy is $880 from the bank. You stlll need around $1620 Therefore Cash required = $12,000 (COV) + $13,750 (5% Downpayment) = $25,750 Cash CPF required = $3,210.00 (Stamp Duty) + $41,250.00 (15% Downpayment) + $1620.00 (Legal Fees) = $46,080 CPF This Example is based on minimum cash and assuming that you have enough CPF.

How do you regulate co-broking? While we're on this topic, should we regulate exclusivity? I'm all for exclusively representing a seller. BUT when the agent doesn't want to co-broke then is it in the interest of the client? 1) Seller don't want to pay agent 2% only want to pay 1%, hence agent does not want to co-broke because he/she wants higher commission by obtaining the commission from the buyer. 2) Seller pay 2% but agent don't want to co-broke with buyer agent because they want to earn extra 1%.

It's really contentious, we have clients shopping around for landed property and are quoted around the average of 3.5m to 5m for the properties that they are looking at. The problem is generally the valuation is off by at least 700k to 1.25m on the average. The sellers are pricing in the renovations. The valuers aren't. The buyers get stranded.

If that's the case, would buyers want to find agents to represent them in the future? Find an agent to represent you pay 1%. Go yourself. pay maybe only a nominal fee hundred. Alot to ponder.

Welcome.

Assuming there's no grant involved. Valuation 220k COV 15k Purchase Price = 235 If you are taking an 80% Mortgage Loan, 80% of 220k = $176,000.00 5% of the valuation price to be cash = $11,000.00 15% can be from CPF = $33,000.00 Stamp Duty = $1,650.00 (Can be from CPF) Legal Fee can be around $2000 to 2500 Assuming that the Legal fee is $2500 and your subsidy is $700 from the bank. You stlll need around $1800 Therefore Cash required = $15,000 (COV) + $11,000 (5% Downpayment) = $26,000 Cash CPF required = $1,650 (Stamp Duty) + $33,000.00 (15% Downpayment) + $1800 (Legal Fees) = $36,450 CPF This Example is based on minimum cash and assuming that you have enough CPF.

Ridiculous. I've been helping a friend look at Clementi 5 Rooms and the valuation is already between 500k to 570k. Asking at least 30k to 70k above the valuation. It's a seller's market.

Both the buyer and seller are legally bound by the contract. Yes.

In processing the resale transaction, HDB will: assess the eligibility of the seller and buyer; process the buyer's application for withdrawal of his CPF savings. Subsequent withdrawal of CPF savings after the first appointment will not be allowed; assess the buyer's financial position (credit assessment) and determine the amount of mortgage loan to be granted; determine the amount of cash the buyer needs to pay within 10 days from the date of the first appointment and the final cash payment the buyer needs to pay on completion of resale; obtain seller's and buyer's authorisation for HDB to act for them in the conveyancing (however, seller and buyer may engage their own solicitor to act for them); calculate the amount of stamp fees and conveyancing fees that both seller and buyer need to pay; fix the effective date of resale; and explain the resale procedures to both seller and buyer. If the cash payment required is more than 10% of the purchase price, you are only required to pay 10% within 10 days from the First Appointment date. The balance must be paid on the resale completion. If the cash payment required is less than 10%, this amount must be paid within the 10 days period. The cash payment to be paid within 10 days can be in cash, cheque or cashier's order. The balance cash payment to be paid on resale completion must be in cash or cashier's order.

Legal fees might include -registration fee (not all lawyers charge this) -GST might be inclusive or exclusive -Mortgage Stamp Fee (Average $500) -CPF Charge (Up to $500) A lawyer might be able to give you an "all-in" fee that includes everything for e.g. $2300 nett or $2500 nett.. When you sign up a mortgage at the bank, the procedures are typically similar for all banks/financial institutions.

Remember to always ask if GST is included. Check whether you lawyer/solicitor can act for both the bank and yourself to enjoy legal subsidy from the bank. If the law firm is not able to act for CPF, they will typically liaise with another lawyer. It's normally transparent. You can ask the lawyer/solicitor to offer you what we call "All-in". It also depends on whether it's a new purchase/re-financing and the purchase price of the property. If the property cost a couple of million, then don't expect sub 2k type of legal fees. For less than $1m, in our opinion, a legal fee cost between 2k to 2.8k including GST/Mortgage Stamp Fee/CPF Charge etc. should be reasonably fair at the moment.

It's a common new age solution. That's customer service for you in today's world. After years in the client-facing side of the business. A fact is most ppl would shove it under the carpet or probably take eons to get back. That's exactly the same fustration that makes clients even more

Hey, there's always a first time. No worries, take your time. It's a pain getting diarrhea. (No pun intended. ) Life deals us a bad card, what to do? Just move on and hope life sometimes will deal us a straight flush. Sometimes what works for our friend doesn't work for us. Expectations are difficult to measure because there's no metric scale. I'm just wondering where the agency stands because they probably get a multitude of clients like yourself expressing displeasure.

Isn't that a common issue that clients face? Finding the right property might not be the easiest thing to do. If you are finding the next property, you should exercise caution. First most important thing is always to negotiate the commission. coz service level you never will know. Get multiple agents to serve I guess would be easier but you run into the problem of maybe viewing the same property. You shouldn't drag the commission payment because the payment is to the property agency. Plus sending letters probably won't serve any impact at all IMHO. Good Luck.

It really depends on the agent. But to add on, agents want to earn more, hence they don't want other agents to represent the buyer. IMHO. I believe that agents are there to facilitate and assist in marketing your property. Which includes advertising etc and also co-broking. So i don't know why agents should want exclusively represently all unless for the reason of trying to make more money. Normally agents would wanna work with each other. otherwise how to get buyers/sellers? It's a crazy world. you can look at one property to see it being marketed by more than 1 agent and alot of online listings typically aren't a genuine reflection of the selling price. Often it's a much higher price quoted.