JustMortgage

Bank loan should be fairly safe. Most financial institutions should be able to lend. You might want to check on the price u are paying for vs. the amount of renovation required and if the COV isn't too much it's ok. I wouldn't want to pay over the top COV and spend a bomb on reno. e.g. piping. re-wiring all the works. cost of the monthly maintenace etc. some developments that are older have a management team that sleepz so some people are bothered by the fact that they don't really see the value in paying the monthly maintenance. it's basically to stay is it?

It's normal to find fustration in the property market. Let me quote one example. I was assisting my secondary school friend to look for a property recently. I chanced upon an agent claiming to sell one for another client in the exact vicinity. Price was great. It was those 95% buy type of scenario if we were to view. I made 3 smses and at least 4 calls but no reply. It dawned on me that this is another agent who was looking for "leads". Any there were others that did not even reply sms etc. Some also mentioned in the kind of "don't waste my time attitude". Regarding your case, exclusivity stands if you have signed with the agent. simplest option is to wait it out.

Got a thread started ok. in the end flame left right center. LOL.

Agree. As I said, you really are everywhere.

Typically the buyer do not pay the commission. The agent will charge the seller between 1%-2%. If the agent co-brokes with another agent who represents the seller. The agent makes an average of 0.5%. That is in the case of the private secondary market. A simple calculation of Stamp Duty would be 3% of the purchase price - $5400. What do you mean by agent fee??

Lending requirements are not the issue. It's already quite difficult to get a loan approved in our opinion. Plus, this time round, Quite Alot of HDB upgraders are in the market, that's a big pool to fight.

You can always check with your lawyer if he is on the panel of the respective banks.

Do note that Caveats lodged do not indicate valuation. Rather it is the purchase price.

Welcome. Gd Luck.

They be moving over to merseyside because it's cheaper? Just kidding.

It's common for people to utilize bridging facilities due to the time needed for the completion of the sale of their properties.

Generally, there are many lawyers on the panel of banks. at least 50 to 100 different legal firms, some banks practice an indemnity tier, meaning certain legal firms can only be appointed for certain transaction sizes. Ironically, the unethical practice is to refer lawyers to do conveyencing and receive a kick-back. We don't practice that, but then again it can amount to a few hundred thousand of "income a year" Frankly, thats also as good as defrauding the client and defrauding the tax authorities and also an accomplice to violating the law society guidelines.

Walk-In-Selection or wait until you have saved up some cash before buying a property.

Right, that's another possibility.. ouch, that one is painful.

Just to clarify. There's always some confusion here. When you see a property you like, you decide to offer the seller a price e.g. $800,000 The seller is agreeable and you (the buyer) places a 1% (the consideration) of the agreed purchase price as a "deposit" with the seller, an Option To Purchase is established What you have also done is that you will have the first option to complete the purchase of the property at the agreed price within the next 2 weeks. You can still lose the 1% if you cannot come up with the financing.

Absolutely.

Actually.. did you send in all your income documents.. sometimes bank officers say in principal.. and the form says in principal.. but if you have all your income documents.. it because an actual application.

LMAO. Our bad. Misread. It should read "There's no way you can sign the OTP without a Letter of Offer."

Our bad.

Add-on-add-on For us. Pre-qualification means that we will assist to in the financial plans so that you know. how much cash you need to set aside for stamp duty, 5% and all the rest. BEFORE going to the AIP. When banks do AIP, the combine salary and loan existing are things they generally ask. They will run a credit check on your account. credit no payments, too many overdraft facilities late payment... all these will impact.

Agree partially. Clients should do a pre-qualification BEFORE an AIP. Prequalification means understanding if you would have the finances to purchase a property. Approval in principal does not require any income documents. It's just an estimation by the bank how much you can loan up to. The final application process, will still be dependent on income documents and other information.

Just to add on although therat has helped answer many of your queries . Before you purchase and you want to know the valuation, we can speak to the valuer that is on the bank's panel to give an estimate of the valuation. You do not need to do an actual valuation at this point. Banks don't do the valuation. Valuation firms do the valuation. W think you should talk to some professionals first. I seriously agree with therat that you need to change a real estate agent

Dean, It's illegal. Enough said on whatever other reasons there might be. It's your own home and you should decide your best course of action.

Correction Banks offer a commission to firms such as ourselves or real estate agents to refer them business : Yes Can agents or firms offer a mortgage to a client because of a higher possible commission tier : Possible (especially if the firm negotiates with the bank a volumetric based referral) Do bank officers give you a commission when you mentioned you are referred by a friend or something : Most banks do not. On the other hand, their are bankers who work with the applicant to submit the loan as a referral from an agent and they split the fee from the bank. This is defrauding the bank. Bankers have been persecuted before. We agree that banks have different rates, but what's equally important is that, do clients know each bank have their own credit criteria? Criteria for assessing the client, criteria for assessing valuation? Clients can always go straight to the bank. In fact, that's their perogative, at Just Mortgage, our goal is to assist clients in getting their mortgage in an efficient manner. We work on our panel with banks and financial institutions such as -DBS/ POSB -OCBC -UOB -Singapura Finance -Hong Leong Finance -Standard Chartered -HSBC -Maybank -RHB -Citibank (We're pleased to mention we are the only mortgage broker to have been extended to their panel as to our best knowledge)