quoo 0 Report post Posted March 24, 2010 Can someone explain what is the difference between contra and co-broke? For one of them, i understand agent can represent both buyer and seller, do u think this is fair ? For another one, i understand agent 'can seller' certain agent they want to share commission, in this case only those who agree to share commision with them can bring seller to view unit,is this true huh?? I find both scheme ridiculous !!! Share this post Link to post Share on other sites
bepgof 20 Report post Posted March 24, 2010 (edited) Can someone explain what is the difference between contra and co-broke? For one of them, i understand agent can represent both buyer and seller, do u think this is fair ? For another one, i understand agent 'can seller' certain agent they want to share commission, in this case only those who agree to share commision with them can bring seller to view unit,is this true huh?? I find both scheme ridiculous !! ! Contra facility =buyer(have own hdb unit & found a seller #1) buy from seller#2, the proceeds of sale of buyer's unit "offset" the buying price from seller#2, "behind the scene". Co-broke = Agent talks to agent. Terms like "can co-broke" = agent welcome agent, comm negotiable, etc. If u are buying, find the house on your own (newspaper, internet postsings, very common), don't pay seller's agent any comm, it is alright, if u insist. Edited March 24, 2010 by bepgof Share this post Link to post Share on other sites
marshmallow 0 Report post Posted March 25, 2010 hmmm correct me if i'm wrong, i guess TS misunderstood the meaning of "contra". it is the "no co-broke" practices of some agents that TS has an issue with. contra - the procedures involved when an existing HDB owner needs to use the sale proceed and refunded CPF monies from his current flat to finance the next resale HDB that he is buying (using HDB loans). In contra cases, agents can still co-broke. http://www.hdb.gov.sg/fi10/fi10321p.nsf/w/...CF?OpenDocument co-broke - buyer agent deals with seller agent - bepgof already explained above. For one of them, i understand agent can represent both buyer and seller, do u think this is fair ? For another one, i understand agent 'can seller' certain agent they want to share commission, in this case only those who agree to share commision with them can bring seller to view unit,is this true huh?? these 2 are some classic examples when agents say "no co-broke".... Share this post Link to post Share on other sites
bepgof 20 Report post Posted March 25, 2010 (edited) hmmm correct me if i'm wrong, i guess TS misunderstood the meaning of "contra". it is the "no co-broke" practices of some agents that TS has an issue with. contra - the procedures involved when an existing HDB owner needs to use the sale proceed and refunded CPF monies from his current flat to finance the next resale HDB that he is buying (using HDB loans). In contra cases, agents can still co-broke. http://www.hdb.gov.sg/fi10/fi10321p.nsf/w/...CF?OpenDocument co-broke - buyer agent deals with seller agent - bepgof already explained above. these 2 are some classic examples when agents say "no co-broke".... Quoo, you must admit the facts that: 1. Seller agent is always at upper hand who can "block" buyer (whether with or without agent) who offer lower price, especially true for "hot" property. What u can boycott is to walk away & find next. 2. Even if law change that allow only agent deals with agent, same thing will happen. Seller agent calls the shot. 3. If law allows agent talks to agent only, who suffers? Only the buyers! 4. Now, at least buyer still can walkin by himself and choose not to pay the comm to seller's agent, isn't this better? 5. Co-broke case: seller agent wants to deal with buyer's agent only. Guess the seller agent has unpleasant encounts with buyers directly. Or, this is a "hot" unit. 6. Contra is far more complicated in nature, need to fullfill certain prerequisites among the buyer & seller. The "worst" case involve 4 parties. Last yr, I kena the seller to me who contra his unit( he buy another hdb unit) with an other unit (who sells & rent somewhere), so 3 parties involved. 7. Licensing individual agents is a must, at least, I think, for monitoring & contorolling. The question is "who" wants to be the central body to authorize license. Sure this body will be very busy to "entertain" "feedback", to conduct investigation, etc.... Edited March 25, 2010 by bepgof Share this post Link to post Share on other sites
