Submitted Application To Hdb 26/03/2010 But Only Got 1st Appointment July 20th! Why?

[red_kitty_29 0]

Froggy, is there any "late payment" clause in the commissioning agreement, got mention compound interest at how many %, per annum, per monthly, or per weekly based for computing such interest? If don't have, just delay till 2nd appt when whole transaction is deemed complete and when only then agent's service is deem complete....

If I were agent I'll insert such clause to make it more clear, transparent & complete.

Bepgof,

Mine states its 2% per mth! jus like credit card! yes i wl only pay on 2nd apmt.....after get key n all in order,cos i belif aftr dey get pd,dey wl "bo chap" liao!

[red_kitty_29 0]

Red Kitty,

1. You must have been "conned" by agent on the submission date: He can only submit resale application for the THREE parties at one go.

2. Question is if u were informed of yr existing seller's intention to buy resale by contra when you paid the deposit? Or at which pt of time you noticed such?

3. Since comm agreement has been signed , u need to pay, pay not before 2nd appointment.

4. Don't too happy yet, you don't know what will happen on 1st appt, any one of the 3 parties "forgot" to bring needed doc, or like home titl deed "lost", then, very good luck to you, the whole transaction, come to worst, might be "voided", if needed doc cannot be re-produced in time and the 2nd appt cannot be done 8 wk after the original 1st appt (although doc did not bring...).

5. I guess, HDB pays "special" attention to cases like this (lost doc), & make sure COMPLETION done within 8wk after 1st appt.

My case was like yours, 3 parties involved, one party "misplaced" title deed and dared to appear on 1st appt & told hdb officer such, waiting all parties' time! Pls note, cpf board take "3 weeks" for forms to be "effective". Can use this as "tool" to "play" the other parties out, make their necks longer.

Hi Bepgof, cpf board will take 3wks? as in deduct fr my cpf and pay hdb fr my cpf a/c fr 1st apmt date (in 3wks)?

do u hv any idea about the bank loan? letter of offer (LO),,heard tt takes 6wks also?

its my first time buying a flat, not so clear abt all these, can you advise?

[bepgof 20]

Hi Bepgof, cpf board will take 3wks? as in deduct fr my cpf and pay hdb fr my cpf a/c fr 1st apmt date (in 3wks)?

do u hv any idea about the bank loan? letter of offer (LO),,heard tt takes 6wks also?

its my first time buying a flat, not so clear abt all these, can you advise?

Slowly, one by one:

1. If you take hdb mortgage loan, will deduct abt 1 week after 1st appt, if i remembered correctly..

2. Bank will take abt a week to evaluate your "financial background" before granting you letter of offer, anyway, before this when you approve bank for loan, the "financial consultant" will see your pay slip/IR8A, any property title deed, log on CPF to check the amounts....ie, you already know the outcome after the meet up.

3. Letter of offer will usually lasts for 3 months, but can ask for extention.

4. Once you take up the loan offer & signed, make sure the 1st disbursement can be effected within 6 months, if not, will get heavy penalty. The 1st disbursement will take effect only after 2nd appointment. The bank's lawyer will send representative to hand over the cheque to your seller on 2nd appointment.

5. Under present's situation, it is "dangerous" to get letter of offer before resale application submission, cos very likely the COMPLETION will drag more than 3 months. I almost "kena", called up bank to extend & wrote email, have the "black & white" to protect myself during that time (last year).

Edited May 15, 2010 by bepgof

[red_kitty_29 0]

Slowly, one by one:

1. If you take hdb mortgage loan, will deduct abt 1 week after 1st appt, if i remembered correctly..

2. Bank will take abt a week to evaluate your "financial background" before granting you letter of offer, anyway, before this when you approve bank for loan, the "financial consultant" will see your pay slip/IR8A, any property title deed, log on CPF to check the amounts....ie, you already know the outcome after the meet up.

3. Letter of offer will usually lasts for 3 months, but can ask for extention.

4. Once you take up the loan offer & signed, make sure the 1st disbursement can be effected within 6 months, if not, will get heavy penalty. The 1st disbursement will take effect only after 2nd appointment. The bank's lawyer will send representative to hand over the cheque to your seller on 2nd appointment.

5. Under present's situation, it is "dangerous" to get letter of offer before resale application submission, cos very likely the COMPLETION will drag more than 3 months. I almost "kena", called up bank to extend & wrote email, have the "black & white" to protect myself during that time (last year).

Hi again Bepgof,

i'm taking bank loan so i wonder whats this 6wks thingy my agent is telling me abt tt 2nd apmt cannot complete < 6wks..i wrote to bank,dey say LO is valid til my 2nd apmt,so guess im covered there

i no longer trust what my agent tells me,i hv to do my own checks again,even w the bank officer, cos i was intro to this bank for the LO, by right he should be handling all these for me!

NOW he says aftr 1st apmt dun nid to go down lawyer offc to sign docs,but i call lawyer n dey say i must go down there!

it jus gets worse

[marshmallow 0]

Hi again Bepgof,

i'm taking bank loan so i wonder whats this 6wks thingy my agent is telling me abt tt 2nd apmt cannot complete < 6wks..i wrote to bank,dey say LO is valid til my 2nd apmt,so guess im covered there

it's stated on HDB website that the waiting time between 1st appointment and 2nd appointment is 6-8 weeks.

i tried appealing last week for an earlier completion and failed - the HDB officer told me the earliest earliest they can give is still 6 weeks

if you're taking bank loan, there is still some chance to get 5.5 weeks based on ~2 months ago data... but no guarantee.

[bepgof 20]

Hi again Bepgof,

i'm taking bank loan so i wonder whats this 6wks thingy my agent is telling me abt tt 2nd apmt cannot complete < 6wks..i wrote to bank,dey say LO is valid til my 2nd apmt,so guess im covered there

i no longer trust what my agent tells me,i hv to do my own checks again,even w the bank officer, cos i was intro to this bank for the LO, by right he should be handling all these for me!

NOW he says aftr 1st apmt dun nid to go down lawyer offc to sign docs,but i call lawyer n dey say i must go down there!

it jus gets worse

1. After 1st appt, you need to see lawyer to discuss details payment, using CPF, how much, from whose acct, etc. Need to fill up HBL forms. Verbally tell lawyer the date for 2nd appointment. So the lawyer can do the necessary calculations of money.

2. HDB's lawyer will inform yr lawyer on the date of 2nd appointment.

3. If you intend to do partial payment, some time after 2nd appointment, go directly to CPF brance to process. (1 month notice to take effect)

4. If you intend to do a Full Redemption, MUST approach the same lawyer again, the lawyer will advise you accordingly.

Edited May 17, 2010 by bepgof

[wonderlee 1]

Most of you hoping to get an earlier date in 1appt, while for me, I pray hard to get further yet a disappointed one. And now, I will have to ask the other 2 parties whether can move in the latest the possible.

[red_kitty_29 0]

Most of you hoping to get an earlier date in 1appt, while for me, I pray hard to get further yet a disappointed one. And now, I will have to ask the other 2 parties whether can move in the latest the possible.

Hi mstan_lee

oh how i wish u can have my apmt date & i take urs! looks like bof our agents were too eager to close the sale & did not advise us properly...

will the other 2 parties b agreeable?

so where r u gona stay when u hand over earlier?

Edited May 18, 2010 by red_kitty_29

[sff 0]

Hi again Bepgof,

i'm taking bank loan so i wonder whats this 6wks thingy my agent is telling me abt tt 2nd apmt cannot complete < 6wks..i wrote to bank,dey say LO is valid til my 2nd apmt,so guess im covered there

i no longer trust what my agent tells me,i hv to do my own checks again,even w the bank officer, cos i was intro to this bank for the LO, by right he should be handling all these for me!

NOW he says aftr 1st apmt dun nid to go down lawyer offc to sign docs,but i call lawyer n dey say i must go down there!

Just to share my experience. I took a bank loan too. Recently, I went for my first appt on a Sat. After that, I went ot lawyer's office on following tue to sign documents and to hand over postdated cheque for cov and 5%. Also decide how to pay off bank loan, using cpf or cash, calculate all fees and everything. Lawyer said if 2 appt I dun want to go hdb, also can.

He also said they will deduct stamp fee, lawyer fee, etc within 2 weeks after hdb approval for resale, deduct cpf lump sum about 1 wk before completion, and pay cov and 5% somewhere around that time too.

As for completion date, before I go for 1st appt, I already asked lawyer how much time he need for paperwork. He said abt 5 wk. He gave me his earliest date and I worked with sellers on the 2nd appt date from there. So altogether, 1st to 2nd appt for me takes about 6 wks. HDB ok when I told them lawyer already said ok. My bank LO is valid for 6 mths, so it's not a problem when I signed otp in Feb and completion in June.

[wonderlee 1]

Hi mstan_lee

oh how i wish u can have my apmt date & i take urs! looks like bof our agents were too eager to close the sale & did not advise us properly...

will the other 2 parties b agreeable?

so where r u gona stay when u hand over earlier?

Oh, I should I put it. It's not the matter on where I gonna to stay, it's just that my 2 daughters' schooling problems and the 'ghost' month that I want a latest date to move in. The most impt is, I started to dislike the place that I've bought.

[wolflet 1]

i've got a friend who got 2nd appt in 4 weeks frm 1st appt. she taking bank loan

[smiley73 0]

Can we request to reduce agent commission eg 2% - 1.5% for giving unsatisfactory service?

Edited May 29, 2010 by smiley73

[blueocean 0]

That depends on what was signed or agreed before transaction took place.

Can we request to reduce agent commission eg 2% - 1.5% for giving unsatisfactory service?

[red_kitty_29 0]

i've got a friend who got 2nd appt in 4 weeks frm 1st appt. she taking bank loan

4wks is super fast! perhaps the seller is also agreeable?

[smiley73 0]

That depends on what was signed or agreed before transaction took place.

They will present their presentation to us about their sale tactical, motto how good they are etc. during neg they will claim how good they are to earn that 2% or 1%, now thing screw up, when i talk to my agent to cut comm, can my agent make the decision or he need the company to approval to cut comm