Wanted To Sell Private Condo

[chandler 0]

Hi all,

I wanted to sell a condo, wondering:-

1. What is the procedure I need to know. Where can I find this information source?
2. Is selling condo procedures is much easy from selling a HDB??
3. Is it necessary to engage an agent (as a seller agent) when selling condo? Since I have heard HARD to find a good,responsible and act on seller interest agent.

Cheers...

[bepgof 20]

Hi all,

I wanted to sell a condo, wondering:-

1. What is the procedure I need to know. Where can I find this information source?
2. Is selling condo procedures is much easy from selling a HDB??
3. Is it necessary to engage an agent (as a seller agent) when selling condo? Since I have heard HARD to find a good,responsible and act on seller interest agent.

Cheers...

Pricing:

www.s t r e e t s i n e. com

http://www.ura.gov.sg/realEstateWeb/realEs...nController.jpf

1. Procedures: so many available, anyway, must do some filtering yourself:

http://www.propertyguru.com.sg/singapore-property-resources

2. Definitely. No "appointments" needed. Be prepared for many viewers. 8-10 wk for completion.

3. Need agent, seller pay commission, buyer needs not. Most agents selling private property would request seller to sign an "exclusive agreement" - the one & only agent representing seller = 2% commission +GST. Prepare for house cleaning, photo taking, advertising....Can PM me for agent who sold my condo last yr. Almost 20~30 viewers from 1/8/09 to 20/9/09.

Edited June 2, 2010 by bepgof

[Plastic3 0]

I can market and sell your property for you if you are interested

[blueocean 0]

the sale of a condo is less regulated compared to sales transaction of a HDB. HDB has various mechanisms in place to protect both the sellers and buyers. The HDB OTP is a standard "OTP form and you have to obtain it from the HDB Hub itself. The standard HDB OTP specifies the maximum amount for exercising the OTP ($4000) and the maximum amount to get a OTP (not more than $1000). The terms in the OTP are fixed and cannot be altered.

The OTP in the private market are done up by the agencies. All the OTPs will vary. Different agencies will have different OTP but the terms/conditions that vary are usually the conditions for the commission etc. There is no "standard" OTP for the private market.

Before you start selling your condo, you need to know the market prices. Also get an indicative bank valuation of your place. Then decide how much premium you want to sell your condo at. Be prepared that buyers will always nego with you - so you need a negotiation buffer for your pricing Do you still have a loan to discharge ? Get the bank's appointed lawyer - else you will end up paying higher fees. Beware that some agents will ask you to sell lower so that they can close the sales earlier.

If you dont have an agent, then you need to have your own OTP or you can get a lawyer to assist you. Also, you dont need to sign an exclusive to engage an agent but you need to be familar with agents' practice. But agents would like you to sign or may even pressure you to sign one. They are a number of condos being sold in the market now that have no exclusive or many agents marketing the same condo. I usually offer agents an incentive for getting the price i want. Essentially, they get X % if they achieve $ XXX price or a lower % commission if they achieve a lower price. Agents' fees are negotiable again - it is not fixed at 2% Sometimes it may be 1 to 1.5%. It all varies. The variable commission is fair because they can sell it at a higher price compared to what i could have myself even after deducting the commission cost. Anyway, for new condo projects, agents sometimes get as low as 0.3% - that's why they prefer doing the resale market. Beware of "Flip OTP" - in that they pressurise you to sell to "someone" at a low price whom is related to the agent, and then that "someone" then re-sells it again to a client. They will usually like to ask you to give a longer period of time eg from the norm of 1-2 weeks to 1 month before exercising OTP. They will give numerous reasons eg client trying to get loan etc

Also, be aware that your agent may not necessary co-broke with other buyer's agents, so you will also not get a representative of all available bidders in the market. Your agent may end up controlling the flow of information to you. Check that the agent is a "current" agent with the company. I usually avoid small agencies.

There are so many caveats and things to take note of and it is difficult for me to list everything down ...

Good luck !

Hi all,

I wanted to sell a condo, wondering:-

1. What is the procedure I need to know. Where can I find this information source?
2. Is selling condo procedures is much easy from selling a HDB??
3. Is it necessary to engage an agent (as a seller agent) when selling condo? Since I have heard HARD to find a good,responsible and act on seller interest agent.

Cheers...

Edited June 3, 2010 by blueocean

[seek_a_home 0]

the sale of a condo is less regulated compared to sales transaction of a HDB. HDB has various mechanisms in place to protect both the sellers and buyers. The HDB OTP is a standard "OTP form and you have to obtain it from the HDB Hub itself. The standard HDB OTP specifies the maximum amount for exercising the OTP ($4000) and the maximum amount to get a OTP (not more than $1000). The terms in the OTP are fixed and cannot be altered.

The OTP in the private market are done up by the agencies. All the OTPs will vary. Different agencies will have different OTP but the terms/conditions that vary are usually the conditions for the commission etc. There is no "standard" OTP for the private market.

Before you start selling your condo, you need to know the market prices. Also get an indicative bank valuation of your place. Then decide how much premium you want to sell your condo at. Be prepared that buyers will always nego with you - so you need a negotiation buffer for your pricing Do you still have a loan to discharge ? Get the bank's appointed lawyer - else you will end up paying higher fees. Beware that some agents will ask you to sell lower so that they can close the sales earlier.

If you dont have an agent, then you need to have your own OTP or you can get a lawyer to assist you. Also, you dont need to sign an exclusive to engage an agent but you need to be familar with agents' practice. But agents would like you to sign or may even pressure you to sign one. They are a number of condos being sold in the market now that have no exclusive or many agents marketing the same condo. I usually offer agents an incentive for getting the price i want. Essentially, they get X % if they achieve $ XXX price or a lower % commission if they achieve a lower price. Agents' fees are negotiable again - it is not fixed at 2% Sometimes it may be 1 to 1.5%. It all varies. The variable commission is fair because they can sell it at a higher price compared to what i could have myself even after deducting the commission cost. Anyway, for new condo projects, agents sometimes get as low as 0.3% - that's why they prefer doing the resale market. Beware of "Flip OTP" - in that they pressurise you to sell to "someone" at a low price whom is related to the agent, and then that "someone" then re-sells it again to a client. They will usually like to ask you to give a longer period of time eg from the norm of 1-2 weeks to 1 month before exercising OTP. They will give numerous reasons eg client trying to get loan etc

Also, be aware that your agent may not necessary co-broke with other buyer's agents, so you will also not get a representative of all available bidders in the market. Your agent may end up controlling the flow of information to you. Check that the agent is a "current" agent with the company. I usually avoid small agencies.

There are so many caveats and things to take note of and it is difficult for me to list everything down ...

Good luck !

One way to do it is to organise house viewing yourself. Then inform an agent of your choice that u had found a buyer yourself. All u need him to do is to settle the paper work and u pay him 1%. Many agents will accept the job becos they no need to prepare and spent time to do marketing. And they all have contacts with lawyers. So paperwork for private property is really much simpler than of HDB.

Depends on how urgent u need to offload. If u are willing to settle for a price slightly lower than market rate or your property is very popular, u can tell Buyer to partial pay the commission also.

Anyway, people always say real property situation lag 3 to 6 months behind the stock market performance. If u follow the stock market, u will know

how the property market is about to take place towards end of the year.

[blueocean 0]

Why need to inform an agent of choice that you have found your own buyer ? A property agent is a "broker" which means he is supposed to bring a buyer or seller to each other. And not the seller bring the buyer to the agent. Else no point in paying such a high commission of 1% to agent leh .... What's more, for private re-sale, it is even more simple as there are no HDB appointments to arrange. Each party interects with his or her own lawyers.

Just ask the lawyer to do the OTP and conveyancing including the discharge of mortgage of home.

One way to do it is to organise house viewing yourself. Then inform an agent of your choice that u had found a buyer yourself. All u need him to do is to settle the paper work and u pay him 1%. Many agents will accept the job becos they no need to prepare and spent time to do marketing. And they all have contacts with lawyers. So paperwork for private property is really much simpler than of HDB.

Depends on how urgent u need to offload. If u are willing to settle for a price slightly lower than market rate or your property is very popular, u can tell Buyer to partial pay the commission also.

Anyway, people always say real property situation lag 3 to 6 months behind the stock market performance. If u follow the stock market, u will know

how the property market is about to take place towards end of the year.

[Doomsday 0]

If you have time to open your place for viewing, just pay $50 and advertise on Sat in the papers.

May want to consider advertising with a pre-paid phone num since you might be getting lots of calls weeks or even months after.

Agents will call and you can give 0.5% to 1% comm if they get you a buyer.

If buyer calls, you save on comm.

You need a lawyer anyway, so get him/her to draft the OTP once you land a willing buyer.

[blueocean 0]

And if you house is still on a mortgage, some banks usually have a specific law firm and not just a "bank panel firm" for discharge of mortgage. If different firm, you will end up paying for 2 different lawyers ..

If you have time to open your place for viewing, just pay $50 and advertise on Sat in the papers.

May want to consider advertising with a pre-paid phone num since you might be getting lots of calls weeks or even months after.

Agents will call and you can give 0.5% to 1% comm if they get you a buyer.

If buyer calls, you save on comm.

You need a lawyer anyway, so get him/her to draft the OTP once you land a willing buyer.

[seek_a_home 0]

like what blueocean said, do it yourself, don't get agents involved is the best good luck

[Guest todbee]

How about the price bargaining leh? Is it easy to do without agent? Hmm...

And if you house is still on a mortgage, some banks usually have a specific law firm and not just a "bank panel firm" for discharge of mortgage. If different firm, you will end up paying for 2 different lawyers ..

[blueocean 0]

hahah ... depends on your luck .. the agent may not necessary get the best price for you too ...

as a sales person, your property is the "product", and his/her role is to sell the product. he will probably moderate your price expectation downwards, so that he can close the transaction for the commission.

How about the price bargaining leh? Is it easy to do without agent? Hmm...

[chia90 0]

hahah ... depends on your luck .. the agent may not necessary get the best price for you too ...

as a sales person, your property is the "product", and his/her role is to sell the product. he will probably moderate your price expectation downwards, so that he can close the transaction for the commission.

Agreed... Even a relative agent (bro in law) may not get you the best price.. not to mention charged full commission.

Edited June 10, 2010 by chia90

[sreinfo 0]

Perhaps you would like to check out our article here on "why" you really need an exclusive agent

http://www.singaporerealestate.info/blog/2...-your-property/

An agent's job is to help you - help you get a good price, help you minimise the hassle of sale, help to advice you on the correct process & procedures (to prevent hiccups & headaches later)

You don't have to engage us as your agent. Just saying that you should get an agent, and make sure this person is someone you can trust and will protect your interests.

We understand many of the buyers and sellers concerns regarding the unprofessional agents and also do hope the industry changes that come along this year will help to improve the standards of agents in our real estate industry.

Best of luck in your sale.

[oogachaga 2]

Hi all,

I wanted to sell a condo, wondering:-

1. What is the procedure I need to know. Where can I find this information source?
2. Is selling condo procedures is much easy from selling a HDB??
3. Is it necessary to engage an agent (as a seller agent) when selling condo? Since I have heard HARD to find a good,responsible and act on seller interest agent.

Cheers...

I never sign exclusives with agents whether selling or renting for the following reasons:

1. You will be tied down for 3 months, with the agent who may not be doing a good job for you. And if you decide to break the contract for whatever reasons, you will be penalised.

3 months is a long time, and if you are in urgent need, you may end up being "pressured" to sell below your expectations.

2. If you advertise yourself, you will get a bigger pool of potential clients from other agents as well, including direct buyers (you will save having to pay agent's commission )...you will be in control

3. You will be limiting yourself to the exclusive agent's pool of clients, and your agent will be getting the same source of clients anyway by advertising, which means that the other agents will have to cobroke with your exclusive agent and the direct buyers will have to go through him as well.

Generally, most agents, if not all, are loathed to the idea of co-broking as their commissions are cut by half. So a full commission will inevitably guarantee you the full exposure your property deserve as the agents have more incentive to work harder.

4. Its quite simple..once you have closed the deal, the lawyers will do the rest for you. As blueocean has mentioned, you need to use your mortgage bank's approved lawyers if your property is not fully paid up...you dont want to pay twice for legal fees.

Heres a simple guide for you if you decide to market yourself:

http://www.homebiznez.com/tips/ptesaleguide.htm

Points to note:

1. Your ad must include "OWNER" for obvious reasons...so be prepared for the many calls , and do note that your info will be added to the real estate agencies' database.

2. Commissions are negotiable from 1-2%, depending on how much your property can sell for.

3. Trust you have worked out your sums already...do remember if you are flipping within a year, you will need to pay stamp duties twice ( for purchasing and selling )

Cheers,

[bepgof 20]

Both gentlemen have their pts. Engaging exclusive agent has its pros & cons; let me shared my experience on WHY/HOW i engaged EA to seller the condo unit:

1. Holding power- not in hurry to sell -

- Day 1 told agent I was willing to extend the contract for another 3 months if unit cannot sell within 3 months.

- Take your time, do proper screening before allow viewing. I don't to see those "ah beng, ah seng, ah lian or ah huay".

- I would only sell to the one who really appreciate my reno theme, the plants I had.

- Showed title deed, report (how much i bought...) to agent to show my sincerity & indirectly, I can hold.

- Stopped giving agent an wrong illusion that they've found a "gold".

2. Ability/willingness to pay the extra 1% - this goes without saying, hard work deserves the wage.

3. "Mentor" level - Among a few, did a screening myself, chosed the mentor-level agent - experience=contacts, comm skills=presentation, personalities=honest, sincere, presentable,.....

4. Before selling, bought a resale HDB 5-rm with another agent, paid 1% comm. EA was aware.

5. 4-eye meeting - Set some rules, wanted her to avoid from happening/seeing.

During the journey (1/8/09 - 20/9/09), met almost 20+ viewers (viewing only allowed when I ard). The buyer is a christian couple with 2 kids. They impressed me with the manner the 2 kids behaved, the daughter even could tell names of all the plants I have correctly! (P3-P4), we talked quite a lot with other things, anyway, they did not make any offer. After a night's thought, the next day called my agent to invite the couple over and I wanted to understand their concerns further. Within less than half an hour, many-eye discussion over my rectangular 1.8 meter long dining table, deal closed at much discounted price - I was happy to have found the "right" buyer, my agent was happy too. Buyer also happy.

Edited June 12, 2010 by bepgof