Can I Report This?

[Taby 0]

Hi,

I would like to share my experience with my housing agent and would like to invite you for feedback.

I got to know my agent thru ST ad. He was very diligent in arranging for viewing initially, even offering to pick me up everytime. But I started to have 2nd thought about him after I expressed my interest in the flat I'm currently in process of acquiring.

On 1st viewing, I like the unit immediately. My agent also brought an old couple and they were expressing so much interest to the seller. Trusting my agent to protect my interest, I pulled him aside & asked what's the market COV for a unit of this condition. He said it's between 30k-50k (owner is asking for 50k). My budget was 25k but I liked the unit, so I shared with him my concern.

When I got home, he text me that the seller received an offer of 30k. Trusting this is true although it appeared strange that within a span of 4 hours (after I left) and on the 1st day of viewing, there's already an offer. Next day, I arranged for noon 2nd viewing with my family. Prior to that, I asked if the offer was made by the couple, he said no, in fact the couple wanted to offer 35k when they get their cheque from the buyer of their current unit 4 days later. I asked if he could help close the deal for me. He was non-committal & said his partner will meet me for the viewing.

When we reached, the seller was entertaining another group of buyer who left shortly. After viewing with my family, we proceeded downstairs to discuss while agent's partner was held back by the seller. Then I learnt from the partner that the group before me has also offered 30k but was asked to hang around the block as the seller would like to see my offer. Not wanting to lose the unit, my bottomline became 30k. I offered to issue a cheque immediately matching the same offer. Partner discussed with seller & returned saying the seller was unhappy & said even if I offered 35k now, he would not accept. He wanted 40k.

That's way ridiculous so I left. Few hours later, my agent called & said if I could offer slightly more than 30k, he could help talk to seller. I was angry with the seller's bad bahaviour & insisted my ceiling is 30k. Few minutes later, my agent called & asked if I could bring the cheque down to the seller that same evening 'cos he said yes deal.

I feel that my agent has not done much in negotiating on my behalf. Even when I have difficult questions for the seller on the first viewing, he brushed them off with subtle comeback. I had to do my own talking & asking questions. In fact, I suspect he is also the seller's agent as when I asked the seller if he had no agent, he said yes he has & left it at that. I suspect they are in cahoots and lied about the last offerred COV after I expressed my interest to him. His partner signed on the OTP as the seller's agent. My agent told me the seller advertise the unit himself & wanted him to just do the paperwork, tehrefore he brought his partner instead. I was diligently checking the classified every week & don't remember seeing the ad for this unit. Could my guess be right and those buyers were just actors?

After making the deposit & initialing on the OTP, my agent is not as responsive in picking my call & also lapses in the things I asked him to do. He even asked me to use his banker & lawyer (I supposed for a referral fee) when his lawyer charges me more. Eventually, I used my own. He asked if I could put his name as the person who referred me. I get turned off by his money-driven acts.

Please let me have your view on the incident and whether I should report this case, who can I report it to & whether it's okay to report it when the purchase process is ongoing.

Thanks folks.

[salavanun 0]

dun be surprisd if weeks later 20k still not sold The main mistake many buyers make is to make the kanchiong move as if that is the best house ever, this will initiate drama from the professionals. i told myslf many times not to do it but even the 3rd time i did make the mistake . end up i fall for the drama. agent said 30k close on the phone. he was a co broke agent, i saw the ad on internet and went there myself. upon reaching i saw a couple sittng ther already with 30k offer! i ask agent how, he said i need to up. later the so called couple went down and bring their parents and they looked clinching. this move caught me off guarded thinking wow i hv chalenger for the unit. agent said 35k can close for me as seller good frend to him. i said frim NO. later so call couple offered 40k!! so i said bye2 to agent and later called me again saying seller more keen to sell to me coz i am not doing contra. surprise changover. after much discssion closed at 33k. i did my home work so for me it was still justified. 1 mth later i went to HDB hub agents office and saw the same so called couple in XXX agent t SHIRT!!! FEEL LIKE XXXX but to think i already purchased so i left the matter rest as long i get the home i wanted.so is better to do yr own homework. atleast yr agent drive u here n there.some sweat 4 u la he shed:) mine i drive there and without any sweat 4.5k for the agent i met half and hr ago on the phone, easy money ya regards.

[rickzan 0]

Hi Salavanun,

Is this the unit at Jurong East that u have mentioned in my thread before?

[mel77 1]

My experience: 1st time selling and buying resale

Experience of agent is important. You'll notice the rookie and the season + cunning agents around. The COV game is played by the agent (in my opinion). Most time agent very afraid that viewers talk to the seller direct. I tried to ask about some details and agent will come rushing to tell me "If got any questions ask them"

Drama bit i kind of agree.....sometimes you can see who are the real and serious house hunters and the TCS viewers.

[therat 18]

my experience.

1. check the nearby recent selling price.

2. see more unit and compare

3. stick to my budget.

my case.

saw an advertising. Valuation report still in-process. Agent guess should be around 330-340K which is my guess.

Seller asking for 40K COV.

We try to neg but can't and we know that area sell fast.

So we budget 380k (worst case)

In the end, report out. Out of our surprise, the valuation is 326K. Seller not happy with the low valuation and don't want to sell.

Agent manage to talk thru' him. Seller say he want 44K COV now.

326 + 44k = 370k.

10K less as what we had budget.

ON.

We told the agent, 44K ok.

Condition, sign the OTP NOW.

So that night, seller sign the OTP and we exercise on the same day.

[owentch 0]

Hi taby,

"Centralised Map Services" was launch by HDB sometime around Feb-Mar 2010...

URL http://services2.hdb.gov.sg/web/fi10/emap.html

You can search the past transacted resale price by clicking the hdb block.. (can view up to 12 months)

For now I am glad that we have secure hdb flat from resale market.. anticiple a few COV bidding exercise/war (4 times to be exact)...

In my opinion.. your COV price at 30k is consider normal.. however need to factors in the type/condition of flat and area.

Buying property should be a happy event.. I will suggest you try to workout with your agent.. not to argue over it...

[bepgof 20]

Please let me have your view on the incident and whether I should report this case, who can I report it to & whether it's okay to report it when the purchase process is ongoing.

1. Quickly press agent to submit resale application, get 1st appointment date. Save your strengths, complaint will land you in nowhere except wasting you time and other resources.

2. Sign any inventory list? Those not in the list-MUST clear by seller, if no has to pay $ to ask ppl to remove..

3. My advise to buyers: Don't even show your "saliva dripping face" to seller and agents when you "want" the unit. Make remarks to "condemn" the unit. This not bright, that not big, .......ask agent/seller for COV, use "this not bright, that not big" to discount COV.

4. Must know: Seller could have many agents who will appear with buyers at same time to "pressure" those buyers. A single agent will do this trick too. Specially true for those "hot" units.

5. For HDB resale, best to "walk-in" yourself, then represent your own self or get seller's agent to represent you.

6. If you get an agent to source for you, very likely yr agent has to "co-broke" with seller's agent - And you become the "spare tire"! Those walk in are "normal tire" & receive "warm welcome" by seller's agent. Effects of such need not me to elaborate lah hor.

Edited July 20, 2010 by bepgof

[Maeryn 0]

I wouldn't recommend the condemn tactic cos that might piss the sellers off, unless the condition of the place is really lousy.

I bought a move-in condition unit 3 years ago, reno was done up nicely. I politely told the sellers that I liked the decor but the asking price has to be reasonable. We managed to conclude the deal 1 day before their ad appeared in ST. I wanted to block the possibility of other potential buyers as good units in my area sell like hotcakes.

One question I have is when an agent represents both the seller and buyer, whose interests does he/she seek to protect since there is a conflict of interest? or he/she will just seek to maximise returns for himself/herself?

[wanaka 0]

Hi,

I must say lot of those property agent is not really acting our interest at all. I am interested to buy one unit near my current block and I call the agent directly. When the unit is available for viewing, knowing that I do not have any agent, she will only give me exclusive view of the unit only if I am her direct buyer. She was thinking of collecting both buyer and seller commission. After viewing the unit, I only offered COV of 20K. The seller is looking for 65k COV though. Actually on the same day I call her at night and was told the unit is sold with 65k of COV and buyer is exercising the OTP now. I was later found out it was only sold for 55k COV.

[therat 18]

agree with bepgof on pt 5 & 6.

I'm walk in buyer. The seller agent did tell us frankly.

He give us priority b'coz we are walk in buyer. He don't need to co-broke.

He even block other agent call and other party offer.

[Maeryn 0]

agree with bepgof on pt 5 & 6.

I'm walk in buyer. The seller agent did tell us frankly.

He give us priority b'coz we are walk in buyer. He don't need to co-broke.

He even block other agent call and other party offer.

That's because you are willing to pay the agent his commission, otherwise he would probably block your offer as well.

[salavanun 0]

Hi Salavanun,

Is this the unit at Jurong East that u have mentioned in my thread before?

yes riczan

As i said in yr thread i need school,amenties and walking distance to MRT eventhough i drive( future if no drive) hehe. The seller is worst of now coz he will be renting another apt till price drop on the advice of his kind agent.

[therat 18]

That's because you are willing to pay the agent his commission, otherwise he would probably block your offer as well.

They also need to eat.

As long as they serve us well. Don't screw up the deal.

I don't see why we should not pay his commission.

In this world , nothing is free.

Want good

Want cheap

Can..

wait lor..

[bepgof 20]

One question I have is when an agent represents both the seller and buyer, whose interests does he/she seek to protect since there is a conflict of interest? or he/she will just seek to maximise returns for himself/herself?

Believed you're not just passing out from school, but then why still ask this "silly" question? If you were agent represent both, what & how would you do? Money first? future potential customer first by perception? "Can click" personalities first? "See face" first? Who engage him/her first?

Only buyer can protect himself, under all situations.

Agents are just merely "acting on order", has little or no legitimate power on pricing, however their position allow them to manipulate pricing by "blocking or twisting" the information flow by putting up acting.

So, if one really likes the unit, get direct to owner for negotiation and ask agent stand aside & just see, unless owner doesn't want to talk to you. Anyway, I 100% will not buy property from owner who does not want to talk to me.

Edited July 20, 2010 by bepgof

[bepgof 20]

That's because you are willing to pay the agent his commission, otherwise he would probably block your offer as well.

If I like the unit and found agent "block" my info. I would go direct to seller pay him COV he asks for + 1% comm! And ask the agent to eat S H I T and die!

Edited July 20, 2010 by bepgof