After Get The Ipa Frm Bank & Agent Problem

[Buyerfish 0]

Dear All

I have unluckly meet a bad agent, but the hse under her hand is which i like and i cant change agent also. bcos she already get the offer for me. but i still not happy when i think abt need to pay her 1% and bad services.

my bank have approve our loan, now i need to sign "letter of intend". honestly i m first time buy house in sg.

so who can tell me wht letter need to sign basically frm agent hand to untill i collect my key?

so far i havent sign any letter, i still in first part of processing bcos jus get bank approve my loan application.

bank need OTP frm my agent so my banker will jus give me the letter of offer.

now is already in this way, i could not do anything w the lauzy agent already, so i must do well and safe for the signing documentation and get to move in by procedure 3mth times frm submissio to HDB untill i get the key.

hope anyone here can read my post and tell me some tips to related to my question.

And i also need to give 1K deposit to the owner later. My agent said pass to the seller agent will do.

anyone can give me a procedure...1-10 steps what i need to do after the 1k deposit paid up to i collect the key?

1 step - view house

2 step - confirm the house

3 step - get loan approval

4 step - sign OTP frm agent ( seller agent or my agent? )

5 step - give 1k deposit

6 step - ?

7 step - ?

8 step - ?

9 step - ?

10 step - collect key move in ( if no need renovate)

Letter maybe need to sign

1 - maybe OTP

2 - Bank letter of offer (need sign?)

3 - ?

4 - ?

5 - ?

hope experienced buyer can help me fill up the column and appreaciated!

[rickzan 0]

Dear All

I have unluckly meet a bad agent, but the hse under her hand is which i like and i cant change agent also. bcos she already get the offer for me. but i still not happy when i think abt need to pay her 1% and bad services.

my bank have approve our loan, now i need to sign "letter of intend". honestly i m first time buy house in sg.

so who can tell me wht letter need to sign basically frm agent hand to untill i collect my key?

so far i havent sign any letter, i still in first part of processing bcos jus get bank approve my loan application.

bank need OTP frm my agent so my banker will jus give me the letter of offer.

now is already in this way, i could not do anything w the lauzy agent already, so i must do well and safe for the signing documentation and get to move in by procedure 3mth times frm submissio to HDB untill i get the key.

hope anyone here can read my post and tell me some tips to related to my question.

And i also need to give 1K deposit to the owner later. My agent said pass to the seller agent will do.

anyone can give me a procedure...1-10 steps what i need to do after the 1k deposit paid up to i collect the key?

1 step - view house

2 step - confirm the house

3 step - get loan approval

4 step - sign OTP frm agent ( seller agent or my agent? )

5 step - give 1k deposit

6 step - ?

7 step - ?

8 step - ?

9 step - ?

10 step - collect key move in ( if no need renovate)

Letter maybe need to sign

1 - maybe OTP

2 - Bank letter of offer (need sign?)

3 - ?

4 - ?

5 - ?

hope experienced buyer can help me fill up the column and appreaciated!

For Myself.... (HDB loan)

Step 6 : Pay balance 4k Deposit

Step 7 : 1st HDB aPPT

Step 8 : View house to ensure that house almost cleared

Step 9 : 2nd HDB appt

[chronograph 0]

step 1: view house

step 2: make offer, accepted

step 3: sign OTP, paid 5k to seller with everyone presence.

step 4: Bank loan, letter of offer signed, bridging loan.

step 5: 1st appt, signed many documents, don't know what also.

step 6: With seller consent, get my contractor to take measurement in preparation for reno

step 7: last inspection of the house, collect key

step 8: 2nd appt, pay up cash part(COV and 5%)

[Buyerfish 0]

Agent 1% commission is paid by when? after collection of key is it?

bcos i really headached for this female agent. she really make me angry everytime.. but i tell myself no choice, the house i want so i must give her commission oso.

Can i ask her bring along a copy of floor plan to me, when i sign the Option with her?

[chronograph 0]

Agent 1% commission is paid by when? after collection of key is it?

bcos i really headached for this female agent. she really make me angry everytime.. but i tell myself no choice, the house i want so i must give her commission oso.

Can i ask her bring along a copy of floor plan to me, when i sign the Option with her?

Coms pay after 2nd appointment.

Nothing sign which means no exclusive sign with agent can still nego for lower coms. OTP and 5k best to sign in presence of seller and agents. Floor plan can purchase from HDB at $5.

I got my floor plan from my seller, free.

Edited November 24, 2010 by chronograph

[manutd1972 1]

step 4: Bank loan, letter of offer signed, bridging loan.

dun think TS will need a bridging loan since it's his 1st time buying a flat. he's not waiting for any CPF monies to be returned before he pays the seller so no need for bridging loan.

TS,

u haven't sign any documents with your own agent? And seller has his own agent? Are the 2 agents colleagues or friends? Or they only know each other when your agent brought you to view the house? If u haven't sign any documents with your agent, you still can change agents, but it is a bit unethical to do so at this last minute, just before signing OTP. can PM me if you wanna find out more.

Edited November 24, 2010 by manutd1972

[Jgal 0]

you could attend the resale talk to get a clearer picture of the process.

http://www.hdb.gov.sg/fi10/fi10321p.nsf/w/...ar?OpenDocument

[Buyerfish 0]

Coms pay after 2nd appointment.

Nothing sign which means no exclusive sign with agent can still nego for lower coms. OTP and 5k best to sign in presence of seller and agents. Floor plan can purchase from HDB at $5.

I got my floor plan from my seller, free.

How to negotiate the commission? waive for the gst? or ask for 0.5% instead of 1%?

if she give us the discount, then after that poor services to our documetation during submisson then how?

don't think can negotiate the commision, bcos she will said oh her company policy this and that to me.

how ?

Edited November 25, 2010 by Buyerfish

[Buyerfish 0]

hopefully anyone got the experiences on this can give me some helpful tips. i really never have the experiences, and if step go wrong, will bully by the agent. really very headache now, wan to give agent money still worried she doing wrong for our documentation.

Edited November 25, 2010 by Buyerfish

[xray 0]

write in to her company and raise yr comments to the management abt her professionalism..

[bepgof 20]

hopefully anyone got the experiences on this can give me some helpful tips. i really never have the experiences, and if step go wrong, will bully by the agent. really very headache now, wan to give agent money still worried she doing wrong for our documentation.

Just some guidelines & some "holes" to prevent to fall into:

1. Give seller $1k to exchange for his OTP (make sure with date & his signature on it).

2. You've ONLY 14days to exercise (both start & end date inclusive)OTP, later than this mean $1K bye bye.

3. Get valuation report from seller(pay $180 whoever has paid for this report).

4. Get this report, secure a good bank loan. Take note the cancellation charge (usually 1.5% of amount borrowed)& offer validity (Usually within 6 month for cash disbursement for resale property).

5. Exercise OTP ASAP, a few days' interest wouldn't cost u more. Attenting HDB's resale market talk now too late liao.

6. Standby a $4k cheque with seller's name as payee on day for exercise OTP.

7. Pay attention to clause 11, don't let agent put 90 days to submit resale application submission. You'll be at loosing end. Find out seller's next accomendation issue. If seller still "looking" for such, then very good luck to you. Cooling days measure effective liao?

8. Agent very likely will ask you to sign:

- Commission letter, read carefully(% & schedule of payment, gst)then sign.Pay on completion day ONLY, no date earlier than this, remember.

- Renovation-related doc, ie idenmity form, etc

- Ultilities account transfer form, etc.

- What else? Old liao, memory deteriorated liao.

9. Wise to ask agent to create an inventory checklist, on OTP signing day, record down those major items that you wish/want seller to remain after completion date. Meaning, those no appear in the list are to be "out" by seller on completion date. 4 parties sign & acknowledged this checklist.

10. A few days before completion date, ask for inspection, to ensure those items remain there.

11. Ask agent WHEN he will submit resale application form to HDB.

12. Abt 3 days after submission, ask agent for when is 1st appointment date.

13. Just extend yr neck out & wait, HDB will send you letter to remind you what to bring on 1st appt date.

14. On 1st appointment date, before being called in to sign this & that, discuss with seller/agent which date is your preferable date for 2nd appointment date. HDB office will ask the same question to both seller & buyer the same. If no common agreement is reach on this between seller/buyer, HDB will decide the date.

15. Standby to receive bank's letter to kick start loan payment.

Edited November 25, 2010 by bepgof

[Buyerfish 0]

Just some guidelines & some "holes" to prevent to fall into:

1. Give seller $1k to exchange for his OTP (make sure with date & his signature on it).

2. You've ONLY 14days to exercise (both start & end date inclusive)OTP, later than this mean $1K bye bye.

3. Get valuation report from seller(pay $180 whoever has paid for this report).

4. Get this report, secure a good bank loan. Take note the cancellation charge (usually 1.5% of amount borrowed)& offer validity (Usually within 6 month for cash disbursement for resale property).

5. Exercise OTP ASAP, a few days' interest wouldn't cost u more. Attenting HDB's resale market talk now too late liao.

6. Standby a $4k cheque with seller's name as payee on day for exercise OTP.

7. Pay attention to clause 11, don't let agent put 90 days to submit resale application submission. You'll be at loosing end. Find out seller's next accomendation issue. If seller still "looking" for such, then very good luck to you. Cooling days measure effective liao?

8. Agent very likely will ask you to sign:

- Commission letter, read carefully(% & schedule of payment, gst)then sign.Pay on completion day ONLY, no date earlier than this, remember.

- Renovation-related doc, ie idenmity form, etc

- Ultilities account transfer form, etc.

- What else? Old liao, memory deteriorated liao.

9. Wise to ask agent to create an inventory checklist, on OTP signing day, record down those major items that you wish/want seller to remain after completion date. Meaning, those no appear in the list are to be "out" by seller on completion date. 4 parties sign & acknowledged this checklist.

10. A few days before completion date, ask for inspection, to ensure those items remain there.

11. Ask agent WHEN he will submit resale application form to HDB.

12. Abt 3 days after submission, ask agent for when is 1st appointment date.

13. Just extend yr neck out & wait, HDB will send you letter to remind you what to bring on 1st appt date.

14. On 1st appointment date, before being called in to sign this & that, discuss with seller/agent which date is your preferable date for 2nd appointment date. HDB office will ask the same question to both seller & buyer the same. If no common agreement is reach on this between seller/buyer, HDB will decide the date.

15. Standby to receive bank's letter to kick start loan payment.

Thanks for ur info, may i ask you routhly check for me,

if i confirm the house w my agent on today, and i give 1K deposit to seller agent by tonight, and i sign Option with them by tonight.

when can i have the 1st appointment? and when is 2nd appointment?

can you just estimate ur experiecence to me? on the above two date?

And if today i give her deposit 1K, then he will give me OTP sign by the seller? then i no need sign anything tonight?

bcos i received her emailed said today she will give me sign otp, why i need to sign also is it?

betw, u knw commision i can ask for 0.5% or not? she will said alot if i said this sure. so how ah?

Edited November 25, 2010 by Buyerfish

[bepgof 20]

Thanks for ur info, may i ask you routhly check for me,

if i confirm the house w my agent on today, and i give 1K deposit to seller agent by tonight, and i sign Option with them by tonight.

when can i have the 1st appointment? and when is 2nd appointment?

can you just estimate ur experiecence to me? on the above two date?

And if today i give her deposit 1K, then he will give me OTP sign by the seller? then i no need sign anything tonight?

bcos i received her emailed said today she will give me sign otp, why i need to sign also is it?

betw, u knw commision i can ask for 0.5% or not? she will said alot if i said this sure. so how ah?

The $1k is called "Option fee". $4k is called "option exercise fee". Two of them added together formed the "Deposit".

1. Check online the 1st appointment date: If now submit, will be sometime in end Dec 2010.

http://services2.hdb.gov.sg/webapp/BB24APPT/WelcomeDate.jsp

2. 2nd appointment, the furthest away will be 8 wk from 1st apointment date. Usually without unforseen circumstances, within 6 wk is achievable. Read clause 12 of OTP. Anything which causes more than 8 wks will render OTP null, but HDB has discretion to make it in force.

3. Make sure seller sign and put today's date.

4. Commission % is very "personal", 0.5% is possible.

Edited November 25, 2010 by bepgof

[Buyerfish 0]

The $1k is called "Option fee". $4k is called "option exercise fee". Two of them added together formed the "Deposit".

1. Check online the 1st appointment date: If now submit, will be sometime in end Dec 2010.

http://services2.hdb.gov.sg/webapp/BB24APPT/WelcomeDate.jsp

2. 2nd appointment, the furthest away will be 8 wk from 1st apointment date. Usually without unforseen circumstances, within 6 wk is achievable. Read clause 12 of OTP. Anything which causes more than 8 wks will render OTP null, but HDB has discretion to make it in force.

3. Make sure seller sign and put today's date.

4. Commission % is very "personal", 0.5% is possible.

OTP is option to purchase is sign by seller & buyer in the time of give 1K deposit is it?

[bepgof 20]

OTP is option to purchase is sign by seller & buyer in the time of give 1K deposit is it?

Wow piang, you give seller $1k, he gives you OTP doc, with ONLY his signature signed at last page with date stated.

You have 14 days " to exercise" this OPT.

"to exercise" means put your & spouse's signature on every single page, accepting all the terms & conditions stated there (don't leave any fields blank), pay $4k to seller, agent put his signature there too as "witness" of this "exercise".

Read clause 11 & 12 carefully. When give $1k to seller, can ask him those questions I mentioned to see if you are good or bad luck.

Edited November 25, 2010 by bepgof