albertchng 0 Report post Posted December 14, 2011 (edited) Hi cartoon, we staggered our 1st appointments for both flats(sell and buy) by 3 weeks. So we will attend the 1st appt for our buying flat 3 weeks after attending the 1st appt for our selling flat. The 3 weeks is for HDB to release the CPF monies back to our account to be used for the buying flat....Sorry RedStar, are you sure you are doing a contra sale? The reason for asking is that from my understanding, the 1st appointment in a contra sale, all parties will meet on same date and time at HDB. There is no need for a 3 weeks period for CPF money to release back into your CPF account, the HDB will act on your behalf and liaise directly with CPF. Contra means you sell your unit and buy next unit paying full in 1 go and HDB will pass back to you a big cheque. Edited December 14, 2011 by albertchng Share this post Link to post Share on other sites
RedStar 0 Report post Posted December 14, 2011 Sorry RedStar, are you sure you are doing a contra sale? The reason for asking is that from my understanding, the 1st appointment in a contra sale, all parties will meet on same date and time at HDB. There is no need for a 3 weeks period for CPF money to release back into your CPF account, the HDB will act on your behalf and liaise directly with CPF. Contra means you sell your unit and buy next unit paying full in 1 go and HDB will pass back to you a big cheque.Oops, sorry, contra is both using HDB loans. Both HDB loans then no need to do any staggering. Im using bank loan for my purchase so i staggered a 3 week buffer. Share this post Link to post Share on other sites
albertchng 0 Report post Posted December 14, 2011 Oops, sorry, contra is both using HDB loans. Both HDB loans then no need to do any staggering. Im using bank loan for my purchase so i staggered a 3 week buffer.Yours is not a contra sale once bank loan is involve. Share this post Link to post Share on other sites
kamikaze 0 Report post Posted February 4, 2012 How much commission your agent is charging you is stated clearly in the HDB checklist and commission letter your agent done for you. If the bank loan you applied was referred by him, he can earn at least $900 referral fee from the bank. If your agent is hard working and honest, just pay him 1% each if he is handling both your selling and buying.If next place the seller also need extra month to stay, you can either choose to accept his term or dont buy lor.Actually, I find it interesting as to how you managed to get this at least $900 mortgage loan referral fee idea? Share this post Link to post Share on other sites
cartoon 0 Report post Posted February 7, 2012 Actually, I find it interesting as to how you managed to get this at least $900 mortgage loan referral fee idea?Hmmm i also thought that agent would get referral fee or comm when we take up bank loan ? Actually i didnt know about it, but i read from other forum then agent do get a comm if we take up bank loan .. but i m okie wit the idea ... heheee ... : ) Share this post Link to post Share on other sites
GoalHome 1 Report post Posted February 7, 2012 Agents gets about 0.15% commission on the loan amount. Some agents may offer a rebate or you may try asking if anyone you know is a client of the bank and both may get some referral fee or gifts. Share this post Link to post Share on other sites
cartoon 0 Report post Posted February 7, 2012 Agents gets about 0.15% commission on the loan amount. Some agents may offer a rebate or you may try asking if anyone you know is a client of the bank and both may get some referral fee or gifts.Hoo icic .. actually me still thinking wanna bank loan or HDB loan ?? But if i choose HDB loan, my sales proceed of my old place i know HDB will take away 1/2 and put in our new plc .. for bank loan, we need to pay the 5% downpayment in cash ... Share this post Link to post Share on other sites
albertchng 0 Report post Posted February 7, 2012 (edited) Actually, I find it interesting as to how you managed to get this at least $900 mortgage loan referral fee idea?Cannot blame you... you have much to learn. How long have you been in real estate? Feel sad for you, your manager in Hutton never guide/teach you?$600,000 bank loan X 0.15% = $900/= Edited February 7, 2012 by albertchng Share this post Link to post Share on other sites
GoalHome 1 Report post Posted February 8, 2012 Hoo icic .. actually me still thinking wanna bank loan or HDB loan ?? But if i choose HDB loan, my sales proceed of my old place i know HDB will take away 1/2 and put in our new plc .. for bank loan, we need to pay the 5% downpayment in cash ...Depending on rate of return if you've the cash in hand (are you going reinvest, put it in bank or sitting in cpf???) versus interest rate of loan. If reinvesting, how confident are you that the returns will be higher than the loan interest? Share this post Link to post Share on other sites
kamikaze 0 Report post Posted February 8, 2012 Cannot blame you... you have much to learn. How long have you been in real estate? Feel sad for you, your manager in Hutton never guide/teach you?$600,000 bank loan X 0.15% = $900/=I believe you are not aware of how this works.. To get this 0.15%, you have to be employed by a mortgage brokering firm., not an individual. Similar to real estate, banks pay the company, not the broker directly. Even if a broker splits his com with you, do you think it's possible to get 100% when the company already have a 10% cut? Conversely, this referral fee is not applicable to existing customers and not every bank pays the same com. And there is a cap to the comm too.With all due respect, i asked not because I didn't know. Rather, I wonder how he came to that conclusion.I do not doubt that I have much to learn though. I'm leraning everyday. You may wish to verify my above statement with a banker. Share this post Link to post Share on other sites
kamikaze 0 Report post Posted February 8, 2012 Hoo icic .. actually me still thinking wanna bank loan or HDB loan ?? But if i choose HDB loan, my sales proceed of my old place i know HDB will take away 1/2 and put in our new plc .. for bank loan, we need to pay the 5% downpayment in cash ...Currently, bank loan interest rates are about 1 percent lower than HDB's. What it means to you is that about 2/3 of your monthly mortgage payment will go towards paying off your principal, compared to HDB's 1/2. That said, interest rates are not likely to stay low forever. For my own flat, I took HDB's. Please try doing the math using a mortgage amortisation calculator and see for yourself. Just to offer a second opinion. Share this post Link to post Share on other sites
albertchng 0 Report post Posted February 8, 2012 (edited) I believe you are not aware of how this works.. To get this 0.15%, you have to be employed by a mortgage brokering firm., not an individual. Similar to real estate, banks pay the company, not the broker directly. Even if a broker splits his com with you, do you think it's possible to get 100% when the company already have a 10% cut? Conversely, this referral fee is not applicable to existing customers and not every bank pays the same com. And there is a cap to the comm too.With all due respect, i asked not because I didn't know. Rather, I wonder how he came to that conclusion.I do not doubt that I have much to learn though. I'm leraning everyday. You may wish to verify my above statement with a banker.LOL, is there a need for you to remove Hutton from your signature? I think it is best you remove everything from your signature; no need to put your name there. No need to verify with a banker, so ma fan; in fact all my agents will get referral fee from any banks that offer home loan.And don't hijack other people's thread if you cannot add anything useful on doing contra. Edited February 8, 2012 by albertchng Share this post Link to post Share on other sites
Soul108 0 Report post Posted February 8, 2012 To get commission, you need not be with a mortgage broker. In fact I would suggest to stay clear. Many agents refer to mortgage brokers because1) alot of brokers pay commission up front.2) they pay 100% of available commission plus abit more.(they earn undertable by getting lawyers to charge higher on legal fees and kickbacks are shared between agent and broker in instances.Agents go to brokers because not all refi cases will have commission but the brokers will know. And agents of some agency have their commission cut by their own agency e.g 10% cut hence they go to brokers etc. Share this post Link to post Share on other sites
albertchng 0 Report post Posted February 8, 2012 (edited) To get commission, you need not be with a mortgage broker. In fact I would suggest to stay clear. Many agents refer to mortgage brokers because1) alot of brokers pay commission up front.2) they pay 100% of available commission plus abit more.(they earn undertable by getting lawyers to charge higher on legal fees and kickbacks are shared between agent and broker in instances.Agents go to brokers because not all refi cases will have commission but the brokers will know. And agents of some agency have their commission cut by their own agency e.g 10% cut hence they go to brokers etc.Soul108, thank you so much for the clarification.Kamikaze, pls refer to the sentence in bold. Edited February 8, 2012 by albertchng Share this post Link to post Share on other sites
Soul108 0 Report post Posted February 8, 2012 Albert: No prob. Nowadays HDB commission I don't know how much but last time 0.40%, very high. Haha but HDB worth alot less also last time.Cheers! Share this post Link to post Share on other sites
