Doing Contra

[kamikaze 0]

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 because

1) 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.

Hi!

I'm curious. So that was in the past or is happening now? I understand it was like that before there was a $2500 legal subsidy ceiling.

[Soul108 0]

On the whole last time and now about the same.

1) legal subsidy last time have and now also have.

2) up to 2500. Generally 0.5% of loan amount capped at 2500

[kamikaze 0]

On the whole last time and now about the same.

1) legal subsidy last time have and now also have.

2) up to 2500. Generally 0.5% of loan amount capped at 2500

Interesting.

Thank you!

[albertchng 0]

Kamikaze, you are from Hutton.

Are you trying to say that your buyer take bank loan you have ZERO referral fee?

Edited February 8, 2012 by albertchng

[Dinspired 0]

Most banks have referral program that will reward with either cash or shopping vouchers. Amount not as much as 0.15% commission, usually a few hundred depending on loan amount, but still better than nothing. You can approach relatives, friends or colleagues who are customers of the bank you're planning to loan from for their referral. At most offer to spilt 50-50 so its a win-win situation. I tried asking the bank officer doing my loan for my referral fee, she refused. So i went to ask a friend to refer me and got some shopping vouchers

[Soul108 0]

Typically 100 to 300 if not agent referred. But promotion not everyday. Of course staff cannot just give you if the mechanics is must be a referral.

His or her job on the line.

[Dinspired 0]

Since she refused, I found another banker who offered better service. The new banker got my account and even brought the documents down to my place. Up to $600 depending on which bank and loan amount. From what i've observed, the promotion is on nearly whole year. Else look for loan brokers, or just drop a note here to ask if anyone here can help with referral.

[Soul108 0]

600 is quite good? Which bank? Not all banks have this kinda promotions I just checked.

[Razor Rahman 0]

On 12/14/2011 at 10:13 AM, RedStar said:

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.

We do have a mutual agreement with the buyers of my flat for 2 months extension. However, just to play safe, we may try to nego with the sellers of the flat we buying to let us have the keys early to start our reno, since they seldom stay at the place now.

Buying and selling really not easy, praying the whole process will be smooth. We sold our place cos we needed a bigger unit. Next headache is the ID selection. Haha.

Hi RedStar,

 

Does that mean that both the 1st appointments and the completion appointments (2nd appts) are staggered by 3 weeks also?

 

Please advise.

 

Thank You

[propertyboulevard 0]

Nice information,Thank you for sharing this post such a useful information...

[jayzenony 0]

hi all thank you so much for this contribution.