Diary

SKY HIGH PRICE?

2009-08-24T00:53:00.002+08:00

In this booming market, is your letter box filled with many flyers? Many agents are hoping to get more units to sell and so am I. There is really a high demand for properties in this current situation.

However, I was rather dismay when I heard agent asking a HDB Cash Over Valuation of $65k and above? Huh! Even though I hope to achieve the best price for Sellers, I can't help but wondered if this is really possible in this economy now ? I meant buyers may like your property very much but how many CAN ACTUALLY AFFORD THAT?

I do agree that some buyers do fork out high cash for premium properties- especially those in central district and sea view. But this is happening in Sengkang! Not that Sengkang is a lousy place though...I believed that those near MRT actually fetched a higher price but it should be reasonable too.

Agents also need to educate sellers on the right price to sell. I know some agents actually promised sellers a very high price, signed the exclusive and put sellers' property on hold after that. In the end, the agent would broke the news to the sellers- Sorry there aren't any buyers willing to fork out such a high price and hence some sellers might be even forced to sell at a low price after much time is wasted.

Every Sellers wish to obtain the highest possible price for their property. Agent's job is to achieve that for you. However, buyers have become smarter these days. Especially the resale pricing is so open for them to make comparison. Hence, I do hope that sellers would be more realistic instead of believing agents who try to lure you to fall into their traps...

AGENTS CAUSED SELLERS TO BE HOMELESS?

2009-08-24T00:31:00.002+08:00

I came across the lianhe wanbao recently and read about agents persuading sellers to sell at this booming market.

These agents told the sellers not to worry about being homeless if they cannot meet the criteria to purchase anymore. They advised sellers to pocket the profit and seek the MP for help in housing..

I can't help but felt upset for our industry. Why are there agents like that?

For those who stayed in Sengkang area, you might hv known the Nasi Lemak Uncle A. He was being persuaded to sell too by an agent. Apparantly, Uncle A had owned HDB an outstanding loan of about $20k. This agent told Uncle A that HDB would confiscate his flat if he failed to sell. Even though that HDB did not issue any warning letter to Uncle A yet, he believed what this agent told him.

The agent had also promised Uncle A who is almost 60years that he will be able to pocket a profit of at least $120k after selling his 4rm flat. The agent also told Uncle A that there will not be any problem to get a smaller flat for him after that.

After selling the flat, the agent broke the news to Uncle A that he was too old and bank would not loan him. Hence, Uncle A had to rent a flat about $1k per month since there are about 5 family members in the house.

Uncle A was at a loss. He knew that his profit would dry up very soon if he pays a monthly rental of $1k. Moreover, everyone prefers to have their own flat instead of renting.

That was when Uncle A actually met me. I used to order Nasi Lemak from him so he told me that he was shifing soon. I was upset cos my family loves his Nasi Lemak very much. Then I disclosed that I am also a property agent and Uncle A started asking me many questions.

It seems like Uncle A does not know much about HDB rulings as well. Most importantly, the agent failed in his duty. Why did the agent forget to check if Uncle A is able to downgrade? Why did the agent fail to advise Uncle A that he should appeal to HDB with regards to the payment of his outstanding loan? Why did the agent not layout a proper and best solution before advising Uncle A to dispose his flat?

How can I help? I really do not know as the Option To Purchase had already been signed...

UNETHICAL AGENTS

2009-08-17T18:28:00.004+08:00

In this current hot market, there are many sellers' agents who do not wish to cobroke with buyers' agents...

What is agents cobroking?

Do go and read details under
http://propertydiva22-unethicalcases.blogspot.com/

Its a sad thing that all these unethical agents actually prevent the sellers' property from getting maximum exposure and is not in their best interest at all.

Sometimes, buyers prefer to engage their own agent due to various reasons. How long can all these selfish agents hold on out there? If I am serving buyers, I would normally skipped all these units.

How long can this booming market holds on? Can anyone predict the market situation for the next 3 months?

2009-08-08T02:08:00.000+08:00

My buyers saw an unit in Sengkang Blk 26X.

This unit is only 3yrs old, renovated and in brand new condition. Sellers' agent told us that it was a divorced case hence sellers can sell. The unit was very near to MRT station and there were at least 30 viewers.

Sellers' agent announced that they will sell the unit to the highest bidder of cash over valuation and on top of that, buyers need to fork out another 2% commission to the sellers' agent!

Everyone was rather shocked. My buyers like that unit but did not want to deal through this kind of dishonest, unethical and greedy agent. The sellers' agent was able to do that as this was a divorced case and no sellers were present at all.

Everyone was give a piece of paper to write their offer if any. Surprisingly, there were about 5 buyers willing to bid and paid extra for this unit. Well, there were also conflicts coming up...

The highest 2 bidders - one wrote $35kCOV + 2% sellers' agent commission, another 1 wrote $41kCOV. Well, it was awarded to the $35kCOV + 2% sellers' agent commission cos the other party did not include the SELLERS' AGENT COMMISSION! The unit was actually sold in 20 minutes!

Imagine if you were the seller, how much are you actually losing out? On top of that, sellers' agent actually got 4% commission in selling this flat!

In fact, I was rather dismay. But more shocked when I realised that there were buyers willing to fork out this kind of $...

I felt that the buyers had spoilt the whole market. I also can't help but worry about how many agents gonna do that in this crazy market situation...If all the buyers were to stay firm and say NO, the sellers' agent would not have been able to use this unscrupulous method!

There are really some black sheep in our trade. Very sad thing....

A day in the life of a Real Estate Agent

2009-07-31T16:41:00.005+08:00

Felt rather stressed and upset today...

A HDB buyer called for help today. She had paid a $5k deposit to buy a flat with another agent a few months ago. The 1st appt is supposed to be on 28th July 09 but seller refused to turn up. Apparently, the seller had wrote to HDB to ask for postponement without inform all the agents nor the buyer...

The buyer went to the Seller's home a couple of times but Seller just refused to talk to the buyer. Buyer was rather annoyed. She really like the house alot.

However, I told her it seems quite obvious that sellers are not keen to sell the property anymore. There is really nothing much that she can do except to sue the sellers...

In my opinion, agents should always talk and check sellers' background before proceeding to sell their property..

In this case, it seems like Sellers had changed their mind..The reason behind= No one knows what actually happened...