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Free advice/discussion on buy/sell of Resale flat (Part 6)

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Old 06-12-2018, 01:52 PM   #7711
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Need expert help to confirm when should we pay agent fee?
I thought after completion and receive key, but my agent already bill me before completion date. (By the way, there's not due date in the bill)
once deal exercised, agent will submit to their respective company for documentation.

Their company (Propnex ERA etc) will just sent the bill to client straight away.

Usually it's ok for client to pay on completion day. So don't worry about this invoice.

-vinz
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Old 06-12-2018, 02:08 PM   #7712
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Noted, thanks Vinz
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Old 06-12-2018, 02:12 PM   #7713
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one ques, when should i pay the remaining 4K to seller agent as deposit?
Sales completion or exercise OTP
When you exercise OTP which is within 21 calendar day after the OTP date.
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Old 06-12-2018, 03:01 PM   #7714
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one ques, when should i pay the remaining 4K to seller agent as deposit?
Sales completion or exercise OTP
2nd deposit to be paid during option exercising.

-vinz
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Old 06-12-2018, 03:22 PM   #7715
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2nd deposit to be paid during option exercising.

-vinz
When you exercise OTP which is within 21 calendar day after the OTP date.

Got it..heap of thanks guys...
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Old 07-12-2018, 12:05 AM   #7716
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After exercise otp, seller cannot back out, but what about buyer? Do they just forfeit the $5000 deposit or still have to pay other compensation?
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Old 07-12-2018, 12:16 AM   #7717
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After exercise otp, seller cannot back out, but what about buyer? Do they just forfeit the $5000 deposit or still have to pay other compensation?
$5000 deposit + any difference in losses + advertising/agent fee the seller incurred selling to another party + any losses they incurred because the deal fell through and they don't have money for their planned next purchase + their lawyer fee, your own lawyer fee etc etc.

Have fun if you going to back out at this stage. Can only say Orbi good.
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Old 07-12-2018, 12:24 AM   #7718
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$5000 deposit + any difference in losses + advertising/agent fee the seller incurred selling to another party + any losses they incurred because the deal fell through and they don't have money for their planned next purchase + their lawyer fee, your own lawyer fee etc etc.

Have fun if you going to back out at this stage. Can only say Orbi good.
Thanks, just asking before I decide whether to sign and pay the otp fee
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Old 07-12-2018, 01:25 AM   #7719
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Buyers should be 99% sure to buy that particular unit before even committing to a price with seller and paying the first deposit.

You shouldn't even be paying $$$ to test market etc.

The 1% back out (without paying 2nd deposit) should only happen if the valuation price and purchase price is too wide a gap, causing the buyer a need to pay hefty cash (COV). And there is always a potential to pay some COV if u decided to commit to a slightly higher price then the norm, don't even go about to say you didn't know.

Looking at the many posts with all these similar questions going about (even for Direct Flat from HDB) , I have no doubt that many sellers should be wary of DIY buyers from now onwards.

It's seems with all these many DIY buyers going about, many don't seems to be in a ready state of mind to actually commit to a unit. Place a first deposit and even before getting the valuation result, buyer's remorse sets in and thinking of all possible reason to back out of the deal.

Lack of info? lack of reassurance from someone professional who can answer all your doubts even before you commit? (instead of wasting your first deposit money)

If this is becoming the norm, I pity the seller who meet this type of buyers.

P.S: Most seller are not interested in the forfeited $1k deposit, they want a serious buyer who can commit and let them move on and complete the sale transaction.

-vinz
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Old 07-12-2018, 10:10 AM   #7720
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Buyers should be 99% sure to buy that particular unit before even committing to a price with seller and paying the first deposit.

You shouldn't even be paying $$$ to test market etc.

The 1% back out (without paying 2nd deposit) should only happen if the valuation price and purchase price is too wide a gap, causing the buyer a need to pay hefty cash (COV). And there is always a potential to pay some COV if u decided to commit to a slightly higher price then the norm, don't even go about to say you didn't know.

Looking at the many posts with all these similar questions going about (even for Direct Flat from HDB) , I have no doubt that many sellers should be wary of DIY buyers from now onwards.

It's seems with all these many DIY buyers going about, many don't seems to be in a ready state of mind to actually commit to a unit. Place a first deposit and even before getting the valuation result, buyer's remorse sets in and thinking of all possible reason to back out of the deal.

Lack of info? lack of reassurance from someone professional who can answer all your doubts even before you commit? (instead of wasting your first deposit money)

If this is becoming the norm, I pity the seller who meet this type of buyers.

P.S: Most seller are not interested in the forfeited $1k deposit, they want a serious buyer who can commit and let them move on and complete the sale transaction.

-vinz
Agreed. Don't waste the seller time. They may need the money for their next bto which may be due for key collection.
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Old 07-12-2018, 11:24 AM   #7721
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I personally think that both seller and buyer gotta play their part to be more common sense and responsible, not just one party.

For seller, stop being greedy for asking too much, especially those BTO flats which just completed MOP, be practical about the selling price too. For instance, a BTO 3 rm flat was selling at $365k, not near city/town area, and not even near MRT station. Crazy right? They could have bought it around $120k i guess.

Also, be more practical about asking for extension. I ever heard from my colleague(both PR) bought resale flat and the seller asking for 6months extension due to taking their own sweet time to renovate their BTO flat.

For buyer, be more serious when buying a unit. No point forfeiting your deposits after changing your mind to look for another unit or simply backoff. Unless there is really something no right with that unit(e.g. untold tragic incidents took place in the unit) or undisclosed Ah Loong harassment issues. Buyer also need to think if the price that they're willing to pay is within their budget. Be more logical, a newer flat located near city/town area definitely costs more than another newer flat which is located far from the reach of public transport. Should not have such Ai Pi Ai Qi that kind of attitude.
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Old 09-12-2018, 01:29 PM   #7722
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My at compassvale green at one end sengkang, compared to current flat at compassvale bow, other end of sengkang

I sold mine at 880k (829sf) and upgraded to 1313sf for 440k
Compassvale Bow 4 room can sell for $880k??
Sure boh
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Old 09-12-2018, 04:06 PM   #7723
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Henry shu shu csb
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Old 09-12-2018, 06:03 PM   #7724
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Also good story teller

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Old 10-12-2018, 02:27 AM   #7725
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Compassvale Bow 4 room can sell for $880k??
Sure boh
Who said my Compassvale Bow is 4rm flat? I sold a little too early. My neighbours of same floor level sold weeks later at 910k and 912k
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