COV Discussion

[drkcynic]

There was a tip I heard from one of the forumers here, but not sure how true.

It was mentioned that the chances of success in purchasing resale is higher if you do not use a buyer agent, so the seller agent does not need to co-broke (share comms) and will tend to recommend your offer to the seller.

Anyway good luck!

These days more civilised liao.

Back in the day 10+ years ago when COV was the rage. I wanted to get this Tiong Bahru hdb. Gave cheque liao. But agent chu pattern, said i have to pay buyer agent fee of 1% and must be with this female agent. I found out she's the wife of the seller agent and is heavily pregnant. I said no go and he actually came down and returned me the cheque.

I buay song next day went to the hdb to look for the owner wanting to tell the owner her agent is screwing with her. When i reached there, the agent was sitting outside the door like dua peh kong guarding the place. Who knows how long he has been sitting there. Crazy fella.

Decided to move on in the end.

 

[red_devilz]

These days more civilised liao.

Back in the day 10+ years ago when COV was the rage. I wanted to get this Tiong Bahru hdb. Gave cheque liao. But agent chu pattern, said i have to pay buyer agent fee of 1% and must be with this female agent. I found out she's the wife of the seller agent and is heavily pregnant. I said no go and he actually came down and returned me the cheque.

I buay song next day went to the hdb to look for the owner wanting to tell the owner her agent is screwing with her. When i reached there, the agent was sitting outside the door like dua peh kong guarding the place. Crazy fella.

Decided to move on in the end.

Wow that's very unreasonable. You didn't use a buyer agent and yet was still coerced to pay a fee to the spouse.

Technically could report to CEA if you have time to kill...

 

[drkcynic]

Wow that's very unreasonable. You didn't use a buyer agent and yet was still coerced to pay a fee to the spouse.

Technically could report to CEA if you have time to kill...

Now yeah can report. Back then ruling loose, apparently was very common for the popular units.

 

[red_devilz]

Now yeah can report. Back then ruling loose, apparently was very common for the popular units.

Can't believe he stood there like a guard dog all day just for the 1%. Eat too full nothing to do.

 

[marshmallow96]

These days more civilised liao.

Back in the day 10+ years ago when COV was the rage. I wanted to get this Tiong Bahru hdb. Gave cheque liao. But agent chu pattern, said i have to pay buyer agent fee of 1% and must be with this female agent. I found out she's the wife of the seller agent and is heavily pregnant. I said no go and he actually came down and returned me the cheque.

I buay song next day went to the hdb to look for the owner wanting to tell the owner her agent is screwing with her. When i reached there, the agent was sitting outside the door like dua peh kong guarding the place. Who knows how long he has been sitting there. Crazy fella.

Decided to move on in the end.

Wow that's very unreasonable. You didn't use a buyer agent and yet was still coerced to pay a fee to the spouse.

Technically could report to CEA if you have time to kill...

Those were the days... more than a decade ago... when many agents chu pattern... Jitao upfront in the advertisement put there no co-broke, then prepare their own partner agent as your "buyer agent" (and that's after CEA banned the practice of one agent representing both seller and buyer to makan both commission....)

 

[DevilPlate]

There was a tip I heard from one of the forumers here, but not sure how true.

It was mentioned that the chances of success in purchasing resale is higher if you do not use a buyer agent, so the seller agent does not need to co-broke (share comms) and will tend to recommend your offer to the seller.

Anyway good luck!

It is true if u have the time to scout and comb through PG listing and also to arrange for viewing etc. However that being said, I believe only applicable to pte resale properties and not so much for HDB resale flats as seller agent do not have to share comm since buyer have to pay their agent directly.

 

[我要买GTR]

I see! I didn't know resale hdb buyers need to pay comms to their agents. Learned something new!

Yeah bro 1% (+8% GST)

 

[我要买GTR]

Many weird sellers in the market, I offered to buy a unit at seller asking price but seller still want to consider so I walk away and offer for another unit. Eventually this seller had to sell at 30k lower price. Buying house really need patience and luck IMO.

In this dilemma as well. I am ok to pay my seller's asking price, but I offered $10k lesser of asking, but yet to receive a counter after 1 week+. Seems like seller is not urgent to sell & waiting for more viewers/offers. Really need patience..

 

[red_devilz]

Yeah bro 1% (+8% GST)

So many extras to pay, buying GTR might be a better investment.

 

[red_devilz]

In this dilemma as well. I am ok to pay my seller's asking price, but I offered $10k lesser of asking, but yet to receive a counter. But seems like seller is not urgent to sell & waiting for more viewers/offers. Really need patience..

Hopefully seller doesn't come back after a while and shift goalpost and ask for more than original asking price. Alot of them 钓起来卖. Good luck to them as we head into a period of buyer's market.

 

[DevilPlate]

Also it might even be beneficial for resale HDB buyer to engage an agent because i can imagine if the agent selling a hot sellable flat, he/she may prefer to cobroke rather than deal with newbie buyer and their paperwork.

Make sense anot? If buying older unpopular flats, then DIY OK to save the 1% imo.

 

[red_devilz]

Also it might even be beneficial for resale HDB buyer to engage an agent because i can imagine if the agent selling a hot sellable flat, he/she may prefer to cobroke rather than deal with newbie buyer and their paperwork.

Make sense anot? If buying older unpopular flats, then DIY OK to save the 1% imo.

Scenario 3: can the seller agent 'help' find a buyer agent for the newbie buyer? Then he/she can makan the 1% buyer agent fee. But if the property is a hot one, seller agent might want to close deal fast during exclusive period so seller don't turn to another agent. Many permutations.

 

[hwmook]

Hopefully seller doesn't come back after a while and shift goalpost and ask for more than original asking price. Alot of them 钓起来卖. Good luck to them as we head into a period of buyer's market.

Don't think it's a buyer's market yet especially for HDB, price is still rising. A similar unit as the one I bought just transacted at a 40k higher price.

 

[hwmook]

Also it might even be beneficial for resale HDB buyer to engage an agent because i can imagine if the agent selling a hot sellable flat, he/she may prefer to cobroke rather than deal with newbie buyer and their paperwork.

Make sense anot? If buying older unpopular flats, then DIY OK to save the 1% imo.

All seller agents confirm prefer to deal with buyer agents. DIY buyers offer 1k OTP fee then disappear is a problem for them.

 

[我要买GTR]

Scenario 3: can the seller agent 'help' find a buyer agent for the newbie buyer? Then he/she can makan the 1% buyer agent fee. But if the property is a hot one, seller agent might want to close deal fast during exclusive period so seller don't turn to another agent. Many permutations.

I think most seller agent will try to intro/convince buyer (without agent) to use a agent of the same team as them. Can earn comms plus easier communication.

All seller's agent will wanna close fast, unless seller signed exclusive, then no sweat already.

 

[我要买GTR]

All seller agents confirm prefer to deal with buyer agents. DIY buyers offer 1k OTP fee then disappear is a problem for them.

Offer 1k otp then dissappear then how ah? Then otp nv exercise only right?

 

[marshmallow96]

Offer 1k otp then dissappear then how ah? Then otp nv exercise only right?

Never exercise but waste 3 weeks of your life

 

[我要买GTR]

Never exercise but waste 3 weeks of your life

But seller gets the forfeited 1k otp tho. At least not totally wasted ba..

 

[cyberklan]

But seller gets the forfeited 1k otp tho. At least not totally wasted ba..

Correct but Between 1k and 21 days…… I will choose 21 days any day . That 21 days r opportunities for other serious buyers to nego

 

[marshmallow96]

But seller gets the forfeited 1k otp tho. At least not totally wasted ba..

It depends on the circumstances lor but in general is more cons than pros…

• Seller agent unhappy cos needs to advertise longer = pay more
• Seller not happy cos may miss out some better offer while locked in and waiting
• Unit will be out in market longer - often times people view such units negatively: “aiyah so long cannot sell sure something wrong”
• If seller needs to buy another HDB to move in is lagi worse - timing is everything to this group - while waiting the seller may miss out other good deals in the resale market, or may not even find a similar unit at all if they have specific requirements

so you see usually the situation is not favourable to the seller… unless the seller is those sell for fun one just shake leg and wait for offer.