Property agent question?

[Capitalist]

Else, sellers can simply issue multiple Options, refuse to sign on any claiming ‘no sign = not valid’, while collecting deposits from many buyers .. trying to chope and wait out for the highest offer.

Think ‘bout it.

 

[kyokoto]

Just reject and refund and report the agent to CEA.

 

[Capitalist]

Crux of the issue should be if the buyer is eligible to be granted an OTP at the moment when he does not have HFE.

Not a case of seller saying ‘I didn’t sign on the OTP, thou I’ve received the deposit .... hence not valid’.

 

[Corba2001]

It's just a personal agreement between seller and buyer. Both of you can sit down, talk about it. Buyer able to give the price you want, just have to wait for HFE. If you cannot accept, return back the deposit fee, both agree to it, no bad blood, walk separate ways.

If you can accept and wait, then just wait for his HFE cause now you are the one holding $1000 of his. Even after his HFE approve/reject, tell him you will forfeit the $1000 if he chooses not to buy.

 

[Ahboy069]

Crux of the issue should be if the buyer is eligible to be granted an OTP at the moment when he does not have HFE.

Not a case of seller saying ‘I didn’t sign on the OTP, thou I’ve received the deposit .... hence not valid’.

Most succinct comment

 

[Ahboy069]

It's just a personal agreement between seller and buyer. Both of you can sit down, talk about it. Buyer able to give the price you want, just have to wait for HFE. If you cannot accept, return back the deposit fee, both agree to it, no bad blood, walk separate ways.

If you can accept and wait, then just wait for his HFE cause now you are the one holding $1000 of his. Even after his HFE approve/reject, tell him you will forfeit the $1000 if he chooses not to buy.

If he don’t buy of course forfeit la
The thing is there was another buyer which I rejected in favor of this
Fly away liao

 

[Readingbooks]

I want to buy private

Its private then you can request for longer option period, until your buyer signed the otp.

 

[DrAwkward]

OTP here probably refers to Option to Purchase, which is granted by TS, the seller.

And this is AFTER he has accepted the buyer’s offer to purchase.

Idk. Money No Enough 3 say got difference. If seller's agent then she cannot/shouldn't do OTP for the buyer.

 

[BlackStar00]

Eh this is give and take one la.....u can always return him the $1k if u feel the delay has been too long (which he didn't specify beforehand) and u have other buyers coming in.

But u don't have any other buyers, then just wait lor.....since u didn't sign the OTP anyway. U can actually return him the $1k first and tell him HFE approved then u will accept, so as not to let them "chope" for too long.

 

[Corba2001]

If he don’t buy of course forfeit la
The thing is there was another buyer which I rejected in favor of this
Fly away liao

Ya lo... since your other buyer fly liao

Another option is if it's me, i will let the buyer know i will sell it to him once HFE approved, but at the meantime, i will also continue to let people view the house. In the event if another buyer is willing to give you similar/better offer, you will return the first buyer his $1000 and both walk away, NSA.

Both give in a bit lo

 

[BlackStar00]

Ya lo... since your other buyer fly liao

Another option is if it's me, i will let the buyer know i will sell it to him once HFE approved, but at the meantime, i will also continue to let people view the house. In the event if another buyer is willing to give you similar/better offer, you will return the first buyer his $1000 and both walk away, NSA.

Both give in a bit lo

Ya, use this to pressure him, cos not fair to u also. Cannot let them chope too long.

 

[kyokoto]

Best answer. See the agent burnt! Too many ah beng ah seng agents.

The agent is trying to pull a fast one. Essentially forcing the seller to wait indefinitely. The buyer's HFE isn't even approved yet and what makes the agent think that it's a guarantee that it'll be approved by HDB. End up, the seller is stuck because other buyers might offer a better price along the way.

Scum agent. There are too many in the industry and we don't need another one, especially ones that are rotten.

 

[Iamdone]

The agent is trying to pull a fast one. Essentially forcing the seller to wait indefinitely. The buyer's HFE isn't even approved yet and what makes the agent think that it's a guarantee that it'll be approved by HDB. End up, the seller is stuck because other buyers might offer a better price along the way.

Scum agent.

I ever recorded a agent who speak loudly while queuing for food. Taking about how he treats buyers as sheep and seller as dumb, hang up to sell listed ppty n wait long for direct buyer while those with buyer agent, he will list high high to make up for his loss in comm etc . . Everything is about his comm n luxury lifestyle.

 

[V_for_Vanilla]

That is not material here.

Cos the OTP is granted by you.

You have received the consideration.

Do feel free to ask around.

Only possible ‘loophole’ is why OTP was granted when buyer has not cleared HFE. Not sure if this will be an issue - if the buyer gets it prior to the expiry of the OTP.

This is correct. Otp granted by seller after accepting the 1k option fee.

 

[chickenpiez007]

Will the buyer be able to obtain HFE prior to expiry of OTP?

Most important question:

Is it mandatory for buyer to have already obtained a HFE approval prior to accept an OTP

if not mandatory then HFE not approve how?? you go the new HDB portal also state BIG BIG MUST have APPROVED HFE before buyer can approached seller.....to avoid this kind of deal breaker.....

 

[articland05]

This is correct. Otp granted by seller after accepting the 1k option fee.

oh..so what's the sequence here?
seller recv 1k then issue OTP to buyer or issue OTP then get 1k from buyer?

my own experience is I agree to the price then seller issue OTP and I paid the 1k.

 

[charlieangel123]

In other words although I received the $1000 which the agent told me is an option fee but did not say that HFE is not approved I am misled to think the next step is justo sign the option which never took place.
I am not legally bound n can take action against the agent if agent refuse to take my $1000 back ? Correct

yes correct

 

[charlieangel123]

just like i transfer to you 1k say i loan you monthly interest is 500 but without signing anything then where is the law

no need scare la this very small matter just return the money poh mata

and never deal with this agent anymore
change another agent with honest and integrity

although all agents are scums where i siam them far far

 

[V_for_Vanilla]

if not mandatory then HFE not approve how?? you go the new HDB portal also state BIG BIG MUST have APPROVED HFE before buyer can approached seller.....to avoid this kind of deal breaker.....

Means buyer will forfeit the option fee.