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Amy Choon

How Much To Negotiate?

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I've been looking at a couple of resale condo units in the west area. Some selling prices are negotiable. But how much to negotiate without sounding like I'm ripping them off, yet still reasonable?

Advise me can?

 

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Join 46,923 satisfied homeowners who used renotalk quotation service to find interior designers. Get an estimated quotation

Use URA Caveat Data for the particular condo to agar agar the psf.

Try not to spoil the market by offering higher than the last few transections, unless got exceptional reasons like better facing.

No point referring to their asking price, cos usually pluck from the agent's sky.

 

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I've been looking at a couple of resale condo units in the west area. Some selling prices are negotiable. But how much to negotiate without sounding like I'm ripping them off, yet still reasonable?

Advise me can?

The rule of bargaining is to go as low as reasonably possible, then work your way up from there. My opinion is not to offer straight away what you want to eventually pay. For that matter, look at the recent transacted price but do not start there either. If you do, they will ask you to pay a little more - that's how the prices keep on going up.

Example: Recent average transacted price $950K. Don't offer $950K. Find some fault with the place (excuse) and offer something less - $888K for instance. Then work up from there. You must do your research too as the price might vary according to unit level, unit facing, etc. The other thing to remember - back your offer up with a cheque as it increases the likelihood of acceptance, even if your offer price is lower than the average transacted price. Another thing - agents are f***s...if you can offer them some incentive to get the seller to sell at a lower price (e.g., giving the agent some kopi money), the blood-suckers will do it.

Edited by Milgram
 

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Another thing - agents are f***s...if you can offer them some incentive to get the seller to sell at a lower price (e.g., giving the agent some kopi money), the blood-suckers will do it.

Hi, I am not an agent. But ppl also make a living leh... so dont say agent until like that...Cheers!

 

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Hi, I am not an agent. But ppl also make a living leh... so dont say agent until like that...Cheers!

Sorry mate but out of ten agents I have met, nine of them are like that. So whatever I have said is based on my experience. I think for all the sh*t I had to go through in the 90% of my encounters with agents, I'm entitled to my opinion. That said, I've no objections to the 10% who are genuinely honest agents who do their best to service their clients. Unfortunately, it's only 10% and the percentage of honest agents looks to be shrinking too. Cheers!

Edited by Milgram
 

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Hi, I am not an agent. But ppl also make a living leh... so dont say agent until like that...Cheers!

Hi did you check the transacted price in the URA website? That will able to gives you some direction for nego on the pricing.

 

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hi all,

thanks for the info! it's our first time getting a private apt aka condo unit, so there's a lot of things that me and my hubby don't know.

i just checked the caveat data for one of the condo we liked. the price per sq ft ranges from 537 to 609. the unit that we saw is 1249 sq ft and asking price is 780k. if i offer at 575 per sq ft, or about $716k for that unit, is it too guo fen ah?

my agent is a close friend's hubby. i certainly do not want to think he's one of the f****s lar. but based on our knowlege on private property, we kinda rely on him for all info/prices etc.

as to the cheque, we are selling our HDB concurrently so our agent told us there will be no need to fork out any cash for the transaction. so what is this cheque for? just a min. deposit of a few k? or 5% of the selling price?

 

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hi all,

thanks for the info! it's our first time getting a private apt aka condo unit, so there's a lot of things that me and my hubby don't know.

i just checked the caveat data for one of the condo we liked. the price per sq ft ranges from 537 to 609. the unit that we saw is 1249 sq ft and asking price is 780k. if i offer at 575 per sq ft, or about $716k for that unit, is it too guo fen ah?

my agent is a close friend's hubby. i certainly do not want to think he's one of the f****s lar. but based on our knowlege on private property, we kinda rely on him for all info/prices etc.

as to the cheque, we are selling our HDB concurrently so our agent told us there will be no need to fork out any cash for the transaction. so what is this cheque for? just a min. deposit of a few k? or 5% of the selling price?

Is the unit you like on the same level as the others? If it's at a lower level, your lower offer price should be okay. Even if it's the same floor, I'll just go ahead and offer and see what happens....****, if I were you, I'd offer $700K to start off with.

For the purchase of properties, you typically need to give 1% of the purchase price to obtain the OTP (Option to Purchase) from the seller. Once you get the OTP, it means the seller has in principle agreed to sell you his place. You then have two weeks to give another 4% (this is termed as exercising your option to purchase) for a total initial payment of 5%. After you have exercised your option to purchase, you have 8 to 12 weeks to the completion of your purchase. On completion, your mortgage loan (and whatever other monies you are going to use, including CPF) will be disbursed to complete the purchase of the property.

Sorry, I know of two instances in which an agent who was supposed to be a friend of someone buying a house but because of money, the agent betrayed the friendship. So to me, and pardon me for the skepticism, there is no such thing as friendship when it comes to money.

Don't rely too much on agents, friend or otherwise, make sure you do your own research. Hard work pays off in the end.

 

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hi all,

thanks for the info! it's our first time getting a private apt aka condo unit, so there's a lot of things that me and my hubby don't know.

i just checked the caveat data for one of the condo we liked. the price per sq ft ranges from 537 to 609. the unit that we saw is 1249 sq ft and asking price is 780k. if i offer at 575 per sq ft, or about $716k for that unit, is it too guo fen ah?

my agent is a close friend's hubby. i certainly do not want to think he's one of the f****s lar. but based on our knowlege on private property, we kinda rely on him for all info/prices etc.

as to the cheque, we are selling our HDB concurrently so our agent told us there will be no need to fork out any cash for the transaction. so what is this cheque for? just a min. deposit of a few k? or 5% of the selling price?

Do you mind sharing with us which condo are you referring to?

 

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Hey Milgram,

whoa.. those agents are bad. Cross fingers mine is not. But since we already engaged him, I just hope for the best. Thanks for the info on the purchasing of properties though. Hmmz. I only saw from URA the propery, selling price and month of sale nia. I don't see which level leh. but the amount per sq ft is based on the same area as the one I'm looking at. Got a place to check which level sell at how much one? where ah? Offer at $700k ah! Hahaha, I try I try. Scarly they kick me out of the front door.

Hey blackcar,

hmmz, i don't really want to reveal the property name leh, becos i worry the owner also in this forum and know that i'm going to ke-tok him lor. wahaha.

 

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Hey Milgram,

whoa.. those agents are bad. Cross fingers mine is not. But since we already engaged him, I just hope for the best. Thanks for the info on the purchasing of properties though. Hmmz. I only saw from URA the propery, selling price and month of sale nia. I don't see which level leh. but the amount per sq ft is based on the same area as the one I'm looking at. Got a place to check which level sell at how much one? where ah? Offer at $700k ah! Hahaha, I try I try. Scarly they kick me out of the front door.

Get your agent friend to check the details - the agents got a database with all the specific details like floor area, the exact floor, the exact unit and the recent transacted price. Since you hired the fella, make him work for you! Good luck!

 

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URA's database records the caveats lodged, but not all private properties are transacted with caveats lodged. Even if a caveat is lodged, it is not immediate. So an alternative source of info are the weekly transactions published in the Business Times. It records actual transactions according to contract dates.

Hi did you check the transacted price in the URA website? That will able to gives you some direction for nego on the pricing.
 

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URA's database records the caveats lodged, but not all private properties are transacted with caveats lodged. Even if a caveat is lodged, it is not immediate. So an alternative source of info are the weekly transactions published in the Business Times. It records actual transactions according to contract dates.

Try this too... quite good. : )

http://www.renotalk.com/

 

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if you are daring like me............. make the offer in term of a cheque.......

i simply issue a 1% directly in the owner's name and push it to the agent. i got the house at a reasonable price,without bargaining after 3 days. =P

 

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