How Long Did You Wait To Get Otp After Handing Cheque?

[curryqueen 0]

Hi,

I just want to check how long did you guys have to wait before you got the OTP after handing the $1,000 cheque to the seller's agent?

I handed my $1,000 option fee to the seller's agent on 9 Feb night. The cheque was made in the name of the owner (Agent showed me the CPF payment slip)and the agent made sure I wrote down the name of the owner and the unit behind my cheque.

We then discussed doing another valuation (which I arranged)so that my bank loan would be higher. We agreed via sms that if the new valuation is higher, he would not increase the purchase price. The agent informed me that valuer went to the unit on 12 Feb. I later smsed agent on the same day to ask for OTP. He did not reply. Sms-ed him again on 13 Feb, he also did not reply.

I'm not sure if it's because its the CNY and he went on holiday that's why he's not replying.

Do you think he is holding me out and planning to ask me for a higher purchase amount or that the seller has no intention of selling at all? The valuation will be mailed to me and not the seller or agent.

Edited February 16, 2010 by curryqueen

[waileong 0]

You're supposed to do otp on the spot as cheque handover.

[forgotten 1]

What waileong said is correct.

And as long as the seller hasn't signed on your OTP form, he can accept other buyer's offer or increase his asking price. Verbal agreement is not legally binding

[therat 18]

u should give them a date.

Or else, seller can use ur CHQ to tell other buyer.

I had this offer. Up ur offer

[forgotten 1]

Btw I passed my $1000 cheque and OTP form to my agent, and my agent passed them to the seller. I got back my OTP form (signed by seller) 2 days later from my agent.

The seller's agent already MIA for 1 week. If I'm you, I will visit the seller's house tomorrow.

Edited February 16, 2010 by forgotten

[strata 0]

It is quite possible that the seller's agent is using your cheque to get better deals. But without a signed OTP, you can do little in the matter, except get your cheque back at the earliest by contacting your agent's firm. Learning from the experiences of various buyers and sellers in this forum, even if the lack of communication from your agent is due to CNY and everything turns out to be ok, please have direct contact with the seller in future. Insist that all the transactions will be done in presence of you and the seller, with both agents present. Also try to put everything on paper while exercising the option, even if it seems minor at that time. This will spare you from lot of headache later. From what I have seen in my house hunting is that most sellers are genuinely unaware of many procedures and just like buyers are dependant on agents. So if all parties sit together and sort everything, the chances of getting conned by agents is minimum. Hope everything turns out fine for you.

[curryqueen 0]

Btw I passed my $1000 cheque and OTP form to my agent, and my agent passed them to the seller. I got back my OTP form (signed by seller) 2 days later from my agent.

The seller's agent already MIA for 1 week. If I'm you, I will visit the seller's house tomorrow.

Thanks all! I managed to contact the seller's agent today. He's in M'sia and will give me the OTP tmrw. I don't have my own agent and am using the seller's agent. I did visit the seller's house twice...Nobody at home.

Besides checking whether the seller has any outstanding loans and meeting the minimum occupancy period, is there anything else I need to take note of?

Hmm...wonder if I should check with neighbours to ensure it's not a 'Loanshark flat'....

[forgotten 1]

Thanks all! I managed to contact the seller's agent today. He's in M'sia and will give me the OTP tmrw. I don't have my own agent and am using the seller's agent. I did visit the seller's house twice...Nobody at home.

Besides checking whether the seller has any outstanding loans and meeting the minimum occupancy period, is there anything else I need to take note of?

Hmm...wonder if I should check with neighbours to ensure it's not a 'Loanshark flat'....

Phew... I'm happy for you that they are keeping their promise.

You better submit your resale application soon. Need to wait about 5 month before you get the keys.

Edited February 17, 2010 by forgotten

[bepgof 20]

Curryqueen, do let us know by how much increased you get from previous valuation to your own authorised valuation. Valuation report cost $80 and will usually take a wk to generate from valuation date. I supposed the difference would not be more than 50k, otherwise, yr valuation expert would have landed himself in trouble not to mention spoiling the mkt. You need bank's "letter of offer" during 1st appt. This letter usually valids for 6 months, this letter comes with some legal obligations. If sum not disburst within 6 months u'll have to pay fine...but this can discuss with bank. Wise to approach bank after knowing 1st appt date. Of couse, u must be quite sure u can get the amount u want.

1. I paid deposit and exercised OTP same day (30/8/09)as I 1st viewed the unit. But only too late realised seller's agent put "90" days in the submission column. 90 days is the maximum day where agent can delay before submit your application for 1st appt. You have right to reduce the number to suit yr need.

2. Bear in mind, period betw submission to 1st appt is now 13wk away. Can check HDB's web. 1st to 2nd appt is 8wk maximum, as stated in OTP doc. Must add reno timing as well........

3. Can speak to neighbour for loanshark issue, lookout for any "repainting" on walls...., ask seller why they sell and where there move to....

[curryqueen 0]

Curryqueen, do let us know by how much increased you get from previous valuation to your own authorised valuation. Valuation report cost $80 and will usually take a wk to generate from valuation date. I supposed the difference would not be more than 50k, otherwise, yr valuation expert would have landed himself in trouble not to mention spoiling the mkt. You need bank's "letter of offer" during 1st appt. This letter usually valids for 6 months, this letter comes with some legal obligations. If sum not disburst within 6 months u'll have to pay fine...but this can discuss with bank. Wise to approach bank after knowing 1st appt date. Of couse, u must be quite sure u can get the amount u want.

1. I paid deposit and exercised OTP same day (30/8/09)as I 1st viewed the unit. But only too late realised seller's agent put "90" days in the submission column. 90 days is the maximum day where agent can delay before submit your application for 1st appt. You have right to reduce the number to suit yr need.

2. Bear in mind, period betw submission to 1st appt is now 13wk away. Can check HDB's web. 1st to 2nd appt is 8wk maximum, as stated in OTP doc. Must add reno timing as well........

3. Can speak to neighbour for loanshark issue, lookout for any "repainting" on walls...., ask seller why they sell and where there move to....

[curryqueen 0]

@Forgotten: Yah! I was very happy too! I was praying like mad that the agent didn't play me out after hearing all the horror stories abt agents.

@bepgof:Valuation report $80 only?! I paid directly to HDB online $180!! How did you get an $80 valuation report?! Was it a subsidy from the bank? Grrr... wonder if I can ask the bank for the valuation I already paid?

I don't think the valuation difference will be that high lah.. I will be extremely happy with a $10-15K increase coz that means less COV payment.

M very tight on cash now.. once everything is settled.. my bank account will be almost 0...

The agent put 30 days to submission which I am fine with(gives me more time to save money for reno.) Seller is very easy going on submission date..Agent said it's up to me..earlier or later also can.

I didn't know from submission to first appt is 13 wks! I thought 8wks max only! Thanks for letting me know,bepgof!

Will let all of you know when I get the new valuation report...can't wait!

[curryqueen 0]

Curryqueen, do let us know by how much increased you get from previous valuation to your own authorised valuation. Valuation report cost $80 and will usually take a wk to generate from valuation date. I supposed the difference would not be more than 50k, otherwise, yr valuation expert would have landed himself in trouble not to mention spoiling the mkt. You need bank's "letter of offer" during 1st appt. This letter usually valids for 6 months, this letter comes with some legal obligations. If sum not disburst within 6 months u'll have to pay fine...but this can discuss with bank. Wise to approach bank after knowing 1st appt date. Of couse, u must be quite sure u can get the amount u want.

1. I paid deposit and exercised OTP same day (30/8/09)as I 1st viewed the unit. But only too late realised seller's agent put "90" days in the submission column. 90 days is the maximum day where agent can delay before submit your application for 1st appt. You have right to reduce the number to suit yr need.

2. Bear in mind, period betw submission to 1st appt is now 13wk away. Can check HDB's web. 1st to 2nd appt is 8wk maximum, as stated in OTP doc. Must add reno timing as well........

3. Can speak to neighbour for loanshark issue, lookout for any "repainting" on walls...., ask seller why they sell and where there move to....

Die! Agent just told me that it's a loanshark flat!! How?! Should I proceed with sale or forego $1k??

[therat 18]

Die! Agent just told me that it's a loanshark flat!! How?! Should I proceed with sale or forego $1k??

proceed. I don't recommend.

Prepare to lost the 1k.

Lost 1k now, better than you had endless headache

Is the agent, urs or is seller agent.

Ask the agent , how he know?

Edited February 18, 2010 by therat

[jeda 0]

if it is genuine loanshark flat, it is better to forgo. but you mentioned that you are using seller's agent. if he is nasty, he may be trying to get to you give up the flat so that he can resell it higher in the current market.

all the best to you.

[forgotten 1]

I find it fishy why seller's agent chose to tell you now instead of earlier? Also, seller's agent should be keeping mum about loanshark issue so that he could close the deal and get his commission?

Go double check with the seller's neighbours about the existence of loanshark before you give up on the deal. The seller's agent may be smoking you so that he can sell the unit at a higher price to another buyer.

Edited February 19, 2010 by forgotten