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marcge

Option To Purchase Enquiry

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Hi guys,

I have recently been browsing this forum for the past few months as i have started my hdb resale flat hunting and i must say it is a very informative forum, i need some help on a certain issue that has recently arose from my hdb-hunting and i hope someone could assist me with some advice..

I have been viewing a few resale HDB flats recently and came across a 4-room unit that me and my wife both liked, i usually browse our local Property websites like propguru & iprop and give a call to the agent who has listed the unit on the website to arrange the viewing, so i saw one last Sat (29/01) and arranged for a viewing on the following Monday (31/01), when we arrived we were greeted by the Agent as listed on the property ad and when we went up to the unit, the Seller Agent was there to show us around. Me & my wife did not want to jump into a decision on the spot however we really liked the place and location, etc.

The next day, Tues (01/02) , after deciding, i gave a call to the agent and made our offer, he got back to me within an hour and said that the seller had agreed to our offer price, so he arranged an appointment with me that night asking me to prepare the $1K Option to purchase cheque, i agreed and met him that night and asked him whether my wife needed to be around to sign any documents, he said not necessary, however i understand that the agent was supposed to go through with us the resale checklist, agent commission, etc. Nevertheless i handed him the 1K cheque that night written to the name of the owner. He said he will go to the owners house with the seller agent the next day to present the cheque + the OTP form. I agreed and told him to keep me in the loop.

Here comes the tricky part,

The next day he called me and said that the Seller did not sign the OTP form as he was considering an offer from a relative that had shown interest in the flat and since its a relative, the owner would rather sell to them than to me. Agent said that owner would give an answer by the next tuesday on the outcome (04/02/2011).

So today i was browsing the websites again for other flats and noticed that the exact same house was marketed on a seperate website by a different agent and asking and extra 10K COV that the amount i offered, so to clarify i asked my wife to call and the agent said the house was still available for viewing and COV neg.

Can any renotalk gurus advise me what i should do? Really feel that i have gotten the so called "tai-chi" tactics from either my Agent, Seller Agent or the sellers themselves..

Please advise.. :unsure:

 

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Hi guys,

I have recently been browsing this forum for the past few months as i have started my hdb resale flat hunting and i must say it is a very informative forum, i need some help on a certain issue that has recently arose from my hdb-hunting and i hope someone could assist me with some advice..

I have been viewing a few resale HDB flats recently and came across a 4-room unit that me and my wife both liked, i usually browse our local Property websites like propguru & iprop and give a call to the agent who has listed the unit on the website to arrange the viewing, so i saw one last Sat (29/01) and arranged for a viewing on the following Monday (31/01), when we arrived we were greeted by the Agent as listed on the property ad and when we went up to the unit, the Seller Agent was there to show us around. Me & my wife did not want to jump into a decision on the spot however we really liked the place and location, etc.

The next day, Tues (01/02) , after deciding, i gave a call to the agent and made our offer, he got back to me within an hour and said that the seller had agreed to our offer price, so he arranged an appointment with me that night asking me to prepare the $1K Option to purchase cheque, i agreed and met him that night and asked him whether my wife needed to be around to sign any documents, he said not necessary, however i understand that the agent was supposed to go through with us the resale checklist, agent commission, etc. Nevertheless i handed him the 1K cheque that night written to the name of the owner. He said he will go to the owners house with the seller agent the next day to present the cheque + the OTP form. I agreed and told him to keep me in the loop.

Here comes the tricky part,

The next day he called me and said that the Seller did not sign the OTP form as he was considering an offer from a relative that had shown interest in the flat and since its a relative, the owner would rather sell to them than to me. Agent said that owner would give an answer by the next tuesday on the outcome (04/02/2011).

So today i was browsing the websites again for other flats and noticed that the exact same house was marketed on a seperate website by a different agent and asking and extra 10K COV that the amount i offered, so to clarify i asked my wife to call and the agent said the house was still available for viewing and COV neg.

Can any renotalk gurus advise me what i should do? Really feel that i have gotten the so called "tai-chi" tactics from either my Agent, Seller Agent or the sellers themselves..

Please advise.. :unsure:

cancel the cheque and move on.

 

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the agents are doing a last offer...if you really like the place, give them an ultimatum before they lose the cheque and their commissions...impose a deadline and tell them or the owner they you are cancelling the cheque by a certain time. Or if you really want to chiong, go direct to the owners and inform them of your offer.

 

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Look like the seller's agent(s) have paired and ganged up and are playing "dirty trick" while keeping everybody in the dark, in the hope to get higher selling price.

The "relative" story very likely is a make-up by seller agent. If you wait, be prepared to hear another "story" the "next day".

Speak to seller's directly through your agent or yourself, if you really love the unit.

Be prepared to experience the similar next time you find an unit you like.

Edited by bepgof
 

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Thanks all for the advice given,

Current update on the situation, can be a learning point to fellow forummers on a househunt..

I managed to find the sellers telephone number on yellowpages.com and gave them a call, According to him, he had agreed with my initial offer for COV and was awaiting His agent to prepare the OTP docs or him and his wife to sign (both owners are elderly retirees btw). However according to him his agent called him the next day and said to wait till after CNY as there might be better offers for the COV portion. He ended e conversation saying he will talk to his agent to close the deal as he didnt want to drag longer also(flat has been marketed for abt 2mths).

I somehow feel that the seller agent has a mutual agreement with seller for a % portion of the COV amount.

Is this still possible in todays market? With all the rules and regulations?

 

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