lovenestinjw 0 Report post Posted March 31, 2012 Ya, after the price is fixed n being "understanding" that they might be lack of cash so we allowed them to redo the valuation. But with the agreement to pay my valuation report fee. Actually, it doesn't matter how much report they do cox I will still sell them in the Stated OTP price.But being sincere to close the deal is a disadvantage when dealing with these ppl. Should have make them signed black n white. And all stipulated date!!' A experience learnt!! Wisdom gain U so nice sia, can give in to COV. The houses i viewed sellers all very hard on their COV. We dom balek, being sincere but kenna taken advantage:curse: Share this post Link to post Share on other sites
Bento28 0 Report post Posted March 31, 2012 Of course, everyone wan a good deal. For me, once the selling price is fixed then jus hope to close the deal Share this post Link to post Share on other sites
CTN 0 Report post Posted March 31, 2012 just a curious thought...after paying the $1k + $4k for option & excercise, if HDB finds the buyer ineligible during the 1st appt, what happens? Share this post Link to post Share on other sites
lovenestinjw 0 Report post Posted March 31, 2012 Of course, everyone wan a good deal. For me, once the selling price is fixed then jus hope to close the deal How we wish we can meet seller like u. Hb juz agent if we r able to give in what sellers r asking, we want to place option & exercise OTP by this weekend. We don't want to join their "bidding" game while seller tell us to wait for another week, giving excuses etc etc. Gotta learnt from experience: b FIRM. Share this post Link to post Share on other sites
lovenestinjw 0 Report post Posted March 31, 2012 just a curious thought...after paying the $1k + $4k for option & excercise, if HDB finds the buyer ineligible during the 1st appt, what happens? CTN: as HDB webby, buyer is to check their HLE eligibility b4 exercising OTP. Dunno if ur 5K will be forfeited? maybe u can appeal? Seniors here can advise better. Share this post Link to post Share on other sites
therat 18 Report post Posted March 31, 2012 I don't understand, if val report is not out, how agent determine the val price?estimation + agar agar.Like my case. We neg base on agar agar valuation. Basically we ignore the valuation part. Just neg on the COV.Only gave my deposit when the valuation report out which I insist.mean agent can re-issue a fresh OTP shld the amt be amended?agent cannot re-issue OTP and amount CANNOT amended. That is contract.U need to understand how it workSeller issue OTP to buyer upon receive deposit from the buyer which presently is 1K maxWhen buyer receive the OTP from seller, buyer need to exercise it within 2 weeks. If didn't exercise, consider deal off.At this stage, Seller cannot back off. Buyer Can.Seller can keep that 1k deposit. Buyer has NO RIGHT to ask seller to refund that 1k deposit.When buyer exercise the OTP, buyer need to pay another 4K max to the seller, which is presently practice.At this stage, both seller and buyer cannot back off. Hence it is very important for buyer to get a HLE or bank loan (there is a term for it. I forget.. sth principal in -approve or approve in principal. Can't remember which is which)Upon exercise the OTP, then the agent can submit the form for 1st appointment. Share this post Link to post Share on other sites
therat 18 Report post Posted March 31, 2012 just a curious thought...after paying the $1k + $4k for option & excercise, if HDB finds the buyer ineligible during the 1st appt, what happens?The deal will thrown out of the window.If the buyer has agent.Either the agent will get into hot soup or the buyer will be in trouble.http://www.hdb.gov.sg/fi10/fi10321p.nsf/w/BuyResaleFlatChecklists?OpenDocumentResale Checklist for BuyersThe salesperson engaged by the buyers will have to do the following:- Go through the Resale Checklist with the buyers and sign the checklist.Witness the signing of OTP/Resale Application Form.Execute the "Estate Agent's" Statutory Declaration and declare the relevant information relating to the resale transaction (such as the salesperson particulars, the resale price, resale flat address etc).All the above should be carried out by the same salesperson.Note that it is a serious offence to give a false declaration, including to over-declare or under-declare the resale transacted price. Under the Oaths and Declaration Act, the penalty can involve a fine and/or up to 3 years' imprisonment for a false declaration. If a housing agent is found to have made a false declaration, HDB will report the matter to the appropriate parties such as the Police and the Council for Estate Agencies. Share this post Link to post Share on other sites
Bento28 0 Report post Posted March 31, 2012 Hi CTN,After the first appointment, if the buyer are not deem to proceed with the transaction. Then the whole sale will be scrapped and the seller have to right to forfeit the 5k. Hope tis answers your question.BTW I believed you should have prepare your HLE letter before going for flat hunting coz this gave u a est budget for yaself. Cheers Share this post Link to post Share on other sites
Gymrat76 0 Report post Posted March 31, 2012 just a curious thought...after paying the $1k + $4k for option & excercise, if HDB finds the buyer ineligible during the 1st appt, what happens?Think will be forfeited. Cos you are given 14 days after you are given the OTP to confirm your eligibility, loan etc. This is only fair on behalf of the seller who needs to incur the waiting (1-3 months) for the 1st HDB appointment Share this post Link to post Share on other sites
lovenestinjw 0 Report post Posted April 2, 2012 agent cannot re-issue OTP and amount CANNOT amended. That is contract.U need to understand how it workSeller issue OTP to buyer upon receive deposit from the buyer which presently is 1K maxWhen buyer receive the OTP from seller, buyer need to exercise it within 2 weeks. If didn't exercise, consider deal off.At this stage, Seller cannot back off. Buyer Can.Seller can keep that 1k deposit. Buyer has NO RIGHT to ask seller to refund that 1k deposit.When buyer exercise the OTP, buyer need to pay another 4K max to the seller, which is presently practice.At this stage, both seller and buyer cannot back off. Hence it is very important for buyer to get a HLE or bank loan (there is a term for it. I forget.. sth principal in -approve or approve in principal. Can't remember which is which)Upon exercise the OTP, then the agent can submit the form for 1st appointment. Thanks therat. I get a better understanding now Sat was a frutiful one. We viewed this hse and everything fit into our requirements, best thing is COV is much lower to the other hse we liked first, this allow us to stretch our reno budget We gave the seller 1K & rec'd the OTP, now hope everything go smoothly. However....last night, the first hse agent called us... the seller finally accepted our COV... haiz. Bento:How is everything going for u? Buyer still doesn't want to pay for val report? Share this post Link to post Share on other sites
Bento28 0 Report post Posted April 2, 2012 Love, Still yet to recvd my monies😭I will push for it today n decided to forgo my extension timing if no choice. Just to bring my MSG across. I will write in to Propnex n CEA to voice my situation😣😡😡😡😡😡😡 Share this post Link to post Share on other sites
lovenestinjw 0 Report post Posted April 2, 2012 Bento: Will writing-in take a longer time? y not walk-in & talk to Prop**** big shot? Whateva it is, hope things will turn better for u.I juz purchased my floorplan via HDB, looking so forward to renovations & the 1st appt Share this post Link to post Share on other sites
Bento28 0 Report post Posted April 2, 2012 Hahaha... Ya.. Must well kick the big fuss... I told the agent by today I wanna the fee. No more delay!! Hope all is well and smooth for your reno!! Keke.. Try get a few quote before signing on the dotted line. Coz many contractor or ID will push u to sign.There are some who regret and had to pay 30% of the Reno quote. be happy !! Cheers Share this post Link to post Share on other sites
lovenestinjw 0 Report post Posted April 3, 2012 Bento:Ya, muz b firm. Did they pay up? Hey, thanks!! Will take note. Share this post Link to post Share on other sites
mhseesk 0 Report post Posted April 9, 2012 Really its a good news.This site has lots of advantage. I found many interesting things from this site. I like it very much. Its so interesting.I want to sharing this topic with some of my close friends. So thanks this post. Share this post Link to post Share on other sites
