Question on ethical??? housing agent's practice

[eric3417]

Re: Question on ethical??? housing agent's practice

Tink alot of ppl who made a killing in stocks since Mar & liquidated months ago decided to pour their funds into property partly fueling the Prop Frenzy.

They worry abt thw W shape Double Dip recovery and looking forward to IR as a defensive strategy with their property purchase.

The signals from Media abt SG out of recession with exports/gdp growth adds fuel to the burning Fire. God knows what 2010 will look like.

 

[skindiver]

Re: Question on ethical??? housing agent's practice

Sharing of our bad experience with an unethical housing agent.

We have engaged a housing agent from Pronex agent, and agreed to pay her 1% commission. After 3mth of searching, we finally find the right unit. However, there are 4 other families eyeing at the same flat.

Due to fierce competition, -name edited out - ( seller’s agent from ERA) appeared and requested us to pay him 1% commission so that he can give us the top priority to win the deal (this is transparent to the owner and other families). On top of 1% from us, he still obtain the 2% commission from the owner. Which means he earned 3% commission easily.

As we are eager to start a family and as 1st time home buyer, with higher COV demanded, we are obligated to slap him with 1% commission. (and another 1 % to our Pronex agent).

We would want to alert any Home Buyer, there are many unethical housing agents taking advantage of this exuberant property market and the combination of greed & fear will always push prices higher.

Good luck in searching & take care.


Ryan: Removed name of agent as this issue has been reported as resolved.

 

[gexer]

Re: Question on ethical??? housing agent's practice

i believe bro, you are buying a pte property. so here is the practice.

1) for pte sale, you dun need to pay commission to buyer agent(in your case you are the buyer) the buyer aganet is to cobroke with the seller's agent to share the commission paid by the seller. unless he had help you or service you that you feel he is worth your extra commission.

the seller dun have 14 days to consider. they have about 3 days, usually i will ask for 24hr response if not the offer is deem void. to protect my buyer.

and the OTP is to be sign by seller first as acceptance of buyers offer and then buyer have 14 days to consider/prepare bank LO so call the cooling period.

Hi, Sorry need to ask some simple questions and hope some bro can share some light on this.
Recently made an offer to buy a private unit...and was told by the agent to:

1) Pay him 1% on commission (Thought Seller pays? Whats the normal practice? He "was" my agent and i approached him to view vacant units within specific districts .)

2) Sign on a Option to purchase form that is NOT signed yet by seller. Offered at seller's asking price!! Agent quoted that that seller is ok with it. And the agent can tell me that the owner now has 14 days to decide whether or not to sell me his house. WTF??? Only found out i got smoked after I signed it and gave him the cheque.

I have since told the agent that i am retracting my offer and will like cheque back if owner doesnt sign his part of the OTP within 48 hours.

AM I BEING A CARROT HEAD????

Pissed off.................

 

[gexer]

Re: Question on ethical??? housing agent's practice

Sharing of our bad experience with an unethical housing agent.

We have engaged a housing agent from Pronex agent, and agreed to pay her 1% commission. After 3mth of searching, we finally find the right unit. However, there are 4 other families eyeing at the same flat.

Due to fierce competition, -name removed - ( seller’s agent from ERA) appeared and requested us to pay him 1% commission so that he can give us the top priority to win the deal (this is transparent to the owner and other families). On top of 1% from us, he still obtain the 2% commission from the owner. Which means he earned 3% commission easily.

As we are eager to start a family and as 1st time home buyer, with higher COV demanded, we are obligated to slap him with 1% commission. (and another 1 % to our Pronex agent).

We would want to alert any Home Buyer, there are many unethical housing agents taking advantage of this exuberant property market and the combination of greed & fear will always push prices higher.

Good luck in searching & take care.

i must agreed that this is greed from the ERA agent. but partly your representing agent is not firm enough to fight for your rights. you should ask a reduction to your pN agent as she did not fight for you.

if i face this issue, i will tell the agent straight that my buyer will offer to your buyer cov and will not pay addition commission to you. and will call up to ERA to make a formal report against this agent.

if this agent dun take it seriously i will ( dun tell ppl) knock on the seller door and tell him that if he close with my buyer i will not take his 2% commission. (provided no exclusive signed.) wahhahaha.

sometimes we get bad clients sometime we get bad agents. just need to know what is right and wrong and fight for your own rights.

Ryan: Removed name of agent as this issue has been reported as resolved.

 

[bu88l3kid]

Re: Question on ethical??? housing agent's practice

Personally I felt that its not necessary to Pay the addition 1% even if the Selling Agent is getting 2% or not.

There are many different agents in the market even with the new licensing.

 

[HotRoc]

Re: Question on ethical??? housing agent's practice

Sharing of our bad experience with an unethical housing agent.

We have engaged a housing agent from Pronex agent, and agreed to pay her 1% commission. After 3mth of searching, we finally find the right unit. However, there are 4 other families eyeing at the same flat.

Due to fierce competition, -name removed - ( seller’s agent from ERA) appeared and requested us to pay him 1% commission so that he can give us the top priority to win the deal (this is transparent to the owner and other families). On top of 1% from us, he still obtain the 2% commission from the owner. Which means he earned 3% commission easily.

As we are eager to start a family and as 1st time home buyer, with higher COV demanded, we are obligated to slap him with 1% commission. (and another 1 % to our Pronex agent).

We would want to alert any Home Buyer, there are many unethical housing agents taking advantage of this exuberant property market and the combination of greed & fear will always push prices higher.

Good luck in searching & take care.

Under new CEA regulation, agent CANNOT collect commission from both buyer and seller at the same time as there is a conflict of interest -- Unless both buyer and seller are aware of and consent to it.

Ryan: Removed name of agent as this issue has been reported as resolved.