Beware of Dishonest Singapore Property Agents

Beware of Dishonest Singapore Property Agents

Property Agents are Armed with Bank’s application forms at Launches or show rooms

Today we watched in horror another Singapore property agent attempts to cheat hdb property buyer. He asked for deposit of $1000 as money for option to purchase but gives the home buyer only an empty option to purchase form that is unsigned. (source: tv channel 8 news, 12 Sep 2009)

These days, some property agents are armed with the bank’s application forms at the launches. They will try to ask you to sign up and apply for a loan.

Sometimes, that bank is the only bank that can match an over-priced property, that means if you buy, you are forced with 1 package. In the worst case, for some re-sale properties, the prices being asked cannot be matched, that means you will have to pay a CASH-OVER-VALUATION (COV) like in HDB case.

In case you did not budget for this, you will have to lose your 1% deposit and let your Option to purchase lapse after 14 days.

If the property is $600k, you will lose $6000 just like that.

Property agents don’t care, they will still get 50% of the forfeited deposit, plus they can market the property again. If their commission is 1%, selling the property 2 times gives them 1.5% of commission. This is a good deal.

For Some dishonest property agents out there, they CHURN the buyers. This is because listings are hard to get, so they don’t care.

Novice property investor must be extra careful. Some Dishonest Singapore property agents look very honest and professional. And it is sometimes the more experienced property agents that are more dangerous and cunning to deal with. CEHA only does so much to certify them for knowledge, but CEHA cannot guarantee their integrity especially when the agents are engaged in conflicts of interests (both selling and buying activities).

Related posts:

1. Dishonest Singapore property agent cheats Novice property investors and buyers
2. Dishonest Singapore Property agents: Head of Property agent need to focus on ethics
3. Singapore Property Buyer: How to Protect yourselves from cheating agents
4. Dishonest Singapore property agent wants your money
5. Singapore property agents speculate at Genuine buyer's expense

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