Dishonest Singapore property agent: Wants your money

Dishonest Singapore property agent wants your money
Article by: http://www.PropertyBUYER.com.sg
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What some Singapore Property agents claim they do for you (FICTION)

- Help you sort through your priorities and concerns

- Assist in review purchase documents

- Loan counseling / qualifying

- Assist with home inspections

- Estimate closing costs, down payment and incidentals

- Check through Schools / areas / neighborhoods

- Property Appraisal

- Valuation

- And finally getting Banker Approval

Article located at: -
http://www.propertybuyer.com.sg/viewnews.php?article=108

What Singapore Property Agents actually do (REALITY)

Singapore property agents are always rushing to close deals. If you are a

foreigner, you will probably not know that. In Singapore, Singapore property

agents get their commission from the property seller. But if you are a

foreigner whose home country has a practice to pay the buying agent, they

will ask for a commission from the buyer as well.

* YOU SHOULD NEVER PAY THAT buyer commission.


The agent is hard pressed to close deals and to close it fast. It's a hit-and-run
industry and there is no reward for being honest in the Singapore property agent
business.

Most of the time, the agents claim to represent the sellers and the property seller's interests. In the very next moment, they claim to represent the Buyers and take care of the buyer's interests.


Property Seller

The best way for Singapore Property agent to get a commission is to ask

you to sell your property through them.

Property Buyer

Due to the dynamics of the market, the Singapore Property agent will only

get a split of the commission when he/she brings a buyer to see and

eventually buy a property.

Do Singapore Property agents get you the best Home Loan mortgage?

The faster they close the property purchase the better. The property agent

has no interest in dragging out the deal.


They are not dishonest in any way, it is just that they only tell you what you

want to hear to close deals. And they are just economical with the truth.


If they tell you too much, you may change your mind and decide not to

proceed. If you don't proceed, they don't get a commission. It's that simple.


So what Singapore property agents do with Mortgage home loans is the

same. They will find the higher valuation and ask you to check with the

banks. Singapore property agents will arrange the bank loans for you from

the banks that MAY NOT give the best rates and terms. Because they can

match the seller valuation.


WHY Singapore Property agents wants banks to match seller valuation?

Singapore property agents wants banks to match seller valuation

BECAUSE, this will close the gap between buying and selling price. And

when you are willing to pay much HIGHER, he/she can earn commission

from the property seller or he/she shares his/her commission with the seller's

agent.


Property agents can help you get banker approval???

The Singapore property agent is willing to bring you the bank forms to fill in

and even get in-principle approval. Why? This way, they can quickly make

sure you have a bank loan in hand and willing and ready to bid for a

property. And very possibly you have a bank approval-in-princple at a really

high valuation that will tend to lead you to over-pay for your property.


And... You will have a bank who is very very happy to match the

seller's asking price, not what they really think the property is worth.

(Banks can stretch valuations, within reason and sometimes reason can be elastic)

You are the person paying for the loan for years, if you overpay.

Property Buyer overpays for Singapore Property

The property agent pushes up the buying price to match the seller's asking

price, this way, the deal is easier to close and he/she makes the

commission.


Surely there are trust worthy and honest Singapore property agents, right?

Yes, there are. But because in Singapore, Property agents participate in

both buying and selling activities, there is a clear conflict of interests

between upholding your best interests and that of their commission.


On the one hand they say they will take care of the seller's interest and

moments later, they say they will take care of the buyer's interest. So who do

they really work for? They take care of their own interests we're afraid.


Property agents want to close deals quickly for fear of losing the deal. And this is a valid fear. Many Singapore property agents are not inherently dishonest, but the nature of the business and the lack of proper and effective regulation makes them this way.

So we would say, Singapore Property agents dishonesty is systemic in nature.


If you are willing to over-pay for your property, they are happy to close it for

you. As long as they do not give any outlandish comments, they are not

dishonest.

So Dishonest Singapore property agent don't really want you to go to a

Singapore mortgage advisor like us to help you go through many valuations

and recommend a SAFE price to bid for your property. That drags out the

buying time.


Why work through www.PropertyBUYER.com.sg for mortgage home loans?

We help property buyers to look through each property's valuation to

establish a valuation range for any given unit. And based on that, we

recommend a bid price for the buyer.


Are we www.PropertyBUYER.com.sg not afraid of losing the deals?

Yes, of course we are afraid of losing deals, but that cannot be helped. But

we strongly believe in integrity and word of mouth.


For us, we are very conservative, many times we advise our clients not to

proceed or bid at the lower range due to certain underlying factors. In which

cases, the chances of closure is small and we don't close the mortgage

home loan deal.


Why our clients come back to us the next round?

Simple, we could have done the deal but we did not because we felt the deal

was a bad deal for the buyer. That alone means a lot to many of our clients

as we saved them from over-paying for their properties.


Will the Buyers miss the boat if the market swings upwards?

Yes, there is a potential that the buyer may miss the boat on the upswing.

However we still err on the side of caution while we warn the property buyer

that they may have to bid higher than our recommended bid price if they are

in a hurry to buy the property. We also warn that If property buyer wait

longer, there is a chance they may miss out on the upswing, while there is

also a chance that they benefit from their patience by being able to buy lower.

Buyers are aware of the risks of each option.


Why we rank overpaying for Property as more serious than Missing the

upswing?

We consider overpaying for Singapore property as more serious than

missing the upswing.


Fear of Missing Upswing

The fear of missing out on a property upswing tends to be GREED DRIVEN

(though circumstances vary) and prone to emotional and irrational decision

making.

Fear of Overpaying

The fear of overpaying is conservative investing and while it is also a fear,

this fear is more prone to rational decision making. And people who are in

this category is more likely to make better decisions.

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www.propertyBUYER.com.sg is a research-focused Mortgage Advisor that

helps individuals get the best fit Singapore Home loans or to refinance their

properties, not simply the cheapest Singapore Home loans.

You can come to us for your Singapore Home Loan needs and we will do the

research work to compare all the bank's packages as well as assess the

best fit for you.