I am a first time buyer; and I am trying hard to contain my "happiness"

The agent somehow gave a verbal offer; no money is paid. I have been calling him few times today to make sure that there is no holes in the verbal offer.

Now, I should be waiting for the "offer to purchase" and then only pay to the agent, the booking fee of 2% of the property price?

I am rather a non patience person; I thought of calling him tomorrow and find out when i can get the "offer to purchase". At the same time, if I do so, it will definitely tell that I am so desperate(which is true, I admit) and will raise the agent's intention to raise the price further?

But, I can't be waiting forever. How long should I wait? (How much time should I give the agent to come back to me?) Cos, if this fails, I will need to look for an alternative. And, I am in need to look for a home.

Thanks for the advice, in advance. =)

why r u paying 2% commision if u r a buyer?

I think TS means the earnest deposit of 2%, not the agent fee 2%.

TS,

Be friend with the agent, they will help you. Try to ask them when you need to pass them the 2% earnest deposit, and then you will know when you can sign LO.

Yah, I means earnest deposit

Thanks for the advice. Will try sms him today =)

I paid the earnest deposit and sign the letter at the same time.
If you want to pay in advance to book the house verbally, most agents will ask for RM500 only, and not 2%.

This post has been edited by zeese: Oct 13 2009, 02:37 PM

Leong, I am not sure how long you have been waiting, but if it has been quite sometime, then you must start looking around for another house,... as backup. Either there is something not quite right about this purchase, or the agent is 'gauging' your pateince level for which he will use to raise the price, or there are some issues at the seller's end.

If it is a smooth one, it would have been closed asap,.... Do not wait,... put a backup plan in-place,....

from previous experience, there's something to sign and booking fee or whatever terms will be written down, in my case, (other house,but ffk cause wait owner snp more than 3 months then give up) can nego the interest for late release money or something, usually is 3 months, but can be extend to 6 months, for leasehold, from lawyer advise can write there for 1 year in the offer letter(i dunno the terms)

so in your case, i think the agent not sincere to deal with you la... cause i met good agent - eddie - he show around the house, ask us to go again at night ,then in the morning, to see the difference, he also tell us we can ask feng shui si-fu to see before place booking... RM500 or 1k doesn't matter he said, if 2% is to avoid owner ffk agent...

ask experienced person to go with you when meeting up agent, when we find our new house for 2 years we are quite nervous, and of course, met lady agent that look down on us. after 5 months only call if we're still interested with the house, by that time, we already purchase more expensive house...

Just make sure you sign the "offer to purchase" or "booking form" when you pay the 2%.
Do not pay anything without getting something B&W in return that states how much you paid and why you paid that sum.

And never pay anything to the agent (except the commission). All deposit whatsoever should be paid in cheque issued to the seller.

If possible, demand the agent to arrange face to face signing session with seller. Pay and sign everything together.

thanks....today is my first day of waiting....the agent says he will get back to me tomorrow; after which, if he doesn't, I will look for an alternative.....and currently still searching as back up

Thanks everyone for the advice

[Backom] - who suppose to sign the "offer to purchase" first? issit buyer?

Both buyer and seller have to sign, and usually I'll get someone else and sign on that form as witness as well...

It requires at least 2 signatures to be effective, 1 buyer and 1 seller, with witness for both person signing (usually the agent, but can be "your own ppl")

In terms of sequence of signing the paper, it is the buyer who will sign first when paying the agent the 2-3% earnest deposit.
Then agent will give you (buyer) a carbon copy as proof of payment, need to produce proof for any refund
Then agent will get the seller to sign the final copy, after which the agent need to give you a copy of the Offer Letter with both signatures for you to proceed with S&P and Loan application.

In the case of seller refuse to sign due to whatever reason (price too low, decided not to sell), then buyer gets the 100% full refund of earnest deposit, if seller signed but then later decided not to sell, gets 200% refund of earnest deposit. If buyer decided not to buy, 100% deposit bye bye.

I kena once, both parties signed LO, then go to lawyer to prepare S&P, both buyer/seller lawyers think the MOT will take more than 1 yr, which the agents never implicated to me. Both lawyers also think too mah fan (too lazy i think) to do the application, maybe because of the kecil miao property I bought, no untung, so they endorse and said agent misinterpreted the property condition, and I get my full refund even at the end I decided to back out.

MOT is always a long time.. I believe it's normal..