Ladies n Gents
I am a 1st timer in buying a house so am not sure whether what we are doing is correct or not...

So my fiance n i were looking around and found a 2nd-hand house in kemuning area and by chance we are now talking directly to the owner. We have relayed our interest to the owner of the house and meeting them for the 2nd time soon. If everything goes well, we want the house coz so far it has everything we are looking for, both fittings, furnishings and area.

so need to know a few stuffs before we proceed

1) when is the point we need to look out for a lawyer?
2) when do we need to get a valuation of the house, is this being done the same time we apply for a home loan?
3) when will the S&P be initiated?
4) how should we "confirm" our booking to the owner? Is it by paying a "booking fee" to them?
5) what other docs/processes that we need to observe which we may have left out from the above?

since we are not going through an agent, so we are not so sure on how to proceed from our 2nd meeting. Hope you Gurus can shed some light on this, thanks a tonne!

This post has been edited by lssze: Oct 19 2009, 11:07 PM

1. Before you pass any $$$ (deposit or booking fee) to the owner.
2. Before you even appoint the lawyer.
3. 14 days after you paid the 2% booking fee for the purchase to your lawyer.
4. 2% booking, and pls pay to your lawyer instead of going direct.
5. Scout for a few housing loans, make sure your lawyer have plenty of experience in dealing with housing SPA and loans. Never pay anything to the owner directly without formalising the payment.

Take care n good luck

seems like a lot of newbies buying property now, economy improving ?

ya...seems like that..

changing times....

not to say economy improving but still need to find a place to settle down... neer thought buying a house can have so much headache!

but thank you Gurus for assisting
most probably have to re-nego with the owner coz the selling price a lil on the high site, this will ultimately affect the loan and our final decision for this house...

hi all, i believe there is a lot of people out there thinking of buying house and having a same problem which is:

1. 10% of down payment
2. lawyer fee
2. location
3. type of house

mainly the 1st point above hit by everyone even for myself. for all gurus here, any suggestion, opinion or advice to new buyers to overcome above?

This post has been edited by chae: Oct 21 2009, 10:23 AM

For housebuyers who are ready, those are not labelled as "problems". Point 1 and 2 are requirements, though some might argue they can "get away" with 100% financing and waived lawyer fee. Point 3 and 4 are preferences .

It's only called problems when the housebuyers is not-ready (financially or other reasons), or wanted to buy a property out of their budget.

One of the only problem for to-be-housebuyer are finding ways to minimize the risk in choosing the wrong developer.

So for your point 1, we can't "overcome" it, but have to fulfil it. I have to withdraw from some $$$ from my EPF account + own savings for house deposit

This post has been edited by alanyuppie: Oct 21 2009, 10:32 AM

Hello Issze, I've pm-ed you. Do check your inbox.

other than EPF and ur own saving, i heard that we can try to talk to the owner that to put the price in S&P slightly higher than the total of the owner selling.

example: the woner sell 200k (agreed price) but in the snmp total selling price is 220k. so if bank only approved for 90%, it will be 198K where buyer only need to topup another 2k. I'm not sure if this work, because this is what i heard.

any comment?

correct me if i may be mistaken, more often than not, the only way to get 100% loan is from a new house during their promotion time, rite?

replied

But if the sale is terminated for any reason, then the price in the agreement stands i.e. 220K and not RM200K...be very careful here

sorry cynthusc. dont really get it. what are consequence to buyer and owner if the sale terminated?

we are now checking with the banks for loans and they are doing the valuation of the house based on the address we passed to them. now the bankers have given us an estimated value so that we can start planning for the loan.
1 question, do we need to "formally" do a valuation where they will go visit the unit and come out with a report or is this already sufficient?

@Chae: "Don't buy if you don't have the money?"

I am quite curious at the 'bravery' by people who would not normally buy McD if their wallet is empty but would express interest to 'buy' when they cannot afford a downpayment? <<-- Do I have a wrong mindset here?

On other hand, there are loans that offer 95% financing or those property fair loans. This lowers the amount somewhat.

This post has been edited by kaiserwulf: Oct 21 2009, 01:55 PM

kaiser, i just throw what ever i heard to this forum to get some feedback and opinion from others and to know if it's true on what ever i heard. dont take it wrong!!

1. u must search lawyer do "S&P"and more...., hm mabye u can search banker lawyer do yr all thing , then lawyer will give u more discount.and fast .
2.market value banker will search himself. let said u buy price is rm200,000 , but bank value is rm180,000 so loan 90% , so must pay downpayment is rm38,000.
3.after loan just sighn S&P.
if u price ok , u must booking, no agent mabye u can do contral urself,
normal if by agent u must put 3 % booking fist .
4. u can go to bank search more banker is better.

can always sign a letter state that S&P price is 220k with t&C bra...bra...., giving rebate of 20k upon fully execute the s&P.

i do have a sample last time i buy house.

Be careful about the bank loan as well, some banks won't finance the whole 90%. My experience with the stupid Hong Leong bank is initially they'll behave as if they can provide, and then delay a bit, and then suddenly say can only provide 80%, after that they'll offer you a personal loan (with a much higher interest rate) to make up for the balance.

Np. Just to clear things.