I am in the midst of selling off my property but now I wanted to back out after the offer letter is signed due to some personal reasons. Can anyone let me know what is the consequences of doing so ?

sorry but what does that mean ? can be more specific?

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Added on October 4, 2012, 12:59 amI have received 1% deposit from the broker out of the 3% deposit that the buyer paid. Does it mean that I will just need to return the 1% deposit back and thats it ? Btw its been 2 weeks and the loan approval is still not confirmed.

This post has been edited by trusted519: Oct 4 2012, 12:59 AM

Yes ,so i will return the 1% that i received then the broker( who received 2%) can then return all the 3% back to the owner , right ?

tak lak sign S&P, just offer letter only. And loan approval not yet gao dim also, its been 2 weeks.

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Added on October 4, 2012, 1:12 amoh no.... headache now...

This post has been edited by trusted519: Oct 4 2012, 01:12 AM

dont scold me la

first time selling , so a bit noob ma.. but anyway the reason why i decided to keep it is because originally i wanted to get a landed funded by the profit from the sales of this property one. But now, due to some constraint tak jadi. That's why think of keeping it instead, else I will end up with no house

This post has been edited by trusted519: Oct 4 2012, 01:17 AM

tak jadi because of unable to come to a conclusion with my bf on what to buy. So I think i better keep my condo and rent it out instead. Else, I would have end up condo sold, has some cash but dont know what to do with the cash.

keep changing mind indeed is no good. I will only change it once.
But anyway, yea regarding the bubble burst thingy. But my condo is relatively cheap when i bought it, and its near lrt so i think should be able to fetch OK rent. I wouldn't think of selling it if it is not because of wanting to get a good landed which is like sooooo expensive nowadays. But now tak jadi liao, so macam no reason for me to sell the condo.

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Added on October 4, 2012, 1:32 amlolz, good one there. indeed I am considering

This post has been edited by trusted519: Oct 4 2012, 01:32 AM

but anyway, just to get some advise. If you have a condo that is at a good location with lrt and you wanted to get a landed now. Will you sell the condo off so that if will help burden off a bit the installment. or.. just keep the condo by renting it out, and get the landed at the same time

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Added on October 4, 2012, 1:34 am


This post has been edited by trusted519: Oct 4 2012, 01:34 AM

and all this answer is telling me i should not sell off my condo. but i signed offer letter liao OMG, really need to compensate 3% ? Can I not just refund ? Can i not use the excuse that the loan after 2 weeks also not yet gao dim ?

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Added on October 4, 2012, 1:46 amWALAO WEH

This post has been edited by trusted519: Oct 4 2012, 01:46 AM

OK I also know its not that good to do that, but just need to be the bad person this time. That's why i also feel so fan now to having to talk to the agent tomorrow about this.

dear all, i know its not good to do that. It's definitely not my intention to do so if i have a choice. i guess im just too noob in making decision for property.

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Added on October 4, 2012, 10:09 amthe offer letter that i signed indicated that i need to pay 50% of the full fees if the transaction is aborted after deposit is received and before S&P is signed. I think i just need to take it as a learning fees.

This post has been edited by trusted519: Oct 4 2012, 10:09 AM

btw i think the buyer also maybe has problem in getting the loan but im not sure. Since im going to call the agent to back out , how would i know if the loan was not even successful in the first place? In that case, i wouldn't have to even compensate.

tq recoil. So can i assume that if loan is not approved and S&P also not prepared after 15 days from the date of acceptance , me as vendor wanted to pull out, its reasonable for me to just refund the deposit without any compensation needed?

That is the case now actually.

This post has been edited by trusted519: Oct 4 2012, 10:47 AM

just called my agent, and to find out today itself is the 14th day ( only working day is counted). So I can only pray that today the loan is still not approved then i just need to refund the deposit to the buyer and pay 50% of full fees to my agent instead of compensate another 3% to the buyer.

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Added on October 4, 2012, 12:37 pmhmm if the loan is not approved after 14 days and i decide to pull out, why do i still need to pay 50% compensation to the agent ... anyone can shed some light ?

This post has been edited by trusted519: Oct 4 2012, 12:37 PM

sorry probably i wasn't clear enough. I am definitely going to compensate my agent, he is a nice guy and I appreciate what he has been doing. What i meant is probably it doesn't need to be 50% of the full fees which part of it will go to his company instead of his pocket.

This post has been edited by trusted519: Oct 4 2012, 05:06 PM

hi all , the case is now settled. Due to the SPA is not executed within 14 working days I have the right to pull out without paying compensation to the buyer. However, I will compensate 50% of full fees to my agent.

hi alex, don't see me so bad la. Thats not wat i meant at all. I also wish to compensate my agent fair and square, but on the other hand I also have my seller's right. In this case, the SPA is really not executed within 14 working days and I has my right to pull out for better offer. Just so happen the better offer is non-existend, and i would like to rent it out instead and I'm still going to get the same agent to get ppl to rend. So he actually has nothing much to lose. Instead of paying 50% of full fees, i wanted to pay him probably 1-2k. But in the end, i still decide to pay him 50% of full fees because he said he will help me to reduce cost in other areas. I understand that he is trying to protect himself, since no one knows what will happen in the future even though i told him i will let him handle my future case ad he still can earn.

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Added on October 4, 2012, 8:37 pmof course is refund lo.

This post has been edited by trusted519: Oct 4 2012, 08:37 PM

haha no la, i appreciate many ppl chip in their thought so maybe it's good that i update a bit also. And in case if there is anyone out there that might be in the same situation then can refer a bit huhu

This post has been edited by trusted519: Oct 4 2012, 08:51 PM