Continuation from

https://forum.lowyat.net/index.php?showtopi...post&p=69911034

and

https://forum.lowyat.net/index.php?showtopi...post&p=69929569

For those who don't want to click, summary below.

1. Saw mudah ads, apt ground floor selling @ RM295k
2. Approach agent nego RM280k
3. Asked 6 banks for indicative valuation
4. 4 replied: Min 210k - Max 240k
5. Nego again for RM250k
6. Agent (owner) die die want to sell it @ RM275k.
7. TBC...

So agent assured me, if i applied loan with his banker, i will get valuation RM275k hence no additional topup required. Just prepare 3% earnest deposit only. He also assured me that if i don't get 90% financing, deposit refunded

The question is if major banks value the property lower than asking price, then how he assured he can get the valuation of RM275k?

If he managed to find bank(s) to finance up to 90%, but i don't agree with the rates. Does my deposit hangus?

Any other suggestions to add clause in booking form so that i will be covered and deposit wont hangus?

YOu are worried about the wrong thing. The deposit, which can be hangus, is 3% = 8K.
But from what you write, you are overpaying (ie payiing above valuation) by 275-240 = 35K. That is about 12.7% over the valuation.
What is so special about the apartment that you have to pay 35K over the valuation?

Also, the earnest deposit is 2%.

Don't trust the agent too much. The 3% is to cover agent commission. He is biased.


This post has been edited by corleone74: Aug 21 2014, 03:45 PM

strictly relating to your question, if the agent manage to get the pre-agreed valuation, technically you cannot disagree liao because the agent have fulfilled his end of the bargain.
good luck!

i thought it is norm to give 3% earnest deposit?
Reason being that i once stayed there for 3 year until the owner asked me to move out as he wants to sell the apt. Since im comfortable with the community, so i decided to buy the property instead of renting. FYI, this is different owner, the one i rented earlier dont sell it to me.

That why im afraid this thing will happen. Any suggestion?

Is this kopitiam?

I see. Sentimental factors

I think the going rate is 2%, some ask for 2.12% due to some service tax (6% on the 2% deposit) that is need to be paid by seller to property agency.

Seems to me that both seller and agent knows you like the place

Ahhh.. the torture of buying a property. Anyway, good luck.

I just bought a house and pay 2% earnest deposit. Maybe u can add in a clause ' subject to 90% loan of the selling price (RM275k) ' to protect yourself.

Thanks, need that very badly...
But what if agent find me 90% financing but with low rate (e.g: -1.8 or +1.0, im talking about MBSB as listed below)
Imoney home loan calculator

Of course i dont agree with that rate. Of course hangus. This is my biggest fear