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 Process of buying subsale, need to know if i miss out

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TSBboyDora
post Nov 2 2021, 11:56 AM, updated 5y ago

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hi all,

I currently agree on one of the sub sale house. need guidance on buying sub sale house. This is my understanding, kindly let me know if i missed out anything or any tricky things i need to be aware of.

Step by step.
1. agree on the value and prepare banker cheque for the property agent (under property agent company name) 3 %

2. I need to fill the booking form.

3. Agent will ask owner to sign agreement of the booking form to agree if loan reject, he need to refund the 3% money.

4, I need to find banker, to apply for loan.

5. loan approved, its a go. Loan reject, bye bye.

did i miss out anything important that i should be aware of? noob here. notworthy.gif notworthy.gif

This post has been edited by BboyDora: Nov 2 2021, 11:57 AM
MRS_consultant
post Nov 2 2021, 12:11 PM

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if loan reject, can pm me biggrin.gif

oh btw, get a experian report b4 put in loan

This post has been edited by MRS_consultant: Nov 2 2021, 12:11 PM
mini orchard
post Nov 2 2021, 12:44 PM

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QUOTE(BboyDora @ Nov 2 2021, 11:56 AM)
hi all,

I currently agree on one of the sub sale house. need guidance on buying sub sale house. This is my understanding, kindly let me know if i missed out anything or any tricky things i need to be aware of.

Step by step.
1. agree on the value and prepare banker cheque for the property agent (under property agent company name) 3 %

2. I need to fill the booking form.

3. Agent will ask owner to sign agreement of the booking form to agree if loan reject, he need to refund the 3% money.

4, I need to find banker, to apply for loan.[/B]

[B]5. loan approved, its a go. Loan reject, bye bye.

did i miss out anything important that i should be aware of? noob here.  notworthy.gif  notworthy.gif
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What are the possible reasons your loan application is rejected ?
GX9900g
post Nov 3 2021, 12:57 AM

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QUOTE(BboyDora @ Nov 2 2021, 11:56 AM)
hi all,

I currently agree on one of the sub sale house. need guidance on buying sub sale house. This is my understanding, kindly let me know if i missed out anything or any tricky things i need to be aware of.

Step by step.
1. agree on the value and prepare banker cheque for the property agent (under property agent company name) 3 %

2. I need to fill the booking form.

3. Agent will ask owner to sign agreement of the booking form to agree if loan reject, he need to refund the 3% money.

4, I need to find banker, to apply for loan.

5. loan approved, its a go. Loan reject, bye bye.

did i miss out anything important that i should be aware of? noob here.  notworthy.gif  notworthy.gif
*
Agent should recommend you to apply a few bank and you accept the LO with the best rate. Then banker will ask which lawyer you will appoint. After sign LO, then you will need to prepare for valuation fee. Lawyer fee etc.

Anyway. Agent get paid. So anything you just ask them. That's their job. Do make sure the property is in favourable condition before you sign the documents.
TSBboyDora
post Nov 3 2021, 09:07 PM

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QUOTE(mini orchard @ Nov 2 2021, 12:44 PM)
What are the possible reasons your loan application is rejected ?
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if and only if loan reject. i cannot over confident, i wanna buy , sure get, laugh.gif
TSBboyDora
post Nov 3 2021, 09:10 PM

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QUOTE(GX9900g @ Nov 3 2021, 12:57 AM)
Agent should recommend you to apply a few bank and you accept the LO with the best rate. Then banker will ask which lawyer you will appoint. After sign LO, then you will need to prepare for valuation fee. Lawyer fee etc.

Anyway. Agent get paid. So anything you just ask them. That's their job. Do make sure the property is in favourable condition before you sign the documents.
*
the LO sign after i agree with the rate right? LO = letter of Offer?

I will be signing booking form and the agent say is offer of purchase form. am i right all this term?

im property noob
TSBboyDora
post Nov 3 2021, 09:11 PM

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QUOTE(MRS_consultant @ Nov 2 2021, 12:11 PM)
if loan reject, can pm me biggrin.gif

oh btw, get a experian report b4 put in loan
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what is experian report? notworthy.gif
GX9900g
post Nov 4 2021, 12:03 AM

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QUOTE(BboyDora @ Nov 3 2021, 09:10 PM)
the LO sign after i agree with the rate right? LO = letter of Offer?

I will be signing booking form and the agent say is offer of purchase form. am i right all this term?

im property noob
*
Not pro also. Yes. Only sign when you like the rate. Consider it as the loan agreement with you from the bank. No idea about the agent part. Just make sure those agent is from proper company and have the registration number (I think is rem number) to avoid scam.
mini orchard
post Nov 4 2021, 08:56 AM

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QUOTE(BboyDora @ Nov 3 2021, 09:07 PM)
if and only if loan reject. i cannot over confident, i wanna buy , sure get,  laugh.gif
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In all my concluded subsale, I have a 50% forfeiture deposit amount if loan is reject. I dont allow buyer to 'lock' the property pending loan approval as it affect my right to sell to another offer.

Buyer should know and have check his financial standing before committing to a purchase, similar to any purchasing.

I am not sure about other sellers thou.
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