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 What are my chances ?

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mini orchard
post Nov 30 2021, 06:23 AM

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QUOTE(Sotsotzaii @ Nov 30 2021, 12:03 AM)
So we went to view a house today, and really liked it, decided to buy it, was about to go to the bank for bank loan tomorrow. I think it slipped the agent mind at that time, but when I was requesting a copy of the title deed of the house, she told me that 3 weeks ago the owner's friend came to view the house too, but according to her, they don't seem interested in the house, if not they would've made preliminaries, that's according to what she said.

So anyway, this agent is supposedly told me she will try her level best and put in good words for us to the owner, and to let the owner know we are very keen and have already decided to buy it right away as long as the owner give the nod to the agent. So I'm thinking, since the other party I assume, is still in the process of considering ( since 3 weeks ago ), whereas for us we have already decided and confirm to buy, what are our chances honestly ?
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I believed you have offered a much lower price than what the seller is asking and the agent is trying to convince the seller to accept the deal. There is NO necessity for any good words about the buyer OTHER than the price .... which I think the agent said ....and that is an agent lingo.

Buying property is not about match making. Why would a seller want to know his buyer is Indian, Chinese or Malay, married or single, etc.

Seller is ONLY interested to know if the buyer CAN pay .... the basic principle of a sale. If he cannot complete the purchase he can always forfeit the deposit and look for the next buyer.

No agent or seller will give a copy of the title deed to the 'buyer' without signing the Earnest Letter and paying a deposit.

Banks will not normally entertain loan application without the Earnest Letter in a subsale.

Conclusion ....

If you offered the price a genuine seller wanted, he will sell.

This post has been edited by mini orchard: Nov 30 2021, 08:30 AM
mini orchard
post Nov 30 2021, 09:33 AM

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QUOTE(Sotsotzaii @ Nov 30 2021, 08:57 AM)
Hmm, but the property is at 600k, priced by the agent at 600k. So we did not ask for any nego of the property, does this means that the agent / owner is not keen to sell us the property at it's valued or stated price point, or is all these just a stunt from the agent in order for her to buy time to let the owner consider ? Should I bear any hope to continue to wait further ?
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It is unlikely buyer pay advertised price UNLESS there is some real advantages to buy the property irrespective of the askng price. There will be other better properties if the only reason is 'LIKE'

As long owner or his agent has not collected a deposit, a seller is at liberty to change his decision.

Since you are paying asking price, the agent can proceed to collect a deposit and you sign the earnest letter to be forwarded to the owner.....have you done that ?
mini orchard
post Nov 30 2021, 10:34 AM

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QUOTE(Sotsotzaii @ Nov 30 2021, 09:41 AM)
So macam ni how ? Agent ada highlight cakap, " I hope you know my processing fee of 1% is due to be pay upon SPA signing " of course this one we know, we are ready and prepared to pay for 1% agent fee, so apa masalah ? Memang tipu ke atau betul betul cakap ? So do we wait ? Sebab if agent dont release copy of title deed for us, how we go bank ? We can't proceed with bank unless agent say Ok, u now pay deposit first, then u go do bank loan.
We viewed the house yesterday, decided to buy it, and was plan to go to bank for bank loan today, but yesterday we requested for the copy of title deed of the house to show the bank, but that's when agent told me about there's this other party, who is the owner's friend who viewed the house 3 weeks ago, so owner is now asking his friends if they still interested, if they not, then agent will proceed to give us copy of a title deed, what do u think of all of this ?
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In JB and Penang, buyer and seller have to pay agent's commission .... 1% each.

Is up to the seller who he wants to sell the house if there are 2 interested parties. Logically, he will go for the higher offer price irrespective the relationship UNLESS he dont love money.

Maybe the seller has promised his friend to revert to him if there is another buyer which is what he is doing. He cant wait for his answer forever and any right thinking seller would give a timeframe.

You tell the agent if you dont receive a reply by a certain date, then is no go.

If after the due date and if the house is not sold, then is up to you. If I am buyer, I will make a new offer.
mini orchard
post Nov 30 2021, 11:51 AM

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QUOTE(C_ST @ Nov 30 2021, 11:44 AM)
Ur agent making stories only la i suppose...

Booking fees (i.e. 3%) to be paid to agent's realty COMPANY bank account, then balance (i.e. 7% when sign SPA) to be paid to ur lawyer, ur lawyer will settle with their lawyer.  I suppose its similar no matter in which states' practice...

Like others said, set a deadline for ur agent. Since ur agent stories' is owner agreed to proceed, then ur deadline set it nearer.
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Paying the earnest deposit to a lawyer or agency doesnt matter as long is an independent person.

Legal firm and estate agency have guidelines on how to deal with the deposit.
mini orchard
post Nov 30 2021, 05:02 PM

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QUOTE(Sotsotzaii @ Nov 30 2021, 04:46 PM)
Got a separate question here. I'm about to pay 2% earnest deposit to the owner's lawyer, the agent told me to create a cashier order from the bank, and put in the name of the owner, as i understands it, shouldn't the cashier order be put under the owner's lawyers name ?
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As a buyer, you need to engage a lawyer. Ask your lawyer to deal with seller lawyer and the agent.

Seriously .... you need a lawyer now.

 

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