greeting....
im planning to buy a complete 2nd hand house...
it a Terrence house in kl, around 250k........
i found it via agent......
already meet the agent and see the house.....quite ok la,
simple renovation only.....

now, what i must do???
put some deposit to the agent so that he not sell it to another person while i check my loan approval???
or just check loan approval 1st without paying the agent the deposite???
i afraid after give him deposite, he will take away my money.....

this is my 1st time on buying home......
please give me advise.....
and thankx.....

must give booking fee first lo..
rule is give 1% or 2% first...
but can nego, i give 1k only..for 200k house..

wat you should do is add term to the bookingreceipt wherein if you fail to obtain a bank loan within a stipuated time the booking receipt is deemed canceled and all monies aid shall be refunded,

Eventhough its not printed..You can add it by writing with a pen.

The agent might say that is is not allowed but i have seen it done many times beforeprovided the vendor consents to it..GD LUCK!!

ooOOoo.....can like that?
is that is like rasuah???? hehehe.....
but still afarid he will take away my money....
my friend suggest me to make agreement letter for booking,
and must ask lawyer to do it, so that will be legal....
how to check that he is the real agent or not?
has a agent id number in hie business card, but how to check???
afarid coz yesterday saw 2-3 people survey the house already....

anyway...thankx friends.....

if u are not trust the agent, u can ask the agent bring u to their company and see, after that, if u are really interest to buy, u try to ask agent to make appointment with the current owner to meet up.

really frust.......
last tuesday, i call the agent ask him how much he want for booking,
he said 3% and give me time by friday...
so after discuss with my wife, agree to give him 3% for booking.
yesterday, call the agent want to meet him on thursday to give booking paymnt.
sadly, he said the house sold already to one chinese,
the new buyer see the owner directly n nego direct with owner.
it not fair coz the agent promise me n give me time by friday...
soo sad, hope can find another house after this...

next time, if you decide you wanna buy already, pay the 2% and sign the offer letter immediately.

start doing your research from now on standard clauses in offer letters to familiarise yourself with it. then when the time comes, you can sign it on the spot and give the cheque.

i have even had 1 experience where i viewed a house, paid the 2% on the spot, and the agent returned my cheque to me the next day because the house was sold 3 days prior to that. i screwed the agent up for showing me a house that was already sold.

to be honest, it's not entirely the agent's fault, although he's not being very ethical by giving verbal confirmations that has no guarantee. in real estate, nothing's concrete until you signed in black and white. you don't know if the owner has a few agents helping to sell, besides you mentioned that the other buyer went to deal directly with the owner to bypass the agent's fee, so you can't claim the agent's not fair when he can't do anything after being thrown around by the seller himself.

It might not be your total loss for failing to get that unit. Who knows if you can get a better unit with better deal?

I, myself have identified an unit but I am hesitate to proceed due to the recent bad economy - job stability and high chance that the property price will drop (it's a speculation, you can choose not to believe).


This post has been edited by kimhoong: Mar 5 2009, 04:33 PM

are aware of any process after award??

i.e to hire lawyer..snp process, transfer name..is it free hold or lease hold?
do u spare money for all those...

bare in mind.. snp u have to pay on ur own.. usually if u buying new house, developer do offer their own free laywer..

charges that might occured..
stamp duty..
quit rent
legal fees.. (for both snp and loan agreement)
water and electricity deposit
if u enter a housing area with guard.. u might end up with paying extra..

u also must check on caveat..
check if she/he is real agent..

this all from my experience..

the whole process might took around 6-9 months..

What if when everything is completed in that 6-9 months and the next thing you find out is that a unit with the same spec of yours is on sale for 90% of the price you paid?

it is something that u can't control..

esp on today situation..

if we reverse the situation.. what if after 9-12 months.. the house value up for another 30%

would it be any change?

You have 3+1 months to complete everything (from the date of booking signing). There are legal fees for SnP, legal fees for Loan, Stamp duties, caveat search and misc fees. Usually the lawyer will take care of all these.

After the 3rd month, the one month will incur interest usually 8-10%. And after that it's up to the seller if they want to terminate, but usually they won't, but you have to keep paying the late penalty interest. That's why it's good to get yoursel pre-approved. There are so many banks with so many conditions nowadays. Some is easier, some so darn hard.

And remember you qualify for 50% stamp duty exemption (I think!) for prop under 250k (first property only i think). So check it out. And put aside 4-5% (all inclusive!!) of purchase price for all the fees. So far my average is 4%, which I believe can still be reduced!!!

i don't think so on 50% less .. what my lawyer said that. it must be first hand fresh from developer.. not from sub sale..

my lawyer tells me otherwise.

nope. Doesn't have to be fresh from anything. Any prop less than 250K automatically qualifies for 50% discount.

greeting......
luckly, i find another house.
now, i pay booking next day after see the house.....
i pay rm5.5k for booking......

now, what i need to do?
i already have lawyer.
but bank loan not yet.
what bank loan is the best??
what i need to know about bank loan???
plz give me suggestion...
really noob here.....1st time buying house

Hi , Just reading through.....

Just helping out .... I think there's a lot of Info about Bank Loan / Mortgage Rate @ the other thread
: Latest mortgage rate for housing loan packages, All Mortgagers are welcomed to post......

http://forum.lowyat.net/topic/701749

Link

This post has been edited by dannyl77: Mar 19 2009, 12:31 PM

hi i am buying a property soon any good lawyer to recommend prefer in kota kemuning area, pj area or subang area,,please i am new at all this duno where to find a lawyer...thanks

my mistake .. my house more than 250k..

anyway.. get fast to survey your housing loan.. the rate is different even with the same bank.... get few offer first then study which one is better..

i know how u feel being first time buying house.//

enjoy the moment..

u can share further ur experience after this..