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Thread: since when 1% com. applies to buyer for private property @hdb pricing?

  1. #1
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    Default since when 1% com. applies to buyer for private property @hdb pricing?

    has anyone come across this?
    received info from agent "1% com of buying price applicable to buyer for sub sale private property @ HDB pricing"
    this is ludicrous!
    anyone can enlighten?
    Last edited by fiat500; 29-10-11 at 21:50.

  2. #2
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    however HDB pricing has also gone up over the yrs too..

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    Quote Originally Posted by fiat500
    has anyone come across this?
    received info from agent "1% com of buying price applicable to buyer for sub sale private property @ HDB pricing"
    this is ludicrous!
    anyone can enlighten?
    simple, just don't engage this agent.

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    Quote Originally Posted by kane
    simple, just don't engage this agent.
    yes,u are right.
    i guess these agents are getting abit out of hand,simply taking advantage.
    this agent that emailed me has the audacity to put 1% com. chargeable to the buyer for sub-sale private property.

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    Quote Originally Posted by fiat500
    yes,u are right.
    i guess these agents are getting abit out of hand,simply taking advantage.
    this agent that emailed me has the audacity to put 1% com. chargeable to the buyer for sub-sale private property.
    tell the agent to take a hike. this will limit the number of buyers who will be interested in your unit. they better learn to accept the market rate of seller's 1%. besides, transaction prices are getting higher, so their 1% is also growing. as owners, we give them the risk capital for them to broker the business. they have no downside.

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    lodge a formal complaint to CEA

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    Quote Originally Posted by Geylang OKT
    lodge a formal complaint to CEA
    aiyo, so harsh...

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    Quote Originally Posted by kane
    aiyo, so harsh...
    below is the reply i got from the agent when i enquired about haig162:

    Hi,

    Attached are the floor plans for Haig Rd 162 unit.

    $600k NETT (not negotiable)

    1 bedroom. 366sqft
    No noon sun, unblock facing, city view
    2 bus stops away from Parkway Parade.
    5 minutes to Katong Shopping Centre.
    Schools and International Schools.


    *1% commission apply to buyer to any private unit, buying at HDB pricing.


    Thanks
    Ally(Huttons)

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    Wow, from Hutton some more. Complaint to CEA..., there are another 30k Others who will do compete ....for his biz

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    I think this agent is just plain greedy coz he already implicitly mentioned that for prices at hdb price, he needs buyers to pay com as well to justify his work for the unit. Probably the seller is paying him 1% or less than 1% for all the work.

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    How can it be at HDB prices. Prices work out to be $1,639 psf.

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    if really got private condo at hdb price... i want arh!!... i will pay 5% comm...

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    Quote Originally Posted by Regulators
    I think this agent is just plain greedy coz he already implicitly mentioned that for prices at hdb price, he needs buyers to pay com as well to justify his work for the unit. Probably the seller is paying him 1% or less than 1% for all the work.
    since when $6k to market a unit wasn't enough...

    out there people are worried for their jobs and this greedy fella wants more?! Take a hike!

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    Quote Originally Posted by land118
    Wow, from Hutton some more. Complaint to CEA..., there are another 30k Others who will do compete ....for his biz
    this kind complain to CEA not much use bcos agent state his terms upfront, parties are free to negotiate the terms.

    negotiate or just avoid this agent lor

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    Not about stating terms upfront, they are not even allowed to collect from buyer for pte pty, agent can't represent both buyer and seller coz conflict of interest.
    Quote Originally Posted by august
    this kind complain to CEA not much use bcos agent state his terms upfront, parties are free to negotiate the terms.

    negotiate or just avoid this agent lor

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    Quote Originally Posted by Regulators
    Not about stating terms upfront, they are not even allowed to collect from buyer for pte pty, agent can't represent both buyer and seller coz conflict of interest.
    How about if you buy an old pte ppty, can an agent collects comm from the buyer.

    As for HDB, I understand that the buyer has to pay comm to the agent representing him while the seller will pay his share to his representing agent and there is also a possibility that the agent will represent both the buyer and the seller.

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    Quote Originally Posted by Regulators
    Not about stating terms upfront, they are not even allowed to collect from buyer for pte pty, agent can't represent both buyer and seller coz conflict of interest.
    oh ya hor... so the agent is representing seller and therefore cannot collect comm from buyer. Clear breach then.

    Btw a check with CEA register found one Ally from Huttons, HENG CHUI FUEN (ALLY), Reg. No. R007824J
    http://www.cea.gov.sg/cea/app/newimp...regNo=R007824J

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    Quote Originally Posted by irisng
    How about if you buy an old pte ppty, can an agent collects comm from the buyer.

    As for HDB, I understand that the buyer has to pay comm to the agent representing him while the seller will pay his share to his representing agent and there is also a possibility that the agent will represent both the buyer and the seller.
    Agent cannot represent both buyer and seller. It would be a breach.
    CEA has made it clear agents can only only collect comm from the client they represent.

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    Quite swee leh, is the extra 1% for other service?
    Quote Originally Posted by august
    oh ya hor... so the agent is representing seller and therefore cannot collect comm from buyer. Clear breach then.

    Btw a check with CEA register found one Ally from Huttons, HENG CHUI FUEN (ALLY), Reg. No. R007824J
    http://www.cea.gov.sg/cea/app/newimp...regNo=R007824J

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    Quote Originally Posted by Regulators
    Quite swee leh, is the extra 1% for other service?
    many times agent's face on namecard can be a far cry from the face standing in front of u lol

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    Lol...that I have to agree.
    Quote Originally Posted by august
    many times agent's face on namecard can be a far cry from the face standing in front of u lol

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    I still prefer to HK system, where buyer and seller pay their own agents.

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    Quote Originally Posted by Regulators
    Lol...that I have to agree.
    Hard for them to look glamourous like the glamour shot when they have to run around under the hot sun.

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    Quote Originally Posted by kane
    Hard for them to look glamourous like the glamour shot when they have to run around under the hot sun.
    SO WHATS THE CONCLUSION?
    do the buyer have to pay 1% com. for private property?

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    Quote Originally Posted by Laguna
    I still prefer to HK system, where buyer and seller pay their own agents.
    So you are in agreement with this 1% comm joke? One agent acting for both seller and buyer so get two times comm?

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    My conclusion would be don't use that agent. No other agents to use die die must use her?

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    Use her then when she found a matching unit, you tell her you don't want already... LOL!

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    Quote Originally Posted by ysyap
    Use her then when she found a matching unit, you tell her you don't want already... LOL!
    this practised should be stop totally..
    shouldnt b such thing as not to use that particular agent.
    it will come a time when u hv found yr ideal unit only to b put off by all these greedy agents.

  29. #29
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    Please lodge a COMPLAINT. Don't let greedy agents get away with this.

    The moment any buyer agrees to pay commission, a precedence is set and over time it becomes a norm like in HDB. When/If that time comes, want to complain also cannot.

    Put a stop to it right away and make a COMPLAINT

    In fact with the quantums involving HDB transactions nowadays, commission from buyers should be scrubbed altogether. It is ridiculous... like someone mentioned earlier, a total conflict of interest.

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    If the agent can help me negotiate with the seller at more than 10% lower than the initial asking price, I would gladly let the agent have the 1% commission.

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