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       ... read abstract below :

I READ with interest the letter, 'Why flat buyers should approach sellers directly'.

In some cases, agents become a stumbling block to a successful transaction.
My friend experienced this just a few days back. He went with his agent to buy an executive apartment. He liked the house as it met all his requirements. Both the seller and buyer agreed on the price.
Then the seller's agent dropped a clanger. As this was a negative sale (whereby the seller is incurring a loss and won't get any cash out of the sale), the seller will not be able to pay his agent's commission. Therefore the seller's agent said that an amount of $10,000 had to be paid in cash separately by the buyer and the selling price will be declared after deducting this amount.
My friend's agent was a genuine guy and he turned down the offer of the seller's agent, saying it was illegal. Now because of the presence of the seller agent's in the picture, a legitimate transaction had to be aborted. Both my friend and the seller are disappointed ??.

 

Time to regulate property agents.

The current buoyant property market is creating a new set of problems for would-be buyers and tenants.

We read of unscrupulous agents in 'HDB resale: Sellers' market or agents'?' (ST, July 7). The writer, Mr Chia Kok Chin, is not alone. I have heard of more appalling incidents.
Some agents are becoming greedy. They do not want to co-broke, be it a sale or rental. They want the commissions from both parties for themselves.

This leaves buyers and tenants at their mercy ....

I urge flat sellers to attend HDB's monthly resale seminar, where they will learn that they do not need an agent to handle the paperwork. HDB will help. Save thousands on commission and get better furniture for the new home.

Recently, my fiancee and I went to view a flat. As our combined income was slightly above the income ceiling for getting a concessionary loan, we told the agent we would appeal. She suggested that we declare only one party's income, saying that she knew others who had got away with this.
We went on to the topic of price. The agent told us the valuation of the flat was $260,000 and the last offer was $320,000. We bid $290,000 and went home, thinking that was the end of it.
That night, the agent called and informed us that the valuation was actually $255,000 and the last offer was $295,000. '$300,000 will seal the deal,' she enthused.

SIGH ... THE ABOVE ARE JUST SOME FRUSTRATING CASES OR EXPERIENCES SHARED BY BUYER & OWNERS ..

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