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Dishonest Singapore Property agents

Is there really a way to avoid the Dishonest Singapore property agents?
http://www.PropertyBUYER.com.sg/contactus.php

Reported on the Straits Times, April 8, 2009.
“Eric Heng Jit Siang (Left) conned 127 people, mainly foreigners and permanent residents…
Heng would pose as the owner of a property seeking to rent it out, milking the tenant for a deposit on the rent, and then pulling a disappearing act.
Using both landed properties and flats he had rented, the 33-year-old conned over $242,500 in rental deposits between last April and January out of 127 people.

The court heard that he rented 10 properties across Singapore, got hold of the keys and then placed advertisements in newspapers and in train stations seeking tenants.

When people responded to his advertisements, he posed as the owner of these properties and arranged to show them the units.

When the tenancy agreement was signed – and each unit was “rented” out to more than one house-hunter – he collected money from each of them as a deposit on the rent or the utility bill.”
(Source: The Straits Times, http://www.straitstimes.com/breaking%2BNews/Singapore/Story/STIStory_361… , Esther Tan)

What is a Typical Property agent behaviour?

When you go to an agent, he/she brings you to see ap property. He/she always emphasize “Bring your Cheque Book”. This is because in the heat of the moment, sometimes you can get influenced into making a rash decision.

A rash decision is what an agent wants. Because no matter the house is sold or not, he/she still gets his/her still gets his/her commission, while if you do not proceed, you forfeit your Option to purchase deposit of 1% of the House price.

You can pay for a Property that is NOT worth that much and eventually the bank will not loan you the full amount you want to borrow. Or worse, you get cheated of your deposit or “Option to purchase of 1% of the house price”.

Should you sign a option to purchase?
Usually the agent will ask you to place the cheque first for an amount.

But the agent did NOT get an agreement from the seller to sell at the particular price. The agent will then use this cheque to dangle in front of the seller to induce him/her to sell.

But the agent will also use this Option to purchase to FISH for a higher price from some other buyers. You are simply making yourself a “BASE” for the agent to go fish for other buyers.

Never give a cheque!

Usually, the agent will take your cheque without asking you to sign the Option to purchase agreement.
There is NO Verification of who you are writing the cheque to .

If the Property is $1m, 1% = $10,000.
Giving a cheque without proper verification is like passing someone your ONE CARAT diamond ring without checking his/her identity.

In case the agent asks you to write to an “Imaginery Owner” of the property which is his/her friend, the agent can CASH YOU CHEQUE and run if he is crooked.

Even if the agent is NOT crooked, giving your cheque without proper Identity verification of the related parties is fraught with risks.

Precautions to avoid being cheated by Singapore Property agents
You could consider the following Precautions: -

* Check NRIC of the Agent
* Check NRIC of the Property Owner – With documents showing he/she is indeed the owner of the property.
* Check through the Option to Purchase agreement for unfavourable terms. (These contracts are
usually worded to favour the agent/agency, but you don’t have to take them as Final, you can negotiate to CHANGE them)

* Make sure that the owner gives you a photostated NRIC together with documents stating ownership, i.e. Bank Loan statement showing his/her name on the loan as owner.

* Make sure that the Option to Purchase is duly signed by the property Owner and dated. (Don’t leave the date empty)

* If you have to give a cheque because you like it so much, post date it by a few days
so in case you want to change your mind, you can quickly stop payment.

Even all these precautions won’t stop a rogue agent or a rogue homeowner selling his home multiple times to multiple buyers, but at least you have a slightly better level of protection. At least you know who you are dealing with and who is the property owner.

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Buying a commercial property in the the UK is not an easy task. You have to go through lot of steps including legal work, negotiations, dealing with solicitors, etc. It is a very lengthy process and you should be prepared for this. Even though the housing market is down there are many bargains available. The UK government is also giving some incentives for first time home buyers like in the USA.

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. To ease the pain here are some tips:-

* First of all find out how much you can afford in terms of down payment, monthly payment and other expenses.
* Get a mortgage approval and agreement before you even start looking for homes. This will speed up the closing and avoid unnecessary nail baiting moments.
* Talk to as many banks as possible and get a good rate for your loan. Many banks will be more than happy to negotiate with you to get the deal in this economy.
* Get a good lawyer to finalize the documents. Get some references or go through your friends or relatives who can recommend a good solicitor for property buying purposes. You can do it without a lawyer but it is not refer ed (unless you are a solicitor).
* Choose your commercial property. This is very important. Give importance to the location, schools, public transport, crime rate, noise, etc.
* Make an offer. Be reasonable. Do not make an offer which is not just practical. Once you made an offer, negotiate if needed to get a mutually agreeable price.
* Do a valuation and survey on the property.
* Get a mortgage protection and life assurance. This will complete peace of mind by paying some extra premium and will protect your commercial property.
* Start planning for your move.
* Sign the contract, finish all paper work and move it to your new dream commercial property.

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It is always very important what first impression real estate makes. In most cases the first impression is more significant than a detailed investigation of the house. For sure you have heard about “love at first site”. Of course, it is just a saying, but there is some truth beneath so-called “sayings”. Most people listen to their emotions and act based on their emotions as well. As we look at the house, we sub-consciously or consciously make a choice as we get some impressions about houses and not only houses, various things, following our negative or positive feelings we make a decision.

If you are planning to sell your house, it is important that you understand the role of the first impression. If your potential client gets bad first impression you have fewer chances to sell your property successfully. But if you follow some useful advice, you will manage to make best first impressions on your buyers. There are several things to be taken into account and some improvements that should be made that can help you that your potential clients get good impressions about your house. Here they are:

The first and the most evident area is the first visit of the potential clients to see the house firsthand. So, take into consideration, as they approaching your house by car, they already make their first impression about the street, place where your house situated. They take into consideration the street as they know, that they will drive the same street. Bear in mind, that they not only look at your house, they also pay account on the houses around. Your buyers would like to know your neighbours, that is why it is so important for the house estimation. Your house should be charged among the top ones existing in the neighbourhood, unless you place fro a low selling price.

There are some significant things that are suggested to do in advance, before your visitors come to look at your house. These are such things as the following: cleaning up the house area, raking leaves, removing dead plants. The street where the house is placed creates one of the major impressions. If your potential clients feel good about the driveway, so you have quite good chances to form first good impression about your house. It is recommended to put yourself in your buyer’s shoes and think about the same things your buyer would think, try to consider all the things if you were a buyer of the house. In such a way it is easier to understand what should be changed and improved about your house.

You should be very careful with taking photos of your house for advertising, since this is the area where most people think that they are cheated. These pictures should be professional and of a high quality. Nowadays, real estate business moved to the internet and most of the houses are marketed on the web. If your house is listed there it has to be exposed as good as it is possible. Make sure you give the researcher as many different looks as it is possible in order your potential client know how the house looks like before he comes to visit it.

If you do not know how to estimate your house, do not hesitate and ask your friends about their opinions and how would they estimate the house. Be wise, and if the price of your house according to the opinions of your friends turned to be low, do not be quickly offended, it should be assumed as a friendly criticism. It should be taken as it is, remember, that various people react differently in particular situations. So, the same relates to your potential buyers. It is recommended to be open minded and see if you can better something so that your potential buyers get a positive first impression.

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The first experience of buying your first house can be very exiting. There are some useful things to know that can help you if you are in the right way. There is no doubt, that if you use services of a realtor it is better and you can find a house quicker. But take into consideration, that to make right decisions you should be informed on real estate issues very well.

So if you decided to buy a house, you should decide what you want to get. You will need to have a clear understanding of such things: what type of house would you like to have, number of bedrooms, bathrooms, the place, neighbourhood, conditions of your house and the price. If you know in advance what features of your future house and parameters do you want to have, your realtor can make researches quicker for you and send you internet listings that meet your needs and requirements indeed. So, now you have a wide range of houses to choose among. Do not let wasting time to look at properties that does not suit your demands. So, put some efforts and determine inn advance, what you need.

A lot of inexperienced buyers would like to know exactly how many houses they should look at before buying. It is not a rocket building science, but sometimes it is difficult to decide. It is suggested to buy a house if it suits all your needs and demands, and if you feel like buying definitely this house. Do not ever listen to people who say, that you should choose among a particular amount of the houses or you should not buy the first that you have found. If you know what you want the process of purchasing a house may seem very simple. Actually, a lot of things depend upon the situation at the real estate market. The best suggestion in this case is that you should look at as many houses as possible and choose the most suitable for you. You can also make a plan of viewing houses and allot sometime for this procedure.

There is one more valuable advice, you should keep a log when shopping for a house. Describe all the unusual colors, design elements and features. Describe also things surrounding the house, doors, lot, neighbours and so on and so forth. Take notes of schools, parks and any other remarkable constructions placed near the house. It is suggested after you have viewed a house rate the home from 10 to 1. It would be better if you can take photos of the house, so that you can remember well each house.

After the first reviewing has been done, you can make the second one and look at the properties you have chosen after your first review. After that you can decide which the best few to be considered are. While your second visit you will be more scrupulous with your house research.

And now, when you are ready to make a final selection, your realtor should advise you about any disadvantages, potential faults or defects that she or he noticed about the house. But the last decision should be made only by you and nobody else. And now you can make certain to listen to your intuition and buy a home that meets all your needs and requirements.

Are you in search of great propositions on the Denver real estate market? No problems, they are waiting.

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Long term sustainable success in business has a magic formula. Under promise your results and then over deliver to your customer. Over promising is the easiest way to make money but it only works for the short term. Now imagine you’re offering a $5000 weekend real estate investing seminar. The ultimate testimonial for a real estate guru would be to make long term wealthy clients out of their seminar participants. However, a get rich plan is what many gurus promise because they are get rich quick schemers themselves not in it for the long haul. A good crash course in real estate 101 read this article should most importantly come with real world expectations so that your continued success is assured. If you go in to real estate investing thinking that you’re going to get rich with no work, then you’re pretty much doomed from the start. Real world worthwhile real estate articles check out this post will help assure your real estate investment success for the long term.

Expectations For The Real World

Imagine if your personal trainer told you that if you worked out only a little, you’d end up in terrific shape no matter what. I think you’d call bull****. There are just so many factors involved like your diet, physical body, work out type, frequency, concentration and so on. Automatically promising you results would be pretty foolish. Well the truth in real estate investing is that many of the gurus promise you to make millions without any work is the same as promising you a perfect body with minimal input at the gym.

It’s not different when you look at the truth about real estate investing. Every single rich investor I know has the time to appreciate and do what they want. In the beginning though, all of these investors worked very hard to get their businesses going. If you’re expecting less work than those investors and then being rich through real estate investing, it won’t happen for you.

Another less commonly announced truth is that most sellers will not be in a position to work with you. Even some motivated sellers don’t have enough equity or a host of other reasons why you may not be able to work with them. When you speak with and random seller, understand this truth. It takes speaking with approximately 100 sellers to find 1 to do a deal with a true motivated seller in the real world. Remember that one true motivated seller can make you more than the average employee makes in an entire year. If you dedicate your time and efforts, you can achieve multiple deals per month.

Equipped with expectations that are realistic you’re better set up for success in real estate investing and here’s why. Most investors think it will be a piece of cake because that’s what their guru told them. Would that person continue past speaking with 10 sellers or even 50? In some rare cases yes but most likely no. Because you understand that finding a deal that makes sense for you is the hardest part, your chances of success in real estate investing go up infinitely.

There are great free sites like Matthew David’s site (www.theinvestortoday.com) with free real estate investing courses. So before you go out there and invest in the real world, make sure you learn from a teacher that is setting you up for success in real estate investing.

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