Dishonest Singapore Accommodation Real Estate Agent Cheats Accommodation Buyer At “Atrium Residences” And Geylang Lorong 28.
Dishonest Singapore Premises Agent cheats Real estate Buyer at “Atrium Residences” and Geylang Lorong 28.
In the last few years, the rise in property market has brought to an increase in home and property fraud and several phony schemes linked to the property. This in turn has led to a flood of home and property agents trying to make a quick buck. Relating to the studies and past records, the people responsible for these frauds mostly are probably the agents or brokers who plan to make a profit in a short span of time. The victims of these frauds can range from the business people as well as highly educated people to the low salaried man. It can be for people who want to buy a condos or want to take it on rent or even if the investors want to sell their residence.
Dishonest Singapore Home and property real estate agent uses new way to cheat Singapore house buyer
This is a true scenario of someone Daniel (not his real name), who was carried away by the property boom and intended to commit to a private building. Though we can buy or sell our properties directly, we usually choose an real estate agent for the same; thinking that he will be guiding us better and will provide us with more and finer options and can save our time as well. But this decision may not be right all time. As in this case also, Daniel decided to hire an real estate agent for making a deal.
Daniel does not possess enough funds to make the condominium purchase, he has about 10 to 15% money for the deposit.
The dishonest Singapore premises real estate agent persuaded Daniel that he is acquainted well with bankers and that 90% loan is not an issue as he had spoken with the banks.
Daniel finalized a house at “Atrium Residences”, a condominium at Geylang Lorong 28. Daniel thought he would take 90% loan since he didn’t have adequatecash to pay it the whole as a deposit.
The dishonest realtor somehow assured him to pay 1% deposit of the premises rate which was near to S$6000.
Since Daniel has not been having the cheque book on the spot, the agent influenced him to go to the ATM and withdraw money.
Daniel, was emotionally affected by the agent and paid him almost S$6000 money as 1% money.
What went absolutely wrong for Daniel for Atrium Residences?
Daniel came to us at propertybuyer.com.sg Singapore mortgage refinance Consultants to ask for help to acquire 90% home loan for atrium residences. Daniel’s income was generally adequate for bank to lend him 90%, but the only let down is it’s in Geylang where the banks do not wish to lend much.
No banks in Singapore can lend 90% to Atrium Residences which is located within the Geylang’s red-light district. This is common expertise in the home industry. Even 80% loan is almost impossible to obtain and 70% loan is on a case-by-case basis. Unless he is truly a Dishonest Singapore property agent, he should know.
Later he came to know that this condo “Atrium Residences” is under restricted area that was not prior informed by the realtor. So getting 90% loan wasn’t possible for this condos. He may get only 70% loan which is also not guaranteed.
Dishonest home and property real estate agent refuses to refund the 1% Downpayment for the Option to Buy
He decided to backoff since he could not purchase so much of money payment. But the real estate agent refused to pay him back the deposit. In a perfect world, when either party plan to back off, the deposit given by the buyer, is shared by both, the seller and the realtor.
Agent cheats Condo Seller too
But in this instance the agent is not repaying any money to Daniel as it was never given to the seller at all.
The building agent also pocketed the 1% cash and did not share the earnings with the seller.
Innovative new method by Dishonest Singapore Real estate agent
It is clear that the agent totaly ripped off Daniel just to make fast money.
In the previous cases we came across, agents churn condo buyers buy cheating them to part with the 1% down payment and then they share the 1% between the seller and real estate agents. earning an extra .5% and continue to sell the property again.
This time round, this is even more scary, the agent take the 1% in funds, keep it fully himself. Seller doesn’t even get a share of this.
This is just one story that I have come across. There known to be many more such cases with different situations like charging twice for commission, rental scams wherein the clients don’t get their down payment back, corrupt tenancy agreements etc.
Because of these unscrupulous tactics perpetrated by the agents these days, the government has decided to issue the certificates that the agents need to sign the code of conduct and ethics. The government nowadays also forces the agents to attend courses and professional development courses, which is of NO USE. It is the dishonesty that is an issue, not so much training.
Let’s see if the property industry will ever improve. At least, we at propertybuyer.com.sg stay wary and keep our eyes wide open for new tricks. We at propertybuyer.com.sg Singapore mortgage consultants will share any new and innovative cheating ways by the agents so that you can be aware of it.
Obtain realistic things to know in the sphere of luxury vacation home – please study the webpage. The times have come when proper info is truly only one click away, use this opportunity.
Comments
Tell me what you're thinking...
and oh, if you want a pic to show with your comment, go get a gravatar!
Silver Bullion Savings Program
Skype Me
-