Powered by Max Banner Ads 

Dishonest Singapore Home Realtor cheats Residence Buyer at “Atrium Residences” and Geylang Lorong 28.

 

In the last few years, the rise in real estate real estate market has led to an increase in home and property sham and some false schemes in connection with the real estate.  This in turn has led to a flood of property agents trying to make a quick buck. According to the studies and past records, the people responsible for these frauds mostly include the agents or broker agents who intend to generate a profit in a short span of time. The victims of these frauds can range from the entrepreneurs as well as highly literate people to the low salaried man. It can be for people who want to buy a building or want to take it on rent or even if the investors want to sell their home and property.

 

Dishonest Singapore Real estate real estate agent uses new way to cheat Singapore accommodation buyer

 
This is a authentic actual story of someone Daniel (not his real name), who was carried away by the real estate boom and intended to invest in a private home and property. Though we are able to buy or sell our condominiums directly, we usually choose an realtor for the same; considering 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 instance also, Daniel decided to appoint an agent for making a deal.

Daniel does not possess adequate cash to make the condominium purchase, he has almost 10 to 15% cash for the downpayment.

The dishonest Singapore building real estate agent assured Daniel that he is well connected with bankers and that 90% loan is not an issue as he had spoken with the banks.

Daniel selected 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 downpayment.

The dishonest real estate agent somehow convinced him to pay 1% money of the home and property rate that was near to S$6000.

Since Daniel was not having the cheque book on the spot, the real estate agent influenced him to go to the ATM and withdraw funds.

Daniel, was emotionally swayed by the real estate agent and paid him almost S$6000 funds as 1% money. 

What went screwy 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 acceptable for bank to give 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 give 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 condominium “Atrium Residences” is under restricted area which was not prior informed by the real estate agent. So getting 90% loan was not possible for this accommodation. He may get only 70% loan which is also not assured.

Dishonest residence real estate agent refuses to refund the 1% Money for the Option to Buy

He decided to backoff since he could not purchase so much of cash cost. But the realtor declined to pay him back the downpayment. In reality, when either party plan to back off, the deposit given by the buyer, is shared by both, the seller and the realtor.

Realtor cheats Home and property Seller too

But in this instance the realtor is not trying to pay any money to Daniel as it was never given to the seller at all.

The house agent also pocketed the 1% money and did not share the proceeds with the seller.

Innovative new scandal by Dishonest Singapore Home real estate agent

It is clear that the realtor scammed Daniel just to make fast money.

In the previous cases we came across, agents churn condo purchasers buy cheating them to part with the 1% money 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 menacing, the realtor take the 1% in funds, keep it fully himself. Seller doesn’t even get a share of this.

This is just one actual story that I have come across. There most likely many more such cases with different scenarios like charging twice for commission, rental scams wherein the customers don’t get their down payment back, corrupt tenancy contracts etc.

Because of these greedy tactics committed 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 training courses and professional development courses, which is of NO USE. It is the dishonesty that is an issue, not so much practical experience.

Let’s see if the property marketplace will ever improve. At the same time, we at propertybuyer.com.sg stay aware and keep our eyes wide open for new scams. 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 helpful knowledge about internet marketing – study the site. The times have come when concise info is really within your reach, use this chance.

Like this post? Subscribe to my RSS feed and get loads more!