Buying HDB resale flat

• BillGates

  4 Aug 08, 19:55

  How much commission does property agents in Singapore gets for completing a transaction?

  I was thinking if it was worth learning to do my own transaction. I am interested in buying a HDB resale flat.
  
  Is it mandatory to engage the agent if he was the buyer's agent?
• patgoh

  5 Aug 08, 14:05

  Hi BillGates, Am not sure why you need a resale HDB when you already have gates. OK, I personally think it is not necessary for you to attend the HDB resale seminar or learn your own transactions. As the HDB resale rules and regularations keep changing. About the commissions, 1) if you have an agent bringing you along to view flats, he is considered as your agent (commonly known as buyer's agent since he represent you, a buyer) and you have to pay him 1% of the transacted price. However, you can negoiate with him about the commission rate before he brings you around. 2) if you are looking for a flat yourself, you are likely to encounter agents, they are called the seller's agent. The common practice is 1% of the transacted price. However, you can choose not to pay him commission, but you must make known your decision not to pay when making appointment to view the flat. The Agent also has the choice of whether to sell you the flat or sell it to someone else who are willing to pay him commission. The midway is to tell the agent that you are NOT PAING FULL commission and bargain a lumpsum price if the flat you like the flat. Of course if you are not paying him the commission, the agent has the rights not to do the necessary documentations for you since he is not acting for you. So, during a seller's market when HDB flats are in high demand, usually, those buyers who refuse to pay Housing Agent commission find it hard to buy a flat. Agents have influence over, who he prefer to sell the flat to and sometimes, some agents do not reveal all the offers to the seller. patgoh
• patgoh

  5 Aug 08, 14:30

  Check out the procedure here : http://www.hdb.gov.sg/fi10/fi10201p.nsf/WPDis/Buying%20A%20Resale%20FlatProcedures%20-%20Step-By-Step%20Guide?OpenDocument&SubMenu=Procedures Home page : www.hdb.gov.sg
• tekkong

  22 Aug 08, 01:34

  I have a related and not so related question. Getting married soon and have been house hunting. Saw this flat that we both like and made an offer. Pending for the owner to revert.

   

  In the meantime, I am wondering if it is worth doing my own digging around, like asking the neighbours how the house is like etc. Don't know if that comes across as rude.

   

  Thanks!