Cut Out The Agent!

We've been looking for a new place for more than a year now. But, our plans were thwarted when we realised that we were not eligible for the HDB loan. Now that I'm on unpaid leave (and therefore eligible for the HDB loan), we have started house-hunting again.

We do not wish to pay an unnecessary amount to the housing agent. Especially when the agents insist that we, as agent-less buyers, must pay 1% commission to the seller's agent. We are doing practically everything ourselves. Why must we give them our hard-earned money?

There's a huge conflict of interest here. The agent is supposed to represent the seller's interest. If there are two interested buyers, one with an agent and one without, who do you think the agent will 'promote' to the seller? The one from whom they can easily earn $3000+ or the one whose $3000+ will go to his own agent? We encountered this situation last year when the agent wanted us to be the buyers even though we offered lower than the cash amount stated. The other buyer had his own agent. Thankfully, the plan fell through because we were not eligible for HDB home loan then; otherwise I will always feel a bit guilty. 

So, here's what we are doing to buy and sell our flats ourselves. We hope it will be of use to anyone who wants to avoid paying the housing agent's fee.

Week 1

Sunday 4 July: Saw a flat we really like. The valuation isn't out yet but we know we gotta start working towards the flat if we really want it.

Sunday 4 July: Submitted an online application for HLE using HDB's website. We want to get a loan from HDB. We don't want to take up a bank loan.

Monday 5 July: Posted supporting documents needed for HLE.

Thursday 9 July: The flat's value is out. $348k. A bit pricey for an almost 20-year-old Woodlands unit but this one is on the highest floor and it has a good view in front and no blocks blocking its view at the back, ie, a very rare unit in the area we are looking at.

 

Week 2

Monday 13 July: Submitted online request for our home to be valued.

Tuesday 14 July: Received a call from HDB regarding our HLE application. I need to make a Statutory Declaration that I am not drawing any salary during my period of unpaid leave.

Wednesday 15 July: Went to HDB office at Woodlands Civic Centre to make the declaration. It's free but cost about 2 hours of my time waiting in line. Went to HDB Hub at Toa Payoh to drop off the declaration.

Wednesday 15 July: Received call from valuers. They can come tomorrow. Massive cleaning expected tonight!

Thursday 16 July: We are getting a loan from HDB!! Yayy! Now, all we have to do is wait for the seller to get back to us. We have not made an offer yet because he cannot decide how much cash over the valuation amount he wants. It all depends on his bank loan.

 

Week 3

Tuesday 21 July: TheHusband has been calling the seller's agent almost every day to find out how much COV the seller is thinking of. But, the seller is running into some problems, it seems. The seller of the condominium unit he's buying has now decided not to sell the unit although he has already paid a deposit. The condo-seller thinks his unit will fetch a higher price in the next few months. So, our seller cannot sell his flat otherwise he'll end up sleeping at the void deck.

I'm disappointed but I'm not crushed. We are not in desperate need of a flat so not getting one is okay, It'll be nice to have a bigger place but if it's not meant to be, it's not meant to be.

 We'll see if we'll find something else. It won't be as nice as this one, I'm sure. But, it'll be better for us.