Dishonest Singapore House Real Estate Agent Cheats House Buyer At “Atrium Residences” And Geylang Lorong 28.

Dishonest Singapore Accommodation Real estate agent cheats Residence Buyer at “Atrium Residences” and Geylang Lorong 28.

 

In the last few years, the rise in property real estate market has brought to an increase in building sham and some fraudulent schemes in connection with the property.  This in turn has brought to a flood of premises agents trying to make a quick buck. In accordance to the studies and past records, the people responsible for these frauds mostly happen to be the agents or broker agents who mean to cash in in a short span of time. The victims of these frauds can range from the business people as well as highly knowledgeable people to the low salaried man. It can be for people who want to buy a accommodation or want to take it on rent or even if the investors want to sell their property.

 

Dishonest Singapore Property real estate agent uses new way to cheat Singapore home buyer

 
This is a actual actual story of someone Daniel (not his real name), who was carried away by the real estate boom and intended to commit to a private property. Though we are able to buy or sell our homes direct, we are inclined to choose an agent 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 choice may not be right all time. As in this instance also, Daniel chose to engage an real estate agent for making a deal.

Daniel does not possess ample funds to make the condo purchase, he has about 10 to 15% cash for the downpayment.

The dishonest Singapore house realtor persuaded Daniel that he is well connected 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 decided to take 90% loan since he didn’t have adequatemoney to pay it the whole as a deposit.

The dishonest real estate agent in some way persuaded him to pay 1% deposit of the real estate rate that was roughly about S$6000.

Since Daniel has not been carrying the cheque book on the spot, the real estate agent affected him to go to the ATM and withdraw funds.

Daniel, was emotionally influenced by the real estate agent and paid him about S$6000 funds as 1% downpayment. 

What went bad for Daniel for Atrium Residences?

Daniel came to us at propertybuyer.com.sg Singapore mortgage refinance Consultants to ask for help to obtain 90% home loan for atrium residences. Daniel’s income was generally okay for bank to give him 90%, but sorry to say it’s in Geylang where the banks do not wish to give 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 real estate 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 which was not prior informed by the realtor. So getting 90% loan hasn’t been possible for this premises. He may get only 70% loan which is also not secured.

Dishonest home realtor refuses to refund the 1% Money for the Option to Purchase

He decided to backoff since he could not afford so much of money money. But the agent refused to pay him back the deposit. Preferably, when either party plan to back off, the downpayment given by the buyer, is shared by both, the seller and the realtor.

Real estate agent cheats Condos Seller too

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

The premises realtor also pocketed the 1% funds and did not share the takings with the seller.

Innovative new scandal by Dishonest Singapore Condos real estate agent

It is clear that the realtor totaly ripped off Daniel just to make fast money.

In the previous cases we came across, agents churn property or home investors buy cheating them to part with the 1% down payment and then they share the 1% between the seller and agents. earning an extra .5% and continue to sell the property again.

This time round, this is even more sinister, the realtor take the 1% in funds, pocket it fully himself. Seller doesn’t even get a share of this.

This is just one story that I have come across. There almost certainly many more such cases with different situations like charging twice for commission, rental scams wherein the clients don’t get their deposit back, corrupt tenancy agreements etc.

Because of these greedy 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 know-how.

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.

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