Asked by Anonymous
1) Is it normal for agents to exaggerate on the conditions, locations of the units for sale?
2) Do agents advise their sellers on the price of their unit based on the bank's current valuation or the seller's expectation?
We have been looking out for a HOME with a good size, location that we like and within our budget (not for investment).
Hence, we have shortlisted a few units to go for viewing. We have had some bad experiences. and we are thinking of staying put at our current place because of these.
However, after the viewing, we realised that the information for the listed unit do not match totally. (e.g. renovated does not mean "move in" condition, you may need major renovation.)
The photos of the unit may be selectively posted and do not reflect the current condition of the house. That is why buyers go for viewing. But the asking price is way above valuation and the condition is pretty bad... And the price do not match the age of the property.
2) Do agents advise their sellers on the price of their unit based on the bank's current valuation or the seller's expectation?
We have been looking out for a HOME with a good size, location that we like and within our budget (not for investment).
Hence, we have shortlisted a few units to go for viewing. We have had some bad experiences. and we are thinking of staying put at our current place because of these.
However, after the viewing, we realised that the information for the listed unit do not match totally. (e.g. renovated does not mean "move in" condition, you may need major renovation.)
The photos of the unit may be selectively posted and do not reflect the current condition of the house. That is why buyers go for viewing. But the asking price is way above valuation and the condition is pretty bad... And the price do not match the age of the property.
487 views
Let me quote a few examples.
1. The laminates are peeling off from the flooring. (Using duct tapes to secure.)
The supports of trellis are rusty and signs of corrosion. (There are more e.g.)
2. Basically, major renovation works will be needed and easily a 5 figure sum given the amt of work needed.
3. After much discussion, we decided to make an offer. Yet the process was draggy and somewhat insincere.
4. Then the ultimatum, agent said seller had bank valuation of e.g. $1.1mil
When we checked with bank, it was $1.05mil.
So after checking, we decided to increased offer slightly but below bank's valuation (due to condition). Agent came back to say that seller is looking at $1.2mil to sell.
(Past transactions close to Bank Val)
*FYI - Actual figures are not mentioned.
Age of property is almost 20yr