Dishonest Singapore Property agents

Is there really a way to avoid the Dishonest Singapore property agents?
http://www.PropertyBUYER.com.sg/contactus.php

Reported on the Straits Times, April 8, 2009.
“Eric Heng Jit Siang (Left) conned 127 people, mainly foreigners and permanent residents…
Heng would pose as the owner of a property seeking to rent it out, milking the tenant for a deposit on the rent, and then pulling a disappearing act.
Using both landed properties and flats he had rented, the 33-year-old conned over $242,500 in rental deposits between last April and January out of 127 people.

The court heard that he rented 10 properties across Singapore, got hold of the keys and then placed advertisements in newspapers and in train stations seeking tenants.

When people responded to his advertisements, he posed as the owner of these properties and arranged to show them the units.

When the tenancy agreement was signed – and each unit was “rented” out to more than one house-hunter – he collected money from each of them as a deposit on the rent or the utility bill.”
(Source: The Straits Times, http://www.straitstimes.com/breaking%2BNews/Singapore/Story/STIStory_361… , Esther Tan)

What is a Typical Property agent behaviour?

When you go to an agent, he/she brings you to see ap property. He/she always emphasize “Bring your Cheque Book”. This is because in the heat of the moment, sometimes you can get influenced into making a rash decision.

A rash decision is what an agent wants. Because no matter the house is sold or not, he/she still gets his/her still gets his/her commission, while if you do not proceed, you forfeit your Option to purchase deposit of 1% of the House price.

You can pay for a Property that is NOT worth that much and eventually the bank will not loan you the full amount you want to borrow. Or worse, you get cheated of your deposit or “Option to purchase of 1% of the house price”.

Should you sign a option to purchase?
Usually the agent will ask you to place the cheque first for an amount.

But the agent did NOT get an agreement from the seller to sell at the particular price. The agent will then use this cheque to dangle in front of the seller to induce him/her to sell.

But the agent will also use this Option to purchase to FISH for a higher price from some other buyers. You are simply making yourself a “BASE” for the agent to go fish for other buyers.

Never give a cheque!

Usually, the agent will take your cheque without asking you to sign the Option to purchase agreement.
There is NO Verification of who you are writing the cheque to .

If the Property is $1m, 1% = $10,000.
Giving a cheque without proper verification is like passing someone your ONE CARAT diamond ring without checking his/her identity.

In case the agent asks you to write to an “Imaginery Owner” of the property which is his/her friend, the agent can CASH YOU CHEQUE and run if he is crooked.

Even if the agent is NOT crooked, giving your cheque without proper Identity verification of the related parties is fraught with risks.

Precautions to avoid being cheated by Singapore Property agents
You could consider the following Precautions: -

* Check NRIC of the Agent
* Check NRIC of the Property Owner – With documents showing he/she is indeed the owner of the property.
* Check through the Option to Purchase agreement for unfavourable terms. (These contracts are
usually worded to favour the agent/agency, but you don’t have to take them as Final, you can negotiate to CHANGE them)

* Make sure that the owner gives you a photostated NRIC together with documents stating ownership, i.e. Bank Loan statement showing his/her name on the loan as owner.

* Make sure that the Option to Purchase is duly signed by the property Owner and dated. (Don’t leave the date empty)

* If you have to give a cheque because you like it so much, post date it by a few days
so in case you want to change your mind, you can quickly stop payment.

Even all these precautions won’t stop a rogue agent or a rogue homeowner selling his home multiple times to multiple buyers, but at least you have a slightly better level of protection. At least you know who you are dealing with and who is the property owner.

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Buying a home in the the UK is not an easy task. You have to go through lot of steps including legal work, negotiations, dealing with attorney s, etc. It is a very lengthy process and you should be prepared for this. Even though the housing market is down there are many bargains available. The United Kingdon government is also giving some incentives for first time home buyers like in the USA.

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. To ease the pain here are some tips:-

* First of all find out how much you can afford in terms of down payment, monthly payment and other expenses.
* Get a mortgage approval and agreement before you even start looking for homes. This will speed up the closing and avoid unnecessary nail baiting moments.
* Talk to as many banks as possible and get a good rate for your loan. Many banks will be more than happy to negotiate with you to get the deal in this economy.
* Get a good attorney to finalize the documents. Get some references or go through your friends or relatives who can recommend a good attorney for home buying purposes. You can do it without a attorney but it is not recommended (unless you are a attorney ).
* Choose your commercial property. This is very important. Give importance to the location, schools, public transport, crime rate, noise, etc.
* Make an offer. Be reasonable. Do not make an offer which is not just practical. Once you made an offer, negotiate if needed to get a mutually agreeable price.
* Do a valuation and survey on the property.
* Get a mortgage protection and life assurance. This will complete peace of mind by paying some extra premium and will protect your home.
* Start planning for your move.
* Sign the contract, finish all paper work and move it to your new dream commercial property.

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There is a magic formula for long term sustainability in business. That simple model is to under promise and over deliver on your results. The truth is that it’s very easy to make money in the short term by continuing to over promise. Now imagine you’re offering a $5000 weekend real estate investing seminar. Long term wealthy individuals would be the ultimate testimonial for a real estate guru. However, the truth is that most gurus promise that you will get rich over night because they are get rich quick schemers themselves. A true honest course in real estate investing 101 read this article from The Investor Today website by Matthew David should most importantly come with real world expectations so that your continued success is assured. You’re basically destined to fail is you think you’ll get rich with very little work. Real world getting started in real estate articles click on this article will help assure your real estate investment success for the long term.

Real World Expectations For Real Estate Investing

Imagine if your personal trainer told you that if you worked out only a little, you’d end up in terrific shape no matter what. You’d know they were full of it. There are just so many factors involved like your eating habits, body type, exercise routine, schedule, intensity and so on. It would be foolish to promise you automatic results. Well the truth in real estate investing is that many of the gurus promise you to make millions without any work is the same as promising you a perfect body with minimal input at the gym.

It’s not different when you look at the truth about real estate investing. Every single rich investor I know has the time to appreciate and do what they want. In the beginning though, all of these investors worked very hard to get their businesses going. If you’re expecting less work than those investors and then being rich through real estate investing, it won’t happen for you.

Believe it or not, most gurus make it sound as if every seller under the sun will end up motivated enough to work with you. Even if they have the right motivation levels, sometimes they don’t have enough equity or a number of other reasons that you cannot complete the deal. When you speak with and random seller, understand this truth. It takes about 100 sellers you speak with to find 1 true motivated seller to do a deal with in the real world. The great news is that one seller is worth it though because they can make you more money than the average person makes in a year. Multiple deals per month are very achievable if you focus your efforts on marketing to find targeted sellers.

Equipped with the correct real world expectations you’re better set up for success in real estate investing and here’s the reason why. Most investors think it will be a piece of cake because that’s what their guru told them. Do average investors keep looking after 10 sellers or even 100 sellers if their guru made it seem easier? The most likely answer is no even though there are cases where some do. Your probability of success improves dramatically when you realize that finding the right deal and situation is the tricky part.

There are resources for investing like Matthew David’s “The Investor Today” (www.theinvestortoday.com) with free real estate investing courses. So before you take on real estate investing, make sure your mentor has set you up for it to work in real life.

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Real Estate is an incredible business. There is a limited supply and every piece is unique. Many people have become very wealthy in the real estate game; it is the leader in creating millionaires and billionaires. It is a common misconception that you must be wealthy in order to get into the real estate game. There are many ways to get into the real estate game with or without money. To list a few become a broker, find investors, flip a property, and more.

To generally cover a few, you can obtain a real estate license and start finding sellers and buyers and connect them. You will receive a hefty commission and feel good knowing you put together a deal and were your own boss. Or you can try to buy an investment property by partnering with someone who has the money and simply doing all the leg work. For purposes of this article we will discuss flipping property, which can be quite fun and rewarding financially.

Flipping a property involves finding a property that is flappable in the first place, then negotiating a deal, locking in the contract, and then flipping it to a buyer, for a profit. Let’s go into further detail now. To begin, you should first have buyers lined up in order to be able to promptly flip a piece of property. There are multiple approaches to finding buyers, simply put ads in newspapers, signs on roads, internet advertisements, or find investors you know. These advertisements should say selling discount properties, looking for investors for wholesale properties, cheap single family houses for sale, investor specials, call this number, and more, there are many things you can say.

The idea here is to next build up a list of contacts, let them know that you will contact them soon with properties for them to purchase. Next, you need to find properties that you can lock into contract for a great deal and flip to your list of buyers. To find a deal, you will do something similar to finding a buyer, but add a few tools to your repertoire. You will need to find someone by saying “we/I buy houses.” Typically you might want to incorporate that you buy houses quickly and all cash. You are trying to attract people who are desperate to sell or have a house that is in rambles and just wants to get rid of it.

You can advertise in a newspaper, signs, direct mailers, and you can go around the block and find a house that looks like its trashed or the lawn has not been mowed. These are clear signs of pre-foreclosure or even foreclosure. These are prime samples of property you can get hold of and flip. Next step is to talk with the seller find out what the issue is. Tell them that you can help them out of their situation and offer to buy for a discount. Essentially, a good buy is if there is equity in the property and the value of the property is much greater as a result compared to the mortgage. You can take the property off their hands at a discount, while paying off their mortgage and giving them some cash in pocket. Next, sign a contract, make sure there are escape clauses and make sure your earnest deposit is quite low. Then you simply advertise the property to your buyers, then flip the contract to a buyer!

You can then use this hard earned money to invest in a startup.

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Do not know how to set up your IRA plan? Are you sure you are able to begin planning your agenda for retirement investments just right now? Do you have no doubts around? There are usually lots of questions and lots of them are enclosed with IRA account deals and retirement investment plans. You have to chose your own way, if you have chosen it you are able to say you are at the right way. You have to provide yourself with financial possibilities in future because this is your Blue Cross, your health, your food and drink, your gas, your travelling and fun. You do not have to work when you are retired and you have to realize it. Today we will present you the bare and truly info about IRA accounts, the ways for it, we will introducing you the tips about working out different types of agendas for your retirement investments. If you are with us, you will plan your agenda easily by all means. Of course you have heard about IRA way for retirement investments. Today we will find out – does this way fit you? Are you fit for this one? IRA accounts are the best program to save your money using as usual so as odd ways. Using IRA you are independent person (we mean you are free for your employer , exception if you are using 401K point). IRA account is the best program to set up retirement investments. Here are some hot ways to set up the program and complete your way: 1) you are able to invest your money with the help of real estate. Real estate is a huge investing centre all over the world. If you are skilled and clever you will get the gain and benefits by all means. You are able to rent, to sale on your real estate but anyway you will not be run of money. 2) The second popular way for IRA – gold. It is the opulent way too but nowadays it is very relevant. 3) There are many closet ways to deal with the program but you have to decide at once – do you want to hidden ones? Or do you want to use popular paths? There have no special features so this is your path, your choice. Online planning is up-to-date thing for IRA account and retirement investments at all but if you are modern person you have to try it. It is comfortable and funny to plan your retirement investments with the help of online systems!
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Nowadays no one can deny that investment is inseparable from retirement, since those who are concerned about their retirement invest their savings. Such a decision has several reasons. First of, all people want to feel confident in their future. They want to travel or devote time to their hobbies, but not to earning money. Moreover, they realize that they will not be able to hide their savings from inflation that will decrease money value with the course of time. All these reasons make a lot of people address investing experts for assistance in questions of investing their savings.

In order to successfully invest money, you should make a lot of preliminary work and prepare properly. First of all, you should decide what you will do when you retire and make at least approximate calculation of your expenditures which you will incur when you retire. It will make you understand how much money you will need. Then you should analyze investment opportunities that are the most suitable for you and your capital. Such analysis may be a rather complicated task for those who do not deal with finance in every day life. In this case it is better to involve an investing expert who is more experienced in this field. Moreover, he or she will help to develop an investment strategy which you will also need when investing money. It is better to address reputable investing agencies in order to protect yourself and your money from scam.

People invest money in various fields. They choose investment options due to their profitability. Currently a lot of investors choose real estate as a good solution for their money. Recession lead do significant prices decrease. Real estate became much more available than ever. That is why those who have savings hurry to invest them in real estate and wait until the prices will recover. Others choose stock markets, since they are rather promising. But this is a very risky affair, especially due the same recession. Stock markets became even more volatile. Such a simple comparison makes it obvious that investment should be timely and up-to-date. What was profitable some years ago may lead to money losses today.

In case to make a right choice concerning your money investing you should be guided also by your expectations from it. If you do not expect to become a millionaire and are not ready to risk your money, you may open a bank deposit and keep your savings there. Interest will provide certain income to you and thus your savings will not suffer from inflation with the course of time. But if you want to have larger profits, you should think of a relevant investment portfolio suitable to your capital.

Right now lots of people are concerned about retirement investing. Beyond any doubt there are no universal solutions on retirement investing market that can please everybody. But if you do your due diligence of what is available on this market – it will be much easier to make a wise retirement plan choice.

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Now we are young and full of energy. We think that we still have plenty of time before we retire. On the one hand, we are right, but on the other – retirement is what should be taken care of the sooner the better. In fact, it depends upon our actions right now, whether our retirement will be careless and happy or not. Imagine your life when you retire. You will definitely need money to live, to be involved in any occupations or at least to visit your children. In case you take care of it right now, you will not regret about your employment, for example. But if you neglect this important issue right now, then you will be made to be in money search all the time. Instead of devoting your time to traveling or hobbies you will look for part-time jobs to make ends meet. If such state of affairs is not for you, then you should better start saving money right now.

Saving money should not be a problem for those who are employed on a regular basis and get their salaries. The only difficulty is to determine some amount to be saved monthly and to resist the temptation to spend it. As soon as you feel that you have a round sum, consider options for money investing, since thus you will protect your money form inflation and even earn more. Investing will make you confident that your retirement will be a time for favorite occupations, but not for regretting about your past.

Investing tools are so numerous today that they satisfy the growing demand of those who want to make their money work. People invest in stock market, bonds, real estate etc. Their choice is usually based on current economic situation, money they have and risks they are ready to face. The latter are very important, since they may lead to money losses in case something is underestimated or not taken into consideration. Besides, because of possible risks experts advise to choose several investment tools in order to reduce risks, since a diverse investment portfolio will provide more opportunities for the money and protect it from significant losses.

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