My friends know that for all my tough demeanour, I am actually a pretty harmless and non-confrontational person. Compared to Phoenix who would give the ah-beng salesmen at Lucky Plaza her toughest 'you-don't-think-you-are-chao-ah-beng-therefore-you-can-take-advantage-of-me' tirade, I am honestly a rather mild and harmony-preserving person at heart.
But I have my fangs too.
I especially hate it when people mistake my kindness for weakness. Doppy has been at the receiving end of my temper a number of times when he mistook my love for him as my weakness and took advantage of it (albeit he claims, most unknowingly).
And so it was with this particular housing agent of mine.
If you are not aware yet, we have been putting up our flat for sale since mid-late September. The housing agent in question was recommended by one of doppy's friends and thus we kinda trusted him implicitly.
His first showing was pretty good. He arranged for a total of 6 viewings a day and we were kinda hopeful that someone would make us an offer. However, the week went by with nary a sound. Subsequently, there were also hardly anyone who seemed keen on our place.
Then came the collapse of Lehman Brothers and the entire world is talking about economic crisis and an impending recession. Construction work in Singapore has slowed down, there are talks of cutting cost by cutting head counts, jobs are lost, and overnight, there are people who are gathering at Hong Lim Speakers' Corner to see if they have a case against DBS bank for mis-selling them structured products that they did not understand or did not suit their risk profiles. (This para is to update our overseas readers on the situation this tiny red dot.)
And it was against this background that doppy and I began to fear that if we do not sell our flat before December, we would need to revalue our flat and the valuation would most probably go down. Since we were not really greedy to begin with, we decided that it would be prudent for us to lower our asking price as it was quite obvious that the market belonged to the buyers.
And the moment we told our agent that we were willing to lower our asking price, he miraculously got an offer. To make matters worse, this person who was making us an offer was someone who we did not lay eyes upon for that day when the viewing took place, we were out and only F was at home. The agent offered us a price that was $2k below what we were prepared to accept and he kept harassing doppy for a firm answer. I am talking about 10min apart phone calls to try to hard-sell us the deal. I was a little reluctant to close the deal so quickly cos I reasoned with doppy that his commission was twice my monthly salary and I put up with much more shit at work and do a hell out more to earn my monies than merely showing people a flat. I felt that he ought to have done more to get us the price we want especially since we were not really being unreasonable about it. Being my usual cynical and doubting self, I also wondered aloud to doppy whether he was manipulating us and playing on our fears to make us drop our asking price before showing our place to genuine buyers. This feeling was further reinforced when I found out from F that the buyer did not come with an agent and was instead a direct buyer. This meant that our agent would not only earn commission from the us for the sale of our place but also from the buyer. Obviously, this would also indicate a conflict of interest as he would be representing both the buyer and the seller. But I chose to give him the benefit of a doubt and said that as long as he got us the price we want for our place, we would go ahead with the deal. So after much ding-ding-dong-dongs, the deal was finally closed at the price we wanted.
He rushed us to sign the option to purchase and honestly, it was only upon hindsight that we realised we should have smelt something fishy as the interested buyer only put down a $200 deposit. However at that time, he told us that it was pretty much a done deal as the buyer would have no problem obtaining a loan.
All that took place over the weekend and doppy and I were glad that we got the entire flat business off our mind. Though some of our friends commented that they thought we had let go of our flat a little too easily, doppy and I were of the mindset that we would not be able to predict how the market would go in the next couple of months and we did not want to take the risk and worry over the sale for a few more months. So we were happy with the deal we made and thought that was the end of the matter.
Come Tuesday, the agent informed doppy that he was showing our flat to buyers still. And that was when the story spilled. Apparently the buyer would not be able to afford a bank loan if her application for a HDB loan was rejected. She was buying under the single's scheme and the income cap for a HDB loan (since it is offered at a lower interest rate than bank loans) was $3k. Her gross salary was $3,250 and it would be difficult for her to obtain a HDB loan. A bank loan would require her to come up with 5% cash and combined with the cash value that we were asking above our valuation, she would have to fork out about 10% cash of the sale price. And this 10% cash was money that she did not have.
I was really unhappy when I heard the news. This was especially so since we signed the option to purchase which technically gave the buyer 2 weeks to sort out her financial matters and all but which meant that technically for 2 weeks, we were contractually and legally bound to not put our place up for sale till the option to purchase ran its course and it was not exercised. To compound matters, our agent wanted us to sign an exclusive rights with him when he brought us the papers to sign cos he said that since the deal was done, signing the exclusive with him was merely to help him maintain a good record which his company was fussy about. By this time, my aunt also told me that she knew an agent who charged only a 1% commission compared to the 2% that my agent charges. Needless to say, I was a most unhappy client.
The straw that broke the camel's back came when our agent informed us that the buyer was intending to forfeit the $200 deposit as she did not think that she could truly afford the place. I was truly riled by then and my unhappiness had developed into a sense of anger and frustration. Unfortunately for the agent, he chose to ring doppy to explain the situation when I was with him taking our dinner at the hawker centre. He then had the gall to ask doppy if we could lower our asking price further cos he might just be able to get us an offer if we do.
I took over the phone and really gave him a piece of my mind. I stated uncategorically that I was not happy with his service and told him that I could not help but felt that we were manipulated in this entire transaction. I told him that I was not happy with the way he only provided information to us on a need-to-know basis and with every new development, it appeared that he was only looking out for his own interest and not ours. Then he started to give me stories of how he was also not aware of all the information and he had already kept us in the loop at the earliest available moment. I was major pissed with him and told him that I did not care for his stories since they were now all water under the bridge.
After a most stern diatribe from me, I told him that I would lay my cards straight with him. 1. I would only lower my asking price if he would cut his commission. 2. I would not give exclusive rights to him as I could not trust him. 3. I want to see the option to purchase torn up in front of me. 4. I fully intend to go to other agents to get them to sell my place.
After much bargaining to no avail with me, he finally gave in and was willing to take a lower commission in return for a lower selling price for the 2nd intended buyer. 5 minutes later he rang back to say that the buyer had not enough monies and was merely asking for the price for fun. You can imagine how tired and upset I was by then and I was totally cold towards him. After a feeble attempt at convincing me that he was still confident about selling our place and asking us to reconsider giving him exclusive rights, He dared not have a sustained conversation with me and hung up at the first opportunity he had.
Apparently my talking-to to him had an effect. This weekend, he managed to get another 4 - 5 viewings set up. And today, apparently one of the interested parties is coming back for a second viewing.
I hope that something could come out of this.
Sigh.