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Thursday, December 8, 2022
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PUSHY PROPERTY AGENT EYEING ELDERLY COUPLE’S FLAT, SEES IT AS HIS “POT OF GOLD”

My parents are very close to retirement and would like to retire in a more spacious place (don’t ask me why I’ve tried talking them out of it). Nevertheless as their sole child, I got put to the task. I set a strict budget after assessing CPF and potential cash proceeds of our current flat, engaged an agent and finally found a massive slightly older flat with nice unblocked views that ticked most of our boxes. Though within budget, we needed to fork out quite a lot for reno and owner was adamant on getting a certain COV level (close to 90k). After a few counter offers we lost to an all cash offer.

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Agent made my dad sign some contract as soon as we gave first offer to the first flat, including another to sell our current flat. Since we lost the flat, we’ve been brought to viewings to flats in Punggol and Sengkang that frankly, feel like a complete downgrade from where we currently live with insane COVs with nothing to show for it (e.g. confirm need reno, far from LRT, no privacy, cramped, etc)

I’ve kept telling my parents over and over that where we are now is extremely valuable (2 MRT lines literally across the road, 3+ malls etc you can already guess where we live lol) and even if 50 years on nobody would buy the flat, the government certainly will because it’s undeniably valuable real estate. Downgrading to a flat in NE area just for extra room feels like a complete waste of their hard earned retirement funds (complete wipe out of their CPF OA plus need to fork out cash). My dad hit FRS already but I’d much rather they have excess of cash for a comfortable retirement than undertake a crushing 3k+ monthly mortgage for another decade.

The agent seems to sense that I’m the main deterrent to my parents throwing money to a random flat and has been a little more terse with us recently (understandably because my parents are quite picky and find flaws everywhere but not unreasonably so).

Our current flat is an easy sale (people will literally knock our door and ask us if we intend to sell) so the agent has been quite pushy to start listing when we very clearly told them from start that we will buy first then sell only.

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I feel like I’d be doing them a favour by cutting them loose because our family isn’t desperate for a house like a young couple is. Do we have to pay a certain fee to them for having shown us listings?

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