Thursday, September 21, 2006
[RealEdge] TodayOnline Forum : Sellers mark up, agents gain, buyers pay
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| Sellers mark up, agents gain, buyers pay Thursday ? September 21, 2006 Letter from Cheng Chin Chin I refer to the letter by Goh Kian Huat ("Dual commission not an unfair practice", Sept 18). Mr Goh attempts to make the case that the current practice of making both buyer and seller pay the agent's commission would actually result in cost savings for the seller that could be passed down to the buyer. With the current practice, it is impossible for buyers to benefit from lower selling price, as sellers have to jack up the selling price to cover the two per cent commission, forcing the buyer to pay one per cent commission on the higher selling price. Sellers can even out from the selling price, but buyers have to be made to pay more. I recently sold my four-room Punggol flat and was advised by my agent to mark up the selling price to cover for the commission, and the poor buyer who purchased my flat had to contend with the high selling price and pay an additional one per cent to the agent. Is this practice fair to the buyer? Is there not a gaping loophole in the regulations to allow agents to over-profit from buyers unjustly? With the prevailing inequities against buyers, it is simply incomprehensible for authorities not to do something about the matter. | |
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// posted by Shajahan @ 11:40 AM 