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[Arcachon]

A property agent with PropNex Realty was recently suspended for misleading a potential buyer that her offer on a property was rejected, revealed the Council for Estate Agencies (CEA) in its bimonthly newsletter.

Ho Wee Chun, Eugene represented the potential buyer in the property purchase and conveyed her offered price to the seller’s agent.

However, Ho told the potential buyer that her offer had been rejected before getting a response from the seller.

Subsequently, Ho did not update the potential buyer when the seller’s agent informed him that the offer was accepted. Instead, he tried to persuade his client to raise her offer.

As a result, she asked Ho to notify the seller that she would take up a bridging loan to increase her offer. She also requested that the period to exercise the Option to Purchase (OTP) be extended to four weeks. Ho then misled the potential buyer that her request had been conveyed to the seller’s agent, when in fact he had not done so.

Thereafter, Ho avoided the potential buyer’s attempts to contact him and liaised with another agent from his agency to purchase the property at the same price offered by the potential buyer. Representing his colleague, Ho delivered the cheque and offer letter to the seller’s agent.

He then informed the potential buyer that the property had already been sold, making her believe that his colleague closed the transaction for the eventual buyer, when it was really he who facilitated the sale.

For breaching CEA’s Code of Ethics and Professional Client Care, Ho was fined $11,000 and suspended for seven months, with two other suspensions of six months and one month running concurrently. He was also ordered to pay fixed costs of $1,000.

http://www.propertyguru.com.sg/prope...otential-buyer

[Arcachon]

PROPERTY consultants may be tempted to invest in real estate, but to be a good consultant, one needs to be somewhat detached and not get carried away, says a veteran in the business.

"Some of them think that with the knowledge they have, it is a sure thing; so they start to take positions. They may get carried away and start trading in property. But in their job as a property consultant, they are not supposed to do that," says Knight Frank Singapore's executive chairman, Tan Tiong Cheng, when asked to offer advice to those planning a career as a property consultant.

Apart from clouded judgement, there could also be potential conflict of interest issues.

"As a property consultant or as an agent, you are supposed to serve your client, yet there have been cases where the agent took a position by buying the property from the client,'' said Mr Tan.

He attributes Singaporeans' keen interest in property to the state's policy of encouraging home ownership, initiated decades ago. In itself, this is a good objective.

But with home ownership at very high levels, Singapore having limited land and Singaporeans seeming to think that the government always gets them out of difficult situations, the preoccupation with property investment could become excessive.

His advice to anyone looking for their dream home is: "When buying a property, the most important thing is to make sure that should you decide this is not your dream home, you are able to find other people who think it is their dream home."

"Whatever property you buy, just make sure that there is a pool of similar-minded people, so that if you change your mind, you can offload it."

http://www.stproperty.sg/articles-pr...trade/a/181492