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chengwai:DONT TRUST THOSE AGENTS - YES THEY MAY BE GENUINE THAT THEY ARE NOT CHARGING ANYTHING FOR THE SERVICE, BUT THEY MAY SELL SOME OVERPRICED PROPERTY TO YOUR PARENTS!!!
This is a real story, I was helping a property agent to arrange the finance for their client .. (2009-03-20 09:06) Actually, Firstly on the subject of a property being " over priced by 20%-40%", It is by law illegal to price a property that much over it's actual value, unless you have source to prove how you came to the asking price.
the reason why some would consider an off the plan property being "overpriced" is because you are buying a property today that's due completion in 1-2 years or so. In today's real estate market. you would expect the value of property to go up especially ones in the lower ranged market - and if the market does not go up by much in the next 1-2 years or even drops, then obviously, you will lose money. Valuers on the other hand, usually values a property according to their own set of tools, which usually, is lower than the market price.
It is your judgement to make, and your homework to do when purchasing an off the plan property. Again, pricing a property 20%-40% is no doubt illegal, I personally had never come across one, would you mind sharing which development it was? If you do buy one that much over its market value, I suggest you seek legal advice. |
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