Description of case study.

In Novmeber 2019, patricia engaged an agent through a flyer, claiming she could upgrade to a condominium by cashing out on her HDB.

Patricia sold her flat but unfortunately, she fould out that she was not abel to afford to stay in a condominium due to the lacjk in the financiall planning.

When we first met Patricia, we did a Needs Analysis and calculated the Mortgage Loan available for a First Time Buyer.

We explained the STOREYS Home Planner and she engaged us to be part of her Home Buying Journey.

We planned her timeline, her budget and mapped out the property to be within reasonable traveling distance to where her kids were studying.

Barry was studying at NUS (National University of Singapore), Joy at SIM (Singapore Institute of Management).

We had narrowed down to Tiong Bahru, Redhill, Queenstown, Commonwealth, Buona Vista.

However, the challenge was that most of the properties in these areas could not be sold to Chinese buyers due to the ethnic quota.

Any property that was Chinese eligible was over priced and out of Patricia’s reach.

We had found a flat in Commonwealth and negotiated  the price down.

However On the day of the meeting with the seller’s agent David for the option exchange, David informed us that the seller would like to back out of the sale.

Delaying the purchase would mean Patricia potentially would not have a roof over her head after she sold her house and STOREYS had to come up with a solution fast.

We met together to have an open discussion to see how we could move forward.

We discovered all the various challenges the seller faced  and we tackled them together by taking over the planning and finances of the sellers place.

We mapped out the timelines suitable to both parties, with the help of the extension stay.

Learning points

• It is important to have the open communication and trust in the owner – agent relationship.
• Knowing that you can rely on the expertise of the agent is important to be able to have a piece of mind.
• Having an agent focused on a win win situation will help you through an open and seamless journey.

END

During the discussion, one of the reasons why the seller did not wish to proceed with the sale was due to the fear that he would not be able to secure his next home in time. Overall, it was a difficult conversation as the seller was dissatisfied with the services of his agent. Thankfully, the negotiations were concluded and our buyer would have a place to stay.

Learning points

There will always be challenges in every transaction and it’s our duty to create solutions for my client.

Timelines are important for the client to adhere to especially in the case where the client has to sell their existing property and buy another property concurrently. My client could potentially be homeless if the timelines were not met.

Forming a good working relationship with our fellow co-broke agents is just as important as our relationship with clients. And it’s about working towards a common goal of completing the transaction.