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Just signed property sale documents 2 days ago, with "close" sales property agent, now totally regret

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  1. #1

    Just signed property sale documents 2 days ago, with "close" sales property agent, now totally regret

    our flat in tai po, was sold to the first viewer, they offered 4.5million HKD, my mother accepted since she has half the title deeds and more influence.
    the buyers have signed as well. now we like to stay for ~ another 2 years, we have till October 4th 2014. our "close" sales property agent has informed me that we can reverse this sale, but at a charge of 28K HKD. ouch. is this normal?
    how can we minimise the charge? as l assume a chunk of it is with the sales agent.
    the reason she is a "close" sales property agent is she has "managed" some rooms that we rent out for ~ a decade and sold this comfortable tai po flat we live in and regretably sold 2 days ago.


  2. #2

    Join Date
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    are you planning on compensating the agent for work done or simply stiffing her entirely?

    you sound like the definition of a time-waster

    jimbo and alph like this.

  3. #3

    Join Date
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    28K is nothing compared to 2 years living costs. Pay up and walk away as soon as possible.

    jimbo likes this.

  4. #4

    Join Date
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    $28k is nothing compared to a possible solicitors bill etc from the buyer for wasting there time and the agents time.

    Cough up and don't be so hasty in future.


  5. #5

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    Thumbs down

    It's normal when you make big decisions.
    I also go through this as investor.
    Try to make a list of advantages and disadvantages of selling (seemingly you have not done that ), read a few good chapters about how the mind makes decisions, gather info on "regret" and "anticipated regret" in psychology.
    Then make a decision that suits your needs in the foreseeable future.
    If you can't do this in such a short time because too much emotion is involved, perhaps talk to an independent and knowledgeable third party about above mentioned things.

    Last edited by Morrison; 04-08-2014 at 04:44 PM.
    soursweet likes this.

  6. #6

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    it was the OP's MOTHER that accepted the offer.

    OP does your Mother agree to backing out of the deal now????


  7. #7

    Join Date
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    You signed a contract and I'm sure it was made very clear that you would have to pay a sizeable fee if you fail to honour it. Yes it is normal, it is supposed to stop people like you messing other people about. Whether or not it's worth paying it is dependant on your situation.

    I pity your buyers, I'm sure they are already making arrangements.

    HK_Katherine likes this.

  8. #8

    Join Date
    Dec 2012
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    Am I becoming a miserable old man?

    Why these days does everyone squirm out of their responsibilities? If you (or your mother, or whoever has authority to bind you) accept an offer and then wish to revoke it, of course there are going to be penalties. This is (if I have my maths wrong) a 0.6% penalty on the selling price of the house.

    My advice would be to man up and (1) either carry out your obligations under the sale and purchase contract, or (2) break the contract and pay what is due under it (presumably the 28k).

    shri, HK_Katherine, Cwbguy and 1 others like this.

  9. #9
    Quote Originally Posted by wtbhotia:
    it was the OP's MOTHER that accepted the offer.

    OP does your Mother agree to backing out of the deal now????
    She wants us to move to Sheung shui where she lives in next block. another reason is the flat we live in is a roof top flat, with mildly cracking ceilings which form in about a year or two. all our neighbours have this in their ceilings and they use DIY to "repair" for another year or two. We had professional painters, decorators and ceiling workmen sort it out for us ~5months ago. there are small cracks appearing again, they do form into large cracks, pictures of when cracks were worryingly large

    hopefully attached. she definitely does not agree to backing out the deal as "its throwing money in the bin" she says
    Last edited by soursweet; 04-08-2014 at 08:49 PM.

  10. #10
    Quote Originally Posted by iliketurtles:
    Am I becoming a miserable old man?

    Why these days does everyone squirm out of their responsibilities? If you (or your mother, or whoever has authority to bind you) accept an offer and then wish to revoke it, of course there are going to be penalties. This is (if I have my maths wrong) a 0.6% penalty on the selling price of the house.

    My advice would be to man up and (1) either carry out your obligations under the sale and purchase contract, or (2) break the contract and pay what is due under it (presumably the 28k).
    6.2% l think, thats why it is painful, 280,000HKD, because of a hasty decision. now more likely to move to sheung shui

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