estate agent - sold the flat after we signed

Hi all


Looking for some advice. We bought and signed for a flat in Park Island. The seller and us signed the provisional agreement and money was handed over. Off we went to secure a mortgage and then a few days later went to the solicitors to give the rest of the deposit. We did and signed the contract. Next day the solicitor said they didn't sign and all monies were to be returned.

Since found out that the same agent sold it after we had signed. Have mailed the estate agents authority about this and waiting for them as well.


Would like to know if i have any basis to take this further, as they seemed to have acted totally unprofessionally


thanks


M

i would think that the seller owes you money? should be in the contract


dont think you can do much about the agent.

Wait a minute, you have a lawyer acting for you and you are asking us?! Kind of strange. Like above, if you both signed, the seller owes you something - how much? A lawyer looking at the documentation can tell you. Probably the first deposit as a penalty (plus your cash back), plus paying your legal fees and agent etc.


Seems you are annoyed that the agent sold to someone else. This is common practice here, it is called a confirmor sale - when there are lots the market is sizzling hot. Keep in mind, if it was you selling you would be pleased to get more. You get free money, take it and move on, the market is down since you signed, presumably, and who knows maybe down a lot, might be the best deal you ever had. I'd be pleased and hugging the agent rather than reporting them. And it is Park Island, there are dozens of similar flats, just pick another one at 3-10% off with your free money!

we got the cash, and the lawyer was the estate agents lawyer so don't trust them.

the reason i am asking is that prices have not gone down here on PI, and we only make cash if the house we buy is a similar price, if its more we don't. Either way, it wasn't the money. We liked and bought the house and the same agent resold it the next day, wasting our time sorting out a mortgage etc.


If the same guy sold it twice i wanted to know if it is legal, have contacted the estate agent management office but just curious if this happened to anyone else.


I am annoyed as it wasn't an investment it was our home! and some guy we have to pay 1% to sold it on!


meh, when in rome etc

You can focus on negatives or the positives. I cannot stress how lucky you were. Last few months properties were going up 5% per month (overnight prices change). But I heard yesterday a place in my building was for sale at 12% below what I thought market was. A unit that never comes up for sale. It is a sign of the times, you wait a year to buy such a unit, now there is one, at what I think is a fair price.


PI is down, don't listen to this bull that it isn't. Sure you need to find a seller who is willing to sell. But this is HK, look in the windows of the agents. Don't they have red pens out and marking prices down? If PI is not marking down, go to a more expensive estate, they will be down and you will buy better at the same price!


Just don't be the silly buyer. Go to a different agent, keep the story out of it. Act cool, very cool, and you will find a bargain. But go all crazy and whiney and you will pay 5-7% more than you did before from a relative of the second agent (you will be the chump, you will pay 10-15% more than market). Your choice. The market is down, I think 10% from last few weeks. Your choice to pay market or not. The only time you have a choice is now. You have been handed a gift. How long would it take you to save 10%??!! Let us know what you do and pay. And get your own lawyer who you trust. And you have a mortgage in place - silly to have signed if you didn't, if you don't get the mortgage what would you have done? All silly first timers mistakes. Now you have learnt and profited. Congrats!

@hkxxxpat - wow, your posts just rail on the OP. words like chump, silly, first timers were used and i think you wanted to say stupid as well but couldnt find the space to write it. Contrary to belief the buying market is not hot hot hot as they say.


places like PI are not as volatile as the places on HK island. similarly depending on location, price brackets and who the owner is are also factors in whether or not the price goes up and down. How can you say that they can get 5% cheaper when the seller obviously reneged on the OP for a higher sale price. that does not make sense at all.


you use an example of a unit that is never up for sale and is undervalued by the market. makes me think that the owner is dumping the property rather than just selling it. DOes not accurately represent the market. The market in your area maybe down 10% but maybe not in PI we dont know until someone has crunched the numbers


Back to the OP...

If you both have signed a sale agreement and you have paid a deposit into a trust set up by the solicitor, then you have a case.


Sorry to hear about that. good luck trying to find your next home. If you need another agent in PI, i can recommend someone for you.


-Joe

@ hkxxxpat how exactly did you get a mortgage before you signed the provisional agreement.

no bank offers one without a provisional agreement signed....

have you bought a house here in HK? if so please let me know which bank you used as i much prefer to do it with an agreement in principle rather than having to do it afterwards. If you haven't bought a house how do you know they offer mortgages with out provisional agreements. oddly you seem to think i am going to rush into buying another house....why? and how did i develop into a stupid buyer?

surely i just made 10%, so clearly bought the house under market value, why would i suddenly think that paying what would be 20% more than my original price would be a good idea?

i am annoyed that an agent resold my house, i am not rocking in the corner / quietly weeping about it...


@joe - yes please feel free to PM me.

though might have found another one for similar price, so fingers crossed we have been lucky

I am sorry. I did write "don't be a silly buyer" or "chump", but accept the criticism as writing reads different from how it sounds in my head. Anyway, all meant to help. I certainly wasn't attacking OP, sincere apologies if read as such. And yes I have bought a few properties (home and investment ones), I am not making stuff up (good question! that is a soup question as Connery said in that movie). I have done better than fine. So I have some idea what I am talking about, and anyway was just trying to help!


Standard Chartered are fantastic to deal with and last I looked offered pre-approval. HSBC have always been fair I found. Ask M-referral, another good deal - free for you - and they will tell you who will do what for what. Pre-approval might cost if you don't take the deal, or that's what I heard.


And it is not crazy that you would pay more. The other purchaser did, the stock markets are crashing 20%.


Congrats again.

i will contact standard as thats who our first agreement was with and we quite liked their package as well.

thanks all!