[BARE NEWSLETTER ISSUE#361] More Ramblings…

The Malaysian real estate gurus of the land can tell you a million reasons why you should not buy a foreclosure home. It can be problematic, they are likely to be unmaintained, you may end up making more expenses on repairs than you save on the selling price unlike buying from Horizon Residences, etc, etc, etc.

Foreclosed homes can be a housing value to a person who is seeking an upgrade to an existing property or buying a home for the first time. -from PRWeb.com.

But I tell you and I kid you not, there are just as many reasons why a Malaysian foreclosure home may be the best fit for you. You can get a foreclosure home mostly from many home auctions; you can also get them in the traditional way of home purchase via listings and ads.

The thing about foreclosure homes and buying them is that it is risky; but if you do it right and you know your way around the market, you’d more or less get your dream home in practically half the price – plus get the chance to revamp the entire house to suit the way you like it.

Apart from that, here are 5 other very good reasons why buying a foreclosure home is a great idea for any home buyer:

  1. They are usually cheaper. You can get a good location house for about the price of a good non-foreclosure house in a bad location. Foreclosure homes, due to the fact that they have mostly been abandoned and they are not move-in ready, on top of the fact that the mortgage lending company/bank is trying to get rid of it to get back on the investment, are sold much, much more cheaply than regular homes. So if you’re looking to buy with a very limited budget, you might want to check out the homes listed on foreclosure sale.
  2. Transactions are likely to be faster and easier. With only the representative of the bank or mortgage company to deal with, you won’t have to worry about fickle, emotional home owners who cannot easily part with the house. All they care about is getting rid of the property as soon as they possibly can so if you can comply with practically everything they need, you are likely to get it.
  3. This is a perfect place to get homes to flip. If you’re looking to get into the home flipping business, you might want to look from homes listed on foreclosure. You are assured of definitely cheaper homes to work on for flipping and so your profit is almost always certain.
  4. The papers are likely to be intact and less likely to have problems. The house has gone through the worst part and you won’t have to worry anymore about having to assume someone else’s mortgage loan which could be problematic. The property is practically already in the hands of the mortgage lender so everything should be intact and non-erratic as far as papers are concerned.
  5. You’re bound to earn a profit more easily when you decide to sell it in the future. Because you bought it at a relatively low price, and assuming that the expenses on maintenance weren’t that costly either, you’re likely to get your money back and more when you sell it in the future.

So you’ve found your new Malaysian house, the house where you will build your dreams and raise your children and grandchildren. This is all you’ve been yearning for, and it has come to this; all the running around and looking at homes and meeting different agents and home owners, finally it has come to this: your Kiaramas Ayuria dream house.

But before you get so lost in the moment, before you prepare to move your entire household into your new abode, there is yet one more thing that you have to accomplish: make an offer and make everything right, not to mention, legal.

Do’s and Don’ts… What Follows Next!

This is one of the most difficult and most taxing parts of home buying, and can be a nightmare for first time home buyers. So to make things a teeny bit easier for you, here are the basics of making an offer, do’s and don’ts and other tips to make this a smooth sailing process:

  • Make sure you and the Malaysian real estate agent (or the owner, in case of a FSBO sale) have agreed on the final selling price. Remember, the digits you indicate on your written offer will be the amount that you will have to pay for. So make sure your offer and your negotiated price are the same.
  • Make known the contingencies aka conditions of the sale. It is simply stating that the sale will be made final and an actual payment will be made only if the mentioned conditions/contingencies are met. This usually covers repairs, inspections, and financing on the part of the home owner, among others are the most common contingencies in home offers.
  • Your buyer’s offer should also contain other information about the sale – when you’re planning to make the initial and/or final payment (date), how it is going to be paid, and how much the down payment is going to be.
  • Don’t go about making an offer without the aid of a legal counselor. This offer is as good as a contract, especially because it is made in writing and is signed by both the buyer and the seller. To make sure that everything is legal, correct, and fair for both parties, it is best to get it done at an attorney’s office.
  • Make sure that the offer also indicates important legal information about the Malaysian house and the deal; this should include the seller agreeing to clear the title, a detailed and accurate environmental and location information about the house including hazards and land use regulations, as well as the type of deed given.
  • Prior to making an offer, make sure you have sat down with the home owner (or their representatives) as to what each party demands of each other. This will make sure that the offer will only be made once and be agreeable to both parties. This saves you both a lot of time and a lot of effort.

Don’t be too hasty in making an offer; it is binding and legal for as long as it says so. Take your time and make the right decisions!

Wise Words From The One In The Trenches! Long Live Bonaire!

[BARE NEWSLETTER ISSUE#322] Curb Your Enthusiasm!

I’ve heard it, you’ve heard it, and practically everyone who’s tried selling their home has heard it from real estate experts and marketing gurus alike: improve your curb appeal.

But what does curb appeal actually mean? How does curb appeal help improve your home sale? How do you actually improve your curb appeal?

Here are your answers:

What is curb appeal and how does it help improve home sale?

Curb appeal is only the semi-literal term for ‘first impression’ of a home sale. Curb, apparently, is that part of the house that faces the main road – and is thus the first thing that your potential buyers will see before they even see your magnificent oak floors and granite kitchen tabletop (like those in luxurious condominiums in KLCC) or whatever is very impressive and buy-worthy about your home.

‘Curb appeal’ includes your front yard, lawn, your gate (if you have some), and your doors and terrace (or practically whatever makes the front of your house).

Curb appeal is very important because, as earlier mentioned, whatever is inside is secondary. Your curb appeal brings the potential buyer further into the house. Sometimes, even the best and most beautiful home interiors are clouded by the image of an unattractive frontage. You could have the most posh and grandest of living rooms but if you’re housing a mini-jungle in your front yard instead of a prettily manicured lawn, you might be saying bye-bye to a grand home deal.

Or, you may have the most beautiful of floor tiles, but if your potential buyers enter through a creaky, old ugly door, then they might not even move any further to see the exit door.

How pretty your frontage is what draws buyers to go deeper and further into the house. If you’re lucky, the right improvements may even help raise your home value and sell it quickly too! These days, older condominiums such as Pantai Towers and Bangsar Permai in Bangsar, are applying fresh coat of paint to give these relatively old properties an instant facelift in the hopes of raising their asking prices.

How do you improve your curb appeal?

Like most everything else in home improvements relative to home sales, the secret to success both in essence of aesthetics and finances, is to keep it simple. Simplicity is beauty. And it should be found in all aspects of the curb.

The job is actually quite simple for the most part. Start with whatever needs repairs. Creaky hinges? Gates and fences falling off? Go ahead and get them oiled, repaired and replaced.

Next, and one of the most crucial and yet most common, is the lawn. No you don’t have to go all-out with expensive landscaping and install fountains and angel statuettes. If it does not suit the home style, don’t. The easy way is to keep the lawn manicured and put some nicely blooming flowers for that unmistakable homey touch. And it’s quite an inexpensive improvement too!

Next is to make sure to de-clutter. The clutters of home living can actually cover the beauty of a really nice home. SO rid the front yard of your kids’ toys or of old baggage at home. Make it clean, make it appealing, make it look livable. Your house may be in the posh Villa Mont Kiara, but if it’s full of clutter, its aesthetic value decreases significantly.

Improving your curb appeal may actually help the whole home sale advance more quickly.

Welcome to myrealtorkeith.com! Since this is my first post, I’m going to start with selling. Of course, we need the money before we could buy, right? Have fun reading!

—–

Preparing Your Home

Home selling is NOT necessarily cheap. Before you make big bucks off of your home, you would have to spare some cash to improve your house and make it ready for selling. This is just one of the many things that your real estate agent does not tell you. For whatever reason, you as a homeowner and would-be home seller should know this bit of fact.

property selling
One of the secrets to getting top dollar (or ringgit) for your home is home staging. Pic source: imgur.com

See, home selling banks on good staging to make a home sale. If you’ve ever seen an episode of the reality show ‘Sell My House’, you would definitely know that staging a house and making it ready for sale is no easy thing especially on the pocket.

One episode of the show rounded up as much as $30,000 to strip off walls and renovate the whole house and make it “ripe enough” for a great sale. It seems huge but thanks to their big guns aka TV producers and their endless budget, that was easy-breezy.

But for the rest of us who are not backed by TV tycoons and advertising money, and those among us who would have to get the home sold with as little damage to savings for the next big move as possible, how do you sell your house on a really tight budget?

Here are some tips:

  • Go minimalist on home staging. The great thing about today is that modern interior design has revived the great “the simpler the better” motto is back in trend. That is why it should not be too difficult for you to make the necessary aesthetic improvements for your home staging even with a very limited budget. Use existing furniture, take out some of them, and should you need to paint – stick with two or three hues that complement each other. Not sure about the colors? Consult a paint expert at your local hardware as to what colors match which. Here are secrets of home staging to get you started!
dollar home
Home staging doesn’t mean you have to spend a fortune. Pic source: imgur.com
  • Yard sale! What could be more fun than a moving out yard sale? Putting up a garage sale will hit two birds with one stone: for one, you are getting rid of some furniture pieces that you wouldn’t want in your new house but would be better off outside of the old house anyway, and two, you are earning some extra cash. SO go ahead and rummage through your stuff and earn your big bucks on your big yard sale weekend.
  • Make the most of free advertising. In today’s modern world of smartphones and tablets, as far as marketing is concerned, word-of-mouth advertising is still the best way to market something around. So go ahead and tell your friends about your home listing. Whether or not you’ve hired someone to do it for you, it is imperative that you as homeowner would get yourself involved in the whole process. And of course, because everyone’s practically on the internet, don’t forget to make your presence in the worldwide web known.

Home staging is as difficult and as expensive as you make them. Use the internet and your every other available resource to market your hose in the most budget friendly way possible. Good luck on selling!

- Keith

P.S.

Most home sellers are going to be home buyers. You don’t want to be spending your money on properties that don’t give you the best value for your money. So, you should do your research thoroughly about prospective investments. There are sites that are really helpful. I personally find PropertyReviews.my the best because it gives honest reviews.

[BARE NEWSLETTER ISSUE#303] I Don’t Like Retirement Homes!

I just got back from the three day property fair BPEX which was pretty rocking! Can you find me in this picture here? ;)

If there’s one thing that preoccupies Malaysians nowadays, it’s the idea of retirement homes. No less than 20 people came up to my agency’s booth and asked me about retirement properties.

Indeed… everyone seems to be into buying a Malaysian retirement home these days. Naturally, who would not want to live comfortably in your senior age, to enjoy what you should actually be enjoying after toiling at work for most of your life? Of course everyone wants to buy a retirement home!

But as with any real estate purchase, it cannot be something you do on a whim. We’re no Betty White’s and Jack Nicholson’s. We’re talking about Malaysian homes like Kiara Designer Suites that we would buy with our hard earned retirement money, where most of your pension funds and old age will be spent on. Indeed, some of our most popular property sites (reviewed here) have dedicated sections on retirement homes. Also, we were also previously featured in this article in the Edge which quoted me as being bullish on retirement homes. I have now changed my mind…

Why retirement homes are crap!

retirement home
Boring.

Only naturally, we want something that will be worth the hardest earned of our hard earned cash. Here are some tips on how to buy the right retirement home for you:

  • Should you rent or buy a retirement home? Or would you be better off in your old home? Weigh in on the odds – which would be convenient and cost efficient? Buying a home may be very convenient but could you really afford it? And what happens to the house should you need to be in hospice care? Would renting be better? Or would you be better off repairing your old house and investing your retirement money in something else instead? These are the real questions that you’d have to face, rather boldly, when the time comes.
  • Decide early on to get a Malaysian retirement home. The sooner the better is the name of the game when buying a retirement home. This is a big investment and you’d like to save for it as much as you can so you still can enjoy a big chunk of your retirement money and not just lose it all to the house. You’re unlikely to get a big, long mortgage loan anyway. And besides, in your old age, you wouldn’t likely to want to think about having to pay for something so big so at least strive towards making a full to almost full payment. So the sooner you decide to get one, at least about two years, the more savings you’ll have for your dream retirement home.
  • Find the right location. Find your happy place – but make sure it is easily accessible to important public facilities. You sure don’t want to drive far for your doctor’s visits anymore! You have to find a home that will keep you happy but will also keep you safe and within comfortable driving distance to the grocers, the hospital, the police station, etc. Also find a place with a lower cost of living and in a neighborhood that’s friendlier to seniors. Maybe somewhere like Segamat, Johor, or Kota Damansara. :)
  • Choose just the right size. When you’re older, you’d likely be alone at home with your partner on most days. You certainly don’t need something the size of a Civil War era mansion. Remember, bigger houses need more cleaning and maintenance – and that’s something you’d rather not want to deal with in your senior years. Get a Malaysian house that has enough space for yourselves and maybe a regular sized guest room to accommodate visiting children.

Mr. B

[BARE NEWSLETTER ISSUE#358] Selling Homes Is Good For The Soul

Well, I know a lot of people know that Malaysian home selling is really one of the risky and scary ordeal. It is never an very very easy thing; tons of things have to be considered, most of which are hardly ever in your control.

Here are some of the most common fears of every Malaysian seller who sells house and condo like, well, Puchong’s 16 Sierra, and tips on how to overcome these fears:

Fear No. 1: Fear of the house not getting sold. While it may sound like a relief to your sentimental attachment to the house, every home seller dreads sitting for far too long on the listings. Each week that passes by on the listing is a possible chunk off the selling price – something that no Malaysian home owner would ever want to hear about.
Solution: Find a good real estate agent and make a strategic marketing plan for your house. Don’t stop at Plan A. Have a specific time frame on implementing plan A; if it does not work after your specified timeframe, move on to your Plan B. Be a proactive home seller too!

Fear No. 2: Getting a bad Malaysian real estate agent. Unless you’re going FSBO with your home sale, you’d have to work with a professional realtor. And practically, because of your inexperience in the field, you wouldn’t know the ins and outs of the trade and rely heavily on the realtor. A bad realtor is someone who could not sell your home or someone with an attitude that does not suit with yours.
Solution: Before hiring the services of a real estate agent, go through the deliberate but necessary process of interviews. This will ensure that you find someone who suits your need in every possible way.

Fear No. 3: Selling at a bad market and end up not getting the house sold at all. This is one those fears that you cannot do so much about. You cannot change the market trends to favor you anyway.
Solution: Do your market research on the industry and figure out whether or not it is a good time to sell your house. If you can, postpone your sale or do something about your house to get a better deal.

Fear No. 4: Selling the house too cheaply. No one wants to be shortchanged on a home sale especially if the sale of the house is necessary for the purchase of the next one. It is a nightmare for any home owner to have his Malaysian house sold way below the price he bought it for, way below the fair market price, and way below his ideal amount.
Solution: Check for fair market price (see sites like GoodPlace.my), get a home inspection for your house, make improvements if necessary, and know how to deal with negotiations and bargaining clients. Tell your agent the least amount you’d go for the house and stay within that bracket (as long as it’s within fair market price range).

Fear No. 5: The home inspection results requiring too many repairs. Home inspection is one of the most nerve-wracking parts of the home selling process. No owner wants to know just how poorly conditioned his house is; and quite frankly, nobody wants to be told about which parts to fix and how much it might cost.
Solution: You can’t do anything more than to face the results. You can either spend on these improvements, or compromise on the price of the house.

business
Picture source: imgmeme.com

But Wait, There’s More…

Let’s all admit it: business is always so much better when there’s pleasure on the sidelines. And avoiding it totally is quite a challenge. Malaysian bosses get attracted to their apprentices, coworkers fall for their fellows, agents go after clients – it’s a never ending cycle that has been presented in practically every form in a Hollywood production.

And so there’s really not a need o be uppity-tighty about it – business and pleasure will surely find its way towards each other sooner or later.

Useful tips!

Having known and accepted that fact about the very thin line we’ve set between business and pleasure, I guess it’s only right that at the very least we lay down some rules. When you’re feeling a little too flirty with your Malaysian lady boss, or with a junior at the office, these rules may just be the thing you need to keep things dignified and civilized despite mixing business and pleasure:

  • Never use romance for professional leverage. This is the very reason why office romance is highly discouraged. A heart in love is a heart vulnerable, and it may cloud even the brightest and smartest mind into doing the stupidest thing. So if you are romantically linked to someone who can give you leverage, please save yourself from karma and from indignity – don’t use that to advance yourself in your career. That’s just disgusting.
  • Never be used for someone’s professional advances. This is one of the biggest and yet most common forms of business and pleasure together. And this does not make it any right. Man, when you’re on top, there will always be some girl who will offer her company (maybe even her body) in exchange of career advancement. Or a discount, whatever she needs. And you, in your right mind, should never allow it. Keep office romance dignified, not some form of prostitution.
  • Keep your personal relations outside of the office. Do not talk about your relationship in your professional setup and vice versa. This will keep your personal issues from affecting your professional relationship (and the other people in it; i.e. coworkers, other clients) and the other way around. Whilst you’ve already gone on to mix business and pleasure, avoid having both roles overlap with each other to avoid conflict. And yes, the same thing applies to flirting in the office and sealing deals on dates.
  • Don’t be the talk of the rest of the professional scenario. So you’re lovers and business associates at the same time. And while you don’t always have to be living under the hush-hush, you can always keep the rumors and the talks about you at bay. Your entire company should never know about your personal lives. Sure you can invite them to the wedding but your dirty laundry should not be the topic of their lunch gossip.

These things happen. And your one true love may just be the new girl at the office sitting across you right now. The Malaysian real estate agent who’s selling a home in Concerto North Kiara right now could be the one. But where the barriers between business and pleasure have been broken, these are the rules that keep a balance of everything.

Just email me if you need anything else at krogers@myrealtorkeith.com. See you in the next issue of this newsletter!

[BARE NEWSLETTER ISSUE#403] Attention Bonairians! Settle Down In Malaysia!

Ever thought about retiring in Asia? Well, we couldn’t blame you. It’s always easy to answer the call of the travel bug whenever it is telling you to explore a different country—somewhere far from home—then get settled, get in touch with the country’s people, adapt to culture, and eventually live.

Malaysia has been one of the top destinations for expats who are looking to retire to Asia. It’s easy to tell why—the cost of living in Kuala Lumpur is definitely lower as compared to other Asian countries(i.e., Singapore), plus real estate in Malaysia is definitely more affordable, as compared to its neighbouring countries in the Asia Pacific.

Malaysian Real Estate

It’s difficult not to compare Singapore from Malaysia. Looking at the numbers, luxury properties in Kuala Lumpur is already 1/5 lower than luxury properties in Singapore. Curb sales are also popular, making it a win-win situation for investors—property is not that expensive, and there are always eager homeowners or condominium buyers or renters that are willing to shell out a few bucks in order to purchase dream houses and dream condominium units.

I’m an Expat—What to Do Now?

The Malaysian government provides foreigners with easy access in order for expats to invest on Malaysian businesses and real estate easier. “Malaysis is my Second Home” is a program designed for expats who are keen on making future investments in Malaysia, or stay there for long periods of time. Foreigners who would like to be in this program would gain access to a multiple-entry visa that is valid for ten years.

Where to Invest in Malaysia

Kuala Lumpur is a city that never sleeps—always bustling, hustling, and grinding, Malaysia’s capital city is booming with investment opportunities that you should always take advantage of. Foreign investors are mostly interested in Kuala Lumpur properties, as well as Penang, and Iskandar.

For commercial and residential real estate, condominiums and commercial complexes are always in demand for both residents needing a home or for a businessman ready to start his own enterprise. There are lots of good locations in the city, e.g., KLCC, Mont Kiara, and Bangsar. One Menerung, for example, is a highrise condominium that is attractive to expats. Investing on both residential and commercial properties in the Kuala Lumpur area are wise choices, as there is a high number of demand from both locals and expatriates alike.

Truly Asia

Malaysia is definitely a great place for you to invest on—take advantage of real estate priced lower here! Whether it’s commercial real estate or residential real estate that you’re planning to invest on, remember: taking a risk is the first step in scoring that next great deal. Go ahead and make your way here to Malaysia! See you soon!

[BARE NEWSLETTER ISSUE#366] Strife In The Land Of Bonaire

Alright, so this is a plea for help. Business has been terrible for me for the past three months when I couldn’t even sell some crappy Malaysia properties in “hot” areas like Sentul and Mont Kiara. I have got inventory at The Fennel, Soho Suites (KLCC) and Mont Kiara Meridin. The curbing measures by Bank Negara and the government are working well.

I accept donations! Send me some bitcoins – they help!

[BARE NEWSLETTER ISSUE#205] Ask Ben: Buyers Agent 101

Hello reader: Ben here again. This morning I received this email from our reader Gan Teik Pang (gante@gmail.com) from Segambut, Malaysia:

Buying a Malaysian house can be one overwhelming experience. You see, I’ve been trying to get a unit at the popular Meritz in KLCC, and things have not been going smoothly. Apart from having to deal with all the hassles, pressures, confusion, not to mention costs of house hunting, there’s always the mortgage and other technical stuff to deal with too.

Any advice for me, Ben?

Here’s my answer:-

Hiring a buyer’s agent is almost always necessary, especially if you’re a buying a house for the first time or buying it in a new city/town. They know where the houses are, they know how to talk to seller’s agents, and their services are free – or at least, you don’t carry the burden of paying them.

But before you jump into the first buyer’s agent you find, Mr Gan, there are some important things you need to know about them.

Buyers Agent 101

Here’s a simple but accurate walk through about everything you need to know about real estate buyer’s agents:

home buying 101

  • You don’t have to pay them. The burden of payment or the commission lies in the hands of the seller’s agent (or the seller if the house is sold on a For-Sale-By-Owner or FSBO basis).
  • They almost always make you sign a contract before they start working for you. Ideally, the contract is nothing more than a mutual and signed agreement that you would stick to them until you find a Malaysian house. It also states what happens and what your responsibilities are should you ‘break up’ with them mid-contract. This is their way of making sure that they aren’t spending time, money and effort on something futile. Like any contract, read this thoroughly before inking; consult a real estate lawyer if the need arises.
  • Yes, you can break up with an agent. But not without consequences. That is why it is important and essential for you to take the time to make a mutually agreeable contract on exclusivity, clauses on breaking up and guarantees. The contract should be ‘bilateral’ in that it takes to the welfare of both the buyer and the buyer’s agent should the ‘relationship’ fail to work.
  • And yes, your agent can initiate a break up too. So you had better get yourself protected too!
  • A non-exclusive contract allows you to look at and consider homes suggested by different agents.
  • They help you find the right home for you by going over the listings. They take you to the houses for actual ocular inspections – yes, driving you to the houses themselves – and can even advise you for or against certain properties.
  • They can also give you advice on how to better prepare for a home purchase, how to make an offer, as well as how to get a good Malaysian mortgage loan.
  • They can give you advice on which mortgage lender, inspector, real estate attorney, etc to go to. However, you don’t have to follow their advice on these things; you can always go to whom you are most comfortable with.
  • Take time to interview several agents before signing up with anyone. It is best to consider a ‘trial period’ with a potential agent to test the waters between the two of you.

Also see my previous article about Tips in Buying a Retirement Home. Alternatively, also check out my friend Gary DiMauro’s article on agents here – it’s a good read.

Hope that helps!

-Benjamin (the specialist Bonaire Island Malaysia property agent)

[BARE NEWSLETTER ISSUE#496] Your Offer For Kirana Residence Rejected? Here’s Why…

Hi readers! Ben here yet again.

Here’s a another update from me this week. First of all, I want to thank you for loving my last blog post. It inspire me to write again :)

If you think your house hunting or deal comes to an end as soon as you make that final offer, then you are wrong. Malaysian home owners, even when they have already agreed verbally about ‘getting the deal closed’ with you does not necessarily mean that they will have the deal closed for your benefit.

Recently I have been getting emails from our buyers who invested in Kirana Residence offer the other day (if you have missed the flyer, then send us an empty email at special_offers@bonaireislandrealestate.com and we will put you in our special list). It seems that the rejection rate is kinda high for that property…

You see, as long as that final offer for has yet been signed, they can always reject your offer. That is why it is extremely important for you to make certain that your offer is rejection-proof. For one, you have to make sure that everything that you’ve talked about in the preliminary talks would be incorporated in the written offer.

Also, you have to make sure that your offer contains everything that they need to know about your offer – how much you’re willing to pay for their house, when you intend to pay up for the house, what conditions you have for paying for the house as well as, and more importantly, how you intend to pay the house. And since you are likely to pay up the house via a mortgage loan, it would be best that your offer comes with the necessary documents about your mortgage loan (as an assurance of sorts of your capacity to pay).

Reasons Why Your Offer Would Be Rejected

Two, you have to make certain that your offer does not fall to any of these rejection situations:

  1. The Malaysian home seller ended up  changing his mind about the final price. You and the home seller may have agreed on a bargained final selling price of the house, but he somehow changed his mind overnight and forgot (intentionally and unintentionally both) to notify you or your agent about it. So when he gets your offer with the lower final price, he decides on it with a no. Make sure that you’ve convinced your seller that the price is not bad enough and convince him enough for him not to change his mind. (It would be best that you talk to both owners and not just the husband *Wink*)
  2. Someone else came up with a higher offer. This is a very common scenario in a hot house. You’ll have to compete with tons of other buyers and if one of them happens to be willing to go the distance on the final price, there is really nothing you can do about it. You can either give up and look for another Malaysian house, or compete with the bigger offer which isn’t always the wisest thing to do anyway.
  3. Your contingencies are not satisfactory for them. The contingencies are the conditions that need to happen/be fulfilled before the final sale of the house takes place. If you have listed contingencies that are too difficult for the owner to achieve, or at least too costly (i.e. roof repair), or your end of the conditions (i.e. present a complete set of papers for mortgage) do not meet their requirements, they may reject it until you give them something more satisfactory.
  4. Your offer lacks some very important requirements. You may have forgotten to indicate any of the essential details of the sale and thus it seemed unsatisfactory for the home seller. Until you fulfill that, they may have to say no to your offer.
  5. There is something that they don’t agree on. Maybe your down payment amount was too small for them, or your promised pay date is a little too late for their preference. It could be anything on your offer that they don’t agree on. In these cases, it is best to resume talks and renegotiate on the whole offer.

Keep those emails coming in! And if you are going to MAPEX, remember to come over to say hi! Details on that expo can be found here.

-Benjamin

[BARE NEWSLETTER ISSUE#162] Website Review – PropertyReviews.my

We have long been raving about the impact that the Internet has got on real estate – no matter if we are in Bonaire in Florida or Kuala Lumpur in Malaysia. We also follow closely Simon Baker’s PropertyPortalWatch website – being a seasoned property portal executive he knows a thing or two about this business!

We have recently stumbled upon this rather fabulous property reviews site which focuses on opinions of Malaysia property called PropertyReviews.my – the database is small, but the articles are rather fabulous… and truthful. Our agents go to the site as part of their research to collect information for their respective clients. It is now focused on Mont Kiara and Bangsar properties for some reason – we hope it will expand its coverage soon.

By the way, if you have not heard from us in awhile, well, we have been closing some rather big real estate deals in Malaysia recently – from Sentul to KLCC. Our article on foreclosure (see here) has attracted some controversy – we will write a follow up blog post soon.

BonaireIslandRealEstate is committed to your success in Malaysia property. For a free white paper on Malaysia Property Trends 2014, email whitepaper@bonaireislandrealestate.com or call 03-56899991 (ask for Sally Lee or Richard Craig).