It’s similar in the US, but instead of visiting the home themselves they make the buyer pay for an appraisal from an independent appraiser.
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Looks like a great deal, well done.
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I was expecting that too. It would’ve been a hassle. Thankfully, they didn’t do that in my case. CTBC gave me appraisals directly.
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Wify not happy I am posting these online, since she spends more time in it than me. 
I told her I’ll remove them in a bit. She’s been binge-watching Forensic Files lately, so I can’t blame her.
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Looks like a great place!
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Amazing deal indeed. And reminder to us, even market as whole is overheated, we need to find only one right apartment from thousands choices.
I love it
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It’s been quite a while since I bought my a house in the US, but I thought in the US you could get pre-approved for a certain amount before you started house hunting. So if you saw one you liked, you knew that you could get a loan for it. I don’t recall having the issue of banks not willing to loan you what the house was being sold for or the percent they were willing to loan you. I remember you had to pay a extra PMI payment if you couldn’t come up with 20%.
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Well, that and it doesn’t sound like a particularly bright agent that’s good at negotiating - we have a 6.2 offer but I’ll try to convince my client to accept 6 instead? WTF kind of nonsense is that?
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Pre-approved doesn’t actually nean pre APPROVED. 
It’s more of a prequal with contingencies.
Yes, you can get pre-approved, but it does not mean the loan will go through. When we sold our house in 2009, the appraisal was lower than the offer so there were problems with the loan.
Maybe it was because the appraised value was easy to look up in US. Or I was just young and dumb and got lucky when I bought my house in the US and didn’t run into complications.
Does US have loan percentage differences based by location? Like a bank will only loan 70% on houses outside of Taipei?
I was just shocked when the variance between bank’s appraisal were up to 15% and loan amount as low as 60%.
The difference in cash needed was greater than 2.5x.
a dishonest sales man that works on commission ? such a suprising thing
it could be that the owner told him to.screen out low ballers, but probably he wanted more commission.
He will never see you again, so no incentive to build a relationship with you, just squeeze as much as possible…
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Car salesmen act similar , just different tactics.
The estate agents try to look good for the sellers, probably to get the chance to sell their other houses in future.
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My opinion is Op’s realtor is just not very good at their job and buying into what the other realtor is telling them about the seller.
I know gambling is in a lot of Asian’s people’s blood, but I find it incredibly stupid to gamble 60k commission in order to make another 2k.
6 million sale at 1% is 60k .
5.8 million sale is 58k.
No sale is 0k.
The realtor only gets a tiny percentage of that commission unless they are working on their own. My realtor told me they only get 9% of that 1%.
So at 6m, the realtor would actually only get 5400.
At 5.8m, the realtor would get 5220. So I really don’t see why a buyer’s realtor wouldn’t do anything just to close the deal. In this case, does it make any sense to lose the deal over 180 ntd that would actually go into the realtor’s pocket?
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Could be, or could be that the realtor has a quota to reach from head office, or could be that the owner told him “dont waste my time with low offers”.
All of these are possible explanations in my opinion, and dont really matter anymore, since fuzzy bought the house at the price he wanted.
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Not that one, since he went to the seller with the offer.
I paid them 2%. They told me early on that they wouldn’t accept less. It was the same for multiple other agents in the area. I think for “low-priced apartments,” they don’t go below 2%.
I paid them 116,000NT$ for 5.8. If it had been 6, they would’ve gotten only 4000NT$ more. I don’t know if they were also going to make a commission from the seller.
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Not that I know of. With less than 20% down, mortgage insurance is generally required.
When you got the auction site you can see if a place is rented. Yes you cannot force tenants out. Up to you to buy one or not as many people do. Many people bought properties they never lived in but for whatever reason went bankrupt. Some people simply borrowed money they could not pay back. Not uncommon.
PS did you know that tenants renting a paimai property get first option to bid from the courts? Also if no one bids then a new auction for a lesser amount carries on the next month. If no one bids for 4 months taken off auction list and then put back on at a later date. So people do watch to see what range they want to bid in.