28 Jan '13, 2am

Buyers accepting cash rebate from developers - Page 3

Quote: Originally Posted by focus But from the newspaper article, it seems that the writer was suggesting the salesperson/developer advised the person to tell the bank the original selling price and not declare the discount given to get a higher loan valuation. The company than gives the buyer the discount thru a cashier order. The effect is manipulating market prices and of course cheating bank valuation. Isn't this quite similar as to why the govt make it illegal and punishable by law of those cases of HDB flat undeclaring so the seller can get MORE Cash back. The gist is manipulation of the market prices to the benefit of the buyer/seller but not the benefit of the institution who disbursed the loan. The developers benefit two-fold in asking the buyer to hide the true purchase price by inflating the caveat price. Firstly, they can close the sale when the buyer is able t...

Full article: http://forums.condosingapore.com/showthread.php?p=362796#...

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