Model Of Terrene
One unit of 2 + study was recently returned to the developer, UOL Land, as it seems like the buyer was unable to complete the purchase due to certain financial constraints. They apparently forfeited 25% of their initial deposit as penalty for not completing the sale.
For whatever reasons, buyers of property must always beware of committing themselves if they are not sure of their financial limits. Buying a property is a hugh commitment and should not be taken lightly as the penalties can be quite costly for mistakes made.
Sometimes, buyers get caught up in the frenzy of the moment and commit themselves without due regard to their own ability. When they have to pull out, they then find themselves poorer due to their impulsiveness.
The marketing agents serving them also d share some blame as some agencies are reknowned for using pressure sales tactics to influence buyers when they are not ready to commit. In many projects, the rate of bounces or returned units have been particularly high for these agencies but Knight Frank have always manged to keep its returned units to a very low level due to more stringent standards used in qualifying buyers. Also, no high pressure sales tactics are used on clients to influence them into making a commitment they are not ready to make.
So, as the saying goes, “Caveat Emptor” or Buyer Beware
