Tan Kin Lian
The Council for Estate Agencies, the industry's watchdog,
should review the legality or ethics of such practices.
This paragraph was left out of the letter.
I understand that these practices were quite commonly adopted in “previews”. While the past buyers were happy with the outcome in a rising property market, I fear that many buyers would be in dire straits when the market turns around. They might be committing to an overpriced property that they cannot really afford to service and may have to suffer a big capital loss when they have to dispose of the ill-advised commitment.
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