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Evening Ken,

Only buyers will exercise the Option. Seller will need to commit upon issuing of Option to your buyer. This would have being laid out to you when you have gone through your seller checklist with your agent or on your own.

Do feel free to contact me for further discussion.

Regards
Mike Lim
 96929209 
m52i@yahoo.com
ERA Read More

Hi Ken, yes if the valuation turns out to be lesser than the purchase price, of course you can choose not to go ahead to buy and just let the $1000 option fee gets forfeited by the seller. And by engaging an agent, we would be able to advice and also assist to give you a rough estimate of how much the valuation of the unit will be.

Regards
Aaron
 97308455 
aaronchong2774@yahoo.com.sg Read More

Good day to you Mr Ken Tan,

The valuation report is obtained by the buyer for mortgage purposes.

As a seller, once you have issued the Option to Purchase, you will not be able to withdraw the offer within the option validity period.

As a buyer, one will have to pay an option fee which can be between $1-1000 in exchange for the Option to Purchase. The buyer will then be able to obtain the valuation for the flat. However, should the buyer decide not to exercise this option, the option fee will be forfeited by the seller.

Should you require any help with your property transactions, feel free to contact me.

Best Regards,
Tan Han Wei, Leonard
ERA Realty Network Pte Ltd
Mobile : 9150 1162 
Email : Leonardtanhw@gmail.com
Website : www.leonardtan-property.com Read More

Hi Ken,

As what other professionals have mentioned, since you have granted the Option To Purchase to buyer, you are legally bound to sell to this buyer unless the buyer decides not to exercise the Option To Purchase after 3 weeks. Upon granting the Option To Purchase to the buyer who made the $500k offer, you should have already worked out financially what is a viable sale and decide based on that instead of regretting the decision. I can fully understand the situation most home sellers feel given that it is a recent regulatory change to the resale procedures. Nevertheless, all private home sales are carried out this way too, where sellers only has an indicative valuation of their property before they put it on sale.

Visit and Like my facebook page at https://www.facebook.com/propertyblogshop

Regards,

Geryl LIM
Real Estate Director
Masters Of Real Estate
M.O.R.E Property Pte Ltd (L3010548F)
CEA Reg R014783H
Mobile: +65-81577565  /+65-92787772
Email: geryl7772@gmail.com

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