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Hi,

Sadly you can’t back out as you have already signed on the OTP. But one last straw that you can try is to have a good talk with the buyer by appealing for them to withdraw and to cancel their purchase and at the same time you will compensate them as well.

Regards
Aaron
 9730 8455 
aaronchong2774@yahoo.com.sg Read More

Hi Sir/Mdm,

Once the OTP is exercised, legally you are obligated to complete the sale. Please feel free to contact me so that I can understand your situation and offer you my professional advice.

Regards,
Nick Tan
(M) +65 9644 4854 
B.Eng(Chemical)(Hons)(NUS) / Cert-in-REA
(E) nick96444854@gmail.com
SEAA Salespersons Achievement Platinum Award 2020 / 2022

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Visit my website to get to know me better:
www.nicktan.com.sg

I was featured recently on Council for Estate Agencies (CEA) Newsletter:
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Testimonial from Satisfied Clients
“I would like to recommend Nick Tan from SRI. Before we engaged Nick, we were working with another agent from a very popular property agency in February 2017. We decided to terminate the contract after 5 weeks of zero viewings and no paper advertisements. Basically he was just waiting for phone calls. We engaged Nick on 20th April and by 10th of May, our unit was sold off. Why Nick? 1. He has good marketing strategies 2. He always kept us posted on what he did (communications!) 3. He made sure we understand the current market situation but he will consistently reassure us that the unit can be sold off 4. He is not greedy and trusting 5. He walks the talk”
Peter & Wendy (Property Seller)

I write to commend Nick Tan (R040814C). When my husband and I first met Nick, we were impressed by his drive, commitment, business acumen and strategical thinking, and decided to engage him. We were not disappointed. Nick sourced for prospective quality buyers in a targeted methodical fashion and was effective in connecting us with serious buyers, notwithstanding the fact that the search primarily took place over Dec – Feb (a traditional lull period). Throughout the transaction, he also gave us helpful advice in various aspects; the advice reflected his personal experience and expertise and was not simply regurgitated from public sources without any value-add. Further, Nick went beyond the call of duty of a competent professional. He had a sense of humanity in the way he interacted with myself and the other parties to the transaction such as my parents. As an example, my newborn daughter was warded into A&E on the completion date of the transaction; the care and concern that Nick showed went beyond the scope of work of an estate agent. I commend Nick for his capabilities and character, and would certainly wish to engage him for future property transactions.
Weilun & Benita (Property Seller)

“We are very grateful to Nick for his extensive marketing efforts. With his comprehensive marketing plan, he helped us to achieve a record selling price within 2 weeks of listing our property for sale! We highly recommend his service to anyone who is keen to sell their properties.”
Mr & Mrs Wong (Property Seller)

“Nick has conducted himself ethically and professionally when handling the sales of our property. Thanks to his patience and perseverance, we managed to secure a sales price beyond our expectations. We are very happy and satisfied with his services and will definitely recommend him to our friends and family in the future.”
Mr & Mrs Tan (Seller of Inter-Terrace House)

“Nick provides a delightful customer experience from day one when I engage him as my agent to look for a flat of my choice to the completion of the deal. He is competent, resourceful and has a pleasant manner to work with. He is the Agent of my choice in dealing with properties and I would highly recommend him to others who would appreciate an agent that takes care and can give the customer a peaceful mind.”
Susana (Buyer) Read More

Hi,

1) First of all what makes you think you are selling at an undervalued price?
2) In a general situation, the HDB valuation report will provide a figure on the valuation unless it is very much under the market rate.
3) If the value is very much under the market rate, the HDB will email or call up the seller to understand why it is priced so low.
4) If you had received from the HDB that you are selling very much under the market rate, then you are confirmed selling under the market rate.
5) Once an OTP is issued to the buyer you have legally agreed to enter into a contract.
6) Only the seller can withdraw from the contract by not exercising it once an OTP is issued.
7) You are subject to be sued by the buyer for the damages and compensation for their losses if you want to withdraw once the buyer exercised the OTP.
8) The only option for you is to meet the buyer face-to-face to convince them to withdraw without suing. You will have to prepare to compensate for their losses in time and effort.
9) You have to understand all buyers have a plan once they are prepared to buy. This action definitely will disrupt their short and long-term plan.
10) If they had sold their home or are already in the legal process of selling/completion, they might need to look for short-term renting (3 to 6 months). This cost will not be cheap, to begin with.

Please give me a thumbs-up if the answer provided is relevant to your main concern. Thanks!!!

Hope the above answer your main concerns, but if there are more queries, please feel free to contact me at 90110636  , or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.

Best regards
Ling CK
 90110636 
ling.ck7@gmail.com
https://R056727F.propnex.net/
https://www.facebook.com/Homesellerbuyer

Note:
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At this stage, both seller and buyer have entered into a legally binding agreement that none can back out unless both are agreeable, it is not simply about reimbursing and returning the fees paid to you by the buyer. You are unable to unilaterally back out of this transaction unless the buyer also agrees.

You may wish to consult a lawyer on the feasibility in voiding this sale transaction since you mentioned that your agent has misrepresented in convincing you that unit is hard to sell and have to grab the opportunity to sell as well as to file an official complain to Council of Estate Agencies for this misrepresentation and this has to be done as soon as possible before the transaction is progressed further.

Aside from this, I'd like to highlight that not all HDB transactions are sold at or above valuation. In fact, we have seen cases where units are sold below valuation, as sell as significantly below valuation too for units with ethnic restrictions especially. How did you find out that your unit was sold under valuation in this case? Read More