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Hi,

As long as the OTP is not signed, or the offer is not accepted, the deal can be called off anytime.

I think it is very common, especially in today's hot property market. Highly sought-after units will attract many offers.

I believe it can be more properly managed from the start, because they way you explained it, it seems like you're going to lose out in the deal. Hence, I think it is advisable for you to engage an agent to represent you in your purchase, so that you can minimize such incidents happening in the future.

I am experienced and well-versed in both HDB and private transactions. I will be able to assist you in your property plans. Please get in touch with me for a more in-depth discussion.

Should you need require further assistance in matters relating to property, please contact me at my mobile 9748 6305  . I will be happy to assess and share with you the possibilities for you in the current market.

Thank you.

Best regards,
Robbie Chen
 9748 6305 
PropNex Realty Read More

Hi,

Yes I totally understand where you are coming from. But being the seller’s market for now, I’m afraid most seller will only be interested to sign and grant OTP to the highest bidder.

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

Good morning Sir/ Mdm,

I am sorry to hear about this. I hope you understand as long as you has not been granted the OTP, seller can decide to sell to other buyers.

If unit has been optioned then you have no choice but to look for other options. If not, you have to increase your offer.

Hope my sharing helps in aiding in your enquiry. May I know how can I value add further in your property needs?

Best regards,

YT Tan
Property Kaki
You dream. I create. We make it happen!
Association of Chartered Certified Accountants Graduate
Singapore Accredited Mortgage Planner

Contact:
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Email: yt.tan91115171@gmail.com

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Hi,

1) I'm aware that all information is quite transparent today due to the technology advancement.
2) Buying a property is usually a big-ticket item for most people.
3) Engaging a property agent seems a waste of money to most people since they feel that it is they who are there to buy and had nothing to do with the agent. They also feel that the buying process is so clearly spelled on the web, so needed no guidance at all.
4) To be noted that the processes listed is referring to nothing that went wrong in the whole process. There could be millions of things that could go wrong during a transaction that it is impossible for the HDB to clearly list out.
5) Moreover there is a seller agent, especially for the buyer who feels that the seller agent will do all the necessary paperwork. The buyer only needs to log in and key in the information themself. They wouldn't need any advice from anyone on what they are buying anyway.
6) You as a buyer did not realize that the seller agent is working for the seller, thus their interest is to get the best interest of the seller and not yours.

7) In your case, expressing intent to buy is not legally binding but just an expression of interest.
8) There must be 3 factors involved to firm up a legally binding relationship; offer, acceptance, and consideration.
9) Get a signed OTP from the seller of course complete the 3 important factors mentioned in (8).
10) Since you did not present consideration in the whole discussion process, the seller has all the right to sell it to anyone who presents an offer.
11) My suggestion is to present consideration in your future purchase to get an OTP. Then you will have the upper hand in the whole transaction.
12) Also like to highlight 2 things about your purchase:
(a) The OTP expires 21 days from the OTP date, so you must exercise before it expires.
(b) Your exercise date cannot be earlier than your letter of offer from the bank.

Hope the above answer your main concerns, but if there are more query, 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

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