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I had shortlisted a property for my next home, and had reach a verbal agreement with the agent and seller on the selling price. But I need to sell my current home to avoid ABSD and qualify for higher loan. Without a OTP on the new property, would the seller wait for me, or will he sell to another buyer that offers a higher price? How can I make sure that I am able to buy my chosen home after selling my current home?
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6 Answers

YT Tan (陈永达)
Good morning Wai Foong,

I can help you to negotiate for a longer option period so we could have more time to find a buyer to exercise your sale otp.

But having said that, hope you understand as an owner's point of view, if you are not paying him a higher option fee, most sellers wont be willing to waiting that long for a buyer to exercise their sale otp cause they might need funds to purchase too.

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

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Hi Mr Kok,

I would be most glad to assist you further and please feel free to let me know if you need any assistance. Have a good day ahead.

Regards
Aaron Chong
 9730 8455 
aaronchong2774@yahoo.com.sg Read More
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Hi Mr Kok

I just assisted my client who have similar concern
I will be glad to assist finding the right buyer as well
Appreciate if you can contact me at (65) 96608508 
or click here https://bit.ly/WaSilvia to whatsapp me for no obligation discussion
Thank you.

Warmest regards,

Silvia Yang

Senior Marketing Director
ERA Realty Network Pte Ltd
Mobile: (65) 9660 8508 
Email: Silviayang8@gmail.com Read More
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Robbie Chen Chee Howe
Hi,

I suppose the property you have shortlisted is a resale private property, right? Because if you're a Singapore Citizen, you can purchase a HDB resale flat without ABSD, even if you currently own another property.

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
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Hi Mr Kok,

A verbal agreement is not legal binding and therefore the best way to proceed is to request from the seller an extended option period so that you will have sufficient time to properly market your place and get a good price for it.

Please feel free to contact me so that I can better understand your situation and considerations before assisting you further.

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

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)
“Nick is very pro-active in helping us to resolve whatever questions and problems that we encountered. All the issues are settled even before us having to request or ask for a second time. He was very frank and tran Read More
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Hi,

1) In the current market it is common to see DIY buyers in HDB flats because it is a challenge to the buyers that they can accomplish a task that is not their profession, and at the same time to save on the 1% commission.
2) But it is still rare to see DIY sellers because of the limitation of sale media available.
3) I'm just curious why you didn't engage an agent to market your unit before setting off to buy. He/she will be able to assist you in the negotiation of the buying process.
4) If this is an HDB resale flat you don't have to worry about ABSD because there are no ABSD for buying even though you own property be it an HDB flat or private residence.
5) If this is a private residence that you have shortlisted, you don't have to pay any commission for the purchase.
6) It is the first thing we need to do before setting off to buy is to do an estimated financial asset assessment to determine your financial position. This is so that you know you won't over-commit on your purchase.
7) Since you only come to a verbal agreement none of you (seller and yourself, the buyer) are legally bind. So anyone can go back on their words and as if nothing had been agreed upon.
8) If you really keen and you are sure you are able to afford it. You may offer an OTP and request for late exercising date.
9) In this way, if the seller is sincere in selling at your offered price. The sellers will have to wait for you to sell your current home.
10) Having said all the above, the seller can still go back on their words later if there is a higher offer presented. But at least you will be compensated by the legally bound OTP.

Hope the above answer to 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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