lewsinmin

Thanks for the advices. Yes. The OTP has been signed by both seller and buyer. I should not be worried in a sense. The only concern is that the seller, upon learning about the new valuation price, might decide to not to turn up for the 1st appt. But even with that, it seems that i have the upeer hand since the price has been inked on the paper with their full knowledge. I only wise that i do not need to go through any legal proceedings.

Hi All, My wife and i are now currently in a situation that needs your advice as both of us felt stuck in between. What happen is that prior to buying our new place in Bishan, the valuation of the flat has already expried (it was $365k then). So we actually offered a price ($385k) not knowing what will be the new valuation (it can go up or down). Subsequently, the current owner agrees to the price and proceed to seal the deal. Weeks has passed and the new valuation is out at $405k. So that means we sealed the deal at below valuation. Now at the same time we realise that the other agent did not inform the current owner of the new valuation price nor the current owner acquire their agent the new valuation price. Is this weird? This seems weird to me. Upon enquiry with our agents, they say the current owner is happy to be able to seal the deal already and they will tell the current owner of the new valuation price during the 1st appointment. Pls note that on the day we sealed the deal, they also bought another unit and the reason why they are willing to sell to us according to our agents is that they are not comfortable to seal the deal on their unit unless someone bought their unit 1st. This is unacceptable to both of us as we felt that it is the agent's duty to inform the current owner of the new valuation price instead of revealing to them at the 1st appointment. Our agent's concern is that by revealing them now, it will jeopardize the whole transaction and makes things difficult as the owner may disgruntled and may ask for higher price or even don't turn up for 1st appt. Our concerns is that it is rightful that they know about this issue so that during the 1st appt, they will not be caught off guard. Though there are concerns on my part that after knowing the valuation now, the current owner can simply don't turn out for 1st appt and the deal will lapsed causing even more inconvenience to us as we need to enagage lawyer (possibly) to handle the case either to make them comply with the agreement or recover the OTP deposits, both of us feel that ethically, the agents should let the owners know. Anyone with experience care to advice what is the best approach to this case? Thanks