Hi Anna,
The purchaser is not bounded by the validity of valuation report. Purchaser will be free to make another offer for another unit even if the Option has not lapse. I am assuming that you are acting this sale on your own to be asking this question. It is not in your interest to risk the purchase transaction if you are unsure of the procedures involved in a HDB resale transaction. It will be good if you can speak to a qualified person and if commission is a concern, work out a rate with this person to achieve a win-win scenario.
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