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Hi Sir, I'm a seller and i,ve signed the OTP and collected the $1000 deposit from my buyers as my agent said that we need a OTP to proceed with our loan and we are not supposed to sell the hse to others. But on the 10 day, the bank inform us that our loan was rejected and we did informed our agent this and he give us with another bank in which rejected. We did inform him to tell the agent to inform buyers that we might not be able to sell and we refused to collect the subsequent $4000 as we dont think so the deal will go thru. The agent did recommend us with the last banker and still failed. All this while, the agent is aware of our problem and now, the agent informed us that the buyer wanted $2000 compensation which we are in dilemma. FYI, we already return the $1000 to the agent and the OTP was still not submitted to HDB till today. Kindly advise. Thanks in advance
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1 Answer

Ken Tan
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Hi,

Before you proceed to the sales your your flat, you should have been advised to do the financial calculation for the buying and selling process. That would have included an "in principal approval" from the bank. (no OTP needed)

I would advised that you get all parties, Buyer's agent/ Seller's agent/ Buyer out to settle the matter. This is to prevent things from going out of hand, to prevent the $2000 from landing into the agents hand instead.

Meanwhile, it would be unreasonable for the buyer to press charges against you for the $2000 as the legal fees will amount to much more and it does not make economical sense.

Ken Tan
 96461490 
Huttons

more info, go to www.96461490.com Read More
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