AskGuru Q&A Community

Hi,

I am sorry that such a situation occured to you or people around you. However, there is no way to report the seller for not wanting to lower their selling price due to it having a high COV. However, in the future, you can approach a real estate agent when looking for units for advice to prevent such a case from happening again.

Landon Chew
 97396040 
landonchew@email.com Read More

Hi,

This situation is normal and it’s all about willing seller and willing buyer.

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

It is a willing seller and willing buyer when entering into an Option To Purchase. If you feel that the seller has misrepresented the sale, you can engage the services of a lawyer to bring the seller to court.

A buyer will also have to do their own due diligence in determining the market pricing when making an offer. When in doubt about the expected price, the logical thing to do is to refrain from making an offer. Whether you have an agent assisting you or not, this will still be important when purchasing a property. If you have not engaged the services of an agent for the purchase and fell into this situation, perhaps then you should consider engaging 1 and paying the professional fees.

There is no need for seller to reduce their asking price or refund the option money received if he or she has not misrepresented any facts during the presentation of the place.

I have been in the real estate business since 2009, with more than 14 years of experience serving the Singapore real estate market.

I am very active in the residential segment of Singapore real estate market, having transacted hundreds of deals from HDBs to private condominiums and landed properties in Singapore, and have handled many unique cases in sales and purchases as well as rental deals.

Over the years, I have also established a network reaching out to more than 9,400 expatriates, bringing my market presence to both in and outside of Singapore. This has created an additional exposure when I manage my client's portfolios, on top of the conventional on and offline platforms, where other estate agents are relying on. This has allowed me to consistently convert leads into results.

With an evolving market, where change is the only constant, I have also been investing in upgrading of my knowledge and skills sets to improve myself and meet the demands of current and future market.

We are offering our clients a complimentary first consultation without obligations (Absolutely FREE!). Schedule for your FREE session today!

Warmest regards,
Geryl Lim
Senior Division Associate Director
Email: geryl.lim@orangetee.com / geryl7772@gmail.com
OrangeTee & Tie Pte Ltd 430 Lorong 6 Toa Payoh #01-01 OrangeTee Building Singapore 319402
Estate Agent Licence No. L3009250K
 +65 92787772 
www.geryllim.com

My self introductory video on https://www.youtube.com/watch?v=S_2NydENfx0

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My Answer with regards to your Question:

Caveat Emptor (Buyer Beware):

Personal Responsibility: The Singapore property market generally operates on a "caveat emptor" principle, meaning the buyer is responsible for due diligence. This highlights the importance of independent valuation research and setting your budget before entering the purchase process.

4Consider Alternative Dispute Resolution (ADR):

Rare Scenario: In rare situations, if the seller's actions cause significant financial loss due to misrepresentation, you might explore Alternative Dispute Resolution (ADR) with the Singapore Mediation Centre (https://mediation.com.sg/) as a last resort. However, this is a complex process and success depends on the specific details of your situation.

Allow me Assist Further Read More

hello there! sorry to hear this encounter with the seller. the pros of engaging an agent to represent the buyer will avoid these type of tricky situation as we will always refer to the recent transactions, find out the estimated valuation from our reliable resources then advise our client whether to go ahead to view the unit or not. some times it is not even worth your effort to view after knowing that the asking price is not reasonable or not genuine in your context. do let me know if you need further information. hope this is helpful.

josephine chee
 97483248  Read More