Negotiation & Making an Offer
You and the seller have to negotiate and agree on the resale price of the flat. You can make use of the Resale Flat Prices service to check the transacted resale flat prices for the past 2 years to assist you in making an informed decision on how much to pay for the flat. The figures are updated daily based on HDB’s registration of the resale applications received.
Price negotiation is not simply about offering the lowest and haggling with the sellers. Here are some useful tips.
Be mindful of your budget. Set a realistic asking price, and the upper limit, based on your budget and your perceived value of the flat.
Arm yourself with information and alternatives
You are in a better position to negotiate when:
- You have more information about the flat and the flat sellers
- You have found other flats which you are open to consider buying
Time and timing
Do not rush into your flat purchase. Give yourself time to look around and assess your choices.
When you see a flat that fits your needs, take your time to inspect it. Remember the caveat emptor principle - you buy what you see.
Proof of Ownership
Please request the flat sellers to produce evidence of their flat ownership and eligibility to sell the flat before you enter into the option to purchase (OTP).
Documents such as a printout from the flat sellers’ My HDBPage at HDB InfoWEB, property tax statement, town council statement, or title deed are examples of documents that can confirm ownership of the flat.Resale Flat Prices Service