Offering 12% below asking on an apartment in Singapore — sensible or too aggressive

K

KeenInk

Property investor
Established
I can either start near the S$1,467,000 asking price and risk overpaying, or open about 12% lower and risk the seller dismissing me. Neither feels comfortable because the apartment has been on the market for 106 days and requires work, yet I have very little completed-sale evidence. Similar local listings only tell me what other owners hope to receive.

Would the lower opening carry more weight if I include proof of funds, accommodate the seller’s completion timing and set a reasonable response deadline? I would rather justify the number briefly than present a catalogue of faults.

I also need to decide where to hold firm. Inspection and financing protection matter to me, and I do not want an appraisal shortfall to create an unlimited cash obligation or put the deposit at unnecessary risk.
 
Twelve percent below is not automatically insulting; the presentation matters. Put forward a rounded price, explain that it reflects the limited completed-sale evidence and updating required, then emphasise financing proof and flexibility. Avoid attaching an exaggerated repair list.

Give the offer a clear but reasonable response deadline. I would not waive inspection protection or accept an unlimited appraisal gap simply to make a low opening look stronger.
 
That makes sense. A rounded S$1.29 million is close to the 12% calculation and looks less like I’m pretending to have a precise valuation. Would you raise possible repair credits now, or keep the first offer focused on price and only revisit repairs if an inspection identifies something substantial? I’m leaning toward sending financing proof with the offer rather than just describing the financing as clean.
 
I’d keep repair credits out of the opening unless you already know of a specific defect. “Needs updating” may mean cosmetic work rather than repairs, and trying to discount for both at once can look like double counting.

Also, 106 days on the market does not prove the seller is motivated. Their preferred timing may matter more than the headline price, so ask whether your flexible completion actually solves a problem for them.
 
S$1.29 million, financing evidence, flexible completion and a stated expiry would be a coherent opening package. Let the seller counter rather than negotiating against yourself in advance.

Before committing, define what happens if financing or valuation falls short, what inspection outcome permits withdrawal or renegotiation, and exactly when any deposit becomes exposed. Those details depend on the transaction documents and Singapore practice, so have the wording checked locally rather than relying on an informal understanding with the agent.
 
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