I would advise you against doing so, unless you are desperate to sell and you don't think that you can get another buyer at the price you're seeking.

Real life scenario which I have come across was where the buyer used the same excuse and everything got stuck as EPF requested a letter of offer from the bank as one of its requirements. Later on he could not obtain a loan, and the SPA dragged on for more than 3 months with no progress. In the end, it was aborted and the seller merely forfeited the 2%. As a result of the delay the seller unfortunately missed a house which he intended to purchase with the proceeds of the sale of this house.