I put up the “Apartment for Sale” sign on a Sunday. By Wednesday I received my first offer for it at my asking price. By Friday I had received a second counter offer for it.
This time the lady who called sounded young (probably my age when I bought the apartment) and eager. She told me “I’ve just been to the outside of your apartment and I really like it. Can you show it to me please? I’m thinking of buying it as a surprise for my parents. Its perfect for them. Its very near my brother’s office and its near facilities.”
I told her that I was about to receive a deposit for it the next day and that she’d have to view it that very evening and pay me an immediate deposit to confirm the deal if she really wanted to buy the place.
I then consulted my lawyer who told me that in order for me to break my verbal agreement with the first party, I would have to receive a substantially higher counter offer for the place. I would then have to inform and offer the apartment to the first potential buyerÂ at the new counter offer price and if she declined then it would be safe for me to proceed to close the deal with the second party.
Phew! I was in a dilemma. I so wanted or preferred to sell the place to the second young lady. I was completely taken in byÂ her story about buying the apartment for her parents. I saw myself in her back in those days when I first bought the apartment. I pictured how happy her parents would be at the surprise. (She had been paying rental for her parents to live in rented houses but now she felt it was time to buy). My dad had enjoyed living there and I imagined that her parents would too. Yes, I was in a dilemma.
To cut a long story short, she did make me a counter offer and I informed the first lady about that counter offer and offered it to her at that price. Understandably the first party was very upset by the turn of events. She told me that her aunty sobbed the whole night because she was all ready to buy theÂ place and she had withdrawn money to pay the deposit etc.
They took up the counter offer so I had no choice but to sell it to them and turn the second lady down.Â I felt really bad about making an old lady upset (her aunty who seemedÂ nice and the quiet sort who said yes to everything but not she who was also elderly but worldly wise, very money minded and shrewed) so I reduced the price by half the counter offer amount and they paid the deposit and that was that and now a few months later, the deal is done.
I suppose I was just lucky to have sold it so quickly. I had prepared myself to put up the “Apartment for Sale” sign for up to 6 months. Or perhaps that place had its own niche. IÂ noticed that all the callers were either elderly folks or younger children enquiring for their parents. Lol! I lived in an old folks home!
I guess the fact that its the 1st floor of a walk up apartment helped plus the fact that it was near to ammenities ie walking distance to bus stops, bank, wet market, coffee shops etc. It was convenient for the old folks but the younger ones are not interested. With so many cheap apartments with facilities available (if you are willing to stay very far out of town that is) most younger folks want something newer and preferably with some facilities.
You and Mr. MG are so nice..gave in to the 1st offer. So, how’s the new house deco going? Must be tons of headache trying to decorate it, huh? 😛
Headache! You got that right. The reno, the deco, is just the start, then theres the changing of addresses, and getting the utilities in order, (tel, water, electricity etc) is driving me up the wall!!! Oh and I haven’t started packing yet. Help!!!!
Hang on.. so did you pay the 1st woman her “commission”?
MG, you are really lucky that you can sell off your apartment so fast, without an agent somemore. My relative can’t even sell his condo for a few months through agent!
Yes, I guess I was lucky. 🙂
Well done! Clever woman lah, your husband must be so proud of you.
So, now you move to new home, got house warming or not? Don’t forget me ah and your lau peng yu, FH. 🙂
Proud? We had so many
biglittle fights along the way. Yunno lah, moving house very stressful one…. hehehe.
Woman, celebrating my 100th post today, can you hope over when you have some time, since you are the guest of honor. Will come back and comment on your post after I take shower ok? Just in case you can smell me, chow chow.
Yeeee, what is so chowÂ chow around here today hah?
Came back to say after reading your post, I really salute you for going through the hassle of selling on your own, also having known you all my life, doesn’t surprise me one bit how nice you can be and have always been. Mwaahhh.
Nice? Sometimes being nice doesn’t get you very far. Mwaaahhh!
I hope that when the time comes, i can sell my properties as easily as you have sold yours. Btw, do we need to pay commission to the introducer? Like if a friend recommend a buyer to us, do we need to pay commission?
No, you don’t need to pay commission to the introducer, unless you want to of course or unless you tell them that you will.