Came across an interesting episode of ‘Property Virgins’ in a pay-TV channel.
A young couple is looking for a new house in Canada through a property agent. I can’t exactly recall their budget but it should be around $350,000.
The agent shows them a house marketing at $380,000.
The built-up area is quite small, with a small living room, a tiny kitchen and very narrow staircases.
Couple: The bathroom is too small.
Agent: Oh, this can easily be enlarged. (But how?)
Couple: The house is a bit rundown. Probably need a fair bit of renovation. (Yes, the reno looks 20 years’ back!)
Agent: You know you should move in first and stay for a while. By then, you’ll be able to decide what exactly need to be done. (What? Wanna experience the torture of staying in a place under renovation?)
Couple: The owner is probably asking too high for an old house.
Agent: Quite a few groups show interest in the house after viewing. They are sending in their offers.
Couple: We need to think about it.
Agent: Think too long and this good place will be gone. If you really want this house, you should offer $400,000 to secure it before the others take it.
Couple: Maybe you’re right.
(And the next day …)
Agent: Sorry, there are two other parties offering higher for the house. If you want to get it, you have to raise the offer to $430,000.
Couple: Ok, do as you say.
(And the next day …)
Agent: Good news! The owner has accepted your offer.
All three of them are happy.
Throughout the episode, it never shows other buyers coming to view the house except the young couple.
I can’t help but imagining the following dialogues between the agent and the owner behind the camera:
Agent: I’ve finally managed to arrange a young couple to come for viewing tomorrow.
Owner: Great! There’s someone coming to view after what? months? Get them to offer no matter what.
(And the next day …)
Agent: They offer $400,000, above your asking price.
Owner: Any way of selling higher?
Agent: hmm …
Owner: Just say others are offering higher at $420,000.
Agent: Ok, I’ll try my best.
(And the next day …)
Agent: Ok, the buyer comes back with $430,000.
Owner: Bingo!
Since 2006, my property agent has been helping me with all the leasing and selling of my properties. If you also need her help for your property matters, you can send me a request here.
Sounds a bit familiar :).
But I needed the place,
The only property avail along Bukit Timah/ Farrer Road during that time that suits my budget (cash outlay), debt servicing ratio (bank loan) and my needs (kid schooling).
Luckily, it’s up 30% now … with the latest stamp duty …. down 30% still ok.
Anyway won’t be selling for at least another 5 years.
Have a great X’mas.
Cheers
Sounds a bit familiar :).
But I needed the place,
The only property avail along Bukit Timah/ Farrer Road during that time that suits my budget (cash outlay), debt servicing ratio (bank loan) and my needs (kid schooling).
Luckily, it’s up 30% now … with the latest stamp duty …. down 30% still ok.
Anyway won’t be selling for at least another 5 years.
Have a great X’mas.
Cheers
I always believe that: once you still stay in your property, whether its value climbs or drops no longer matters to you. You can’t sell/rent it out now because you need a place to stay. So everything becomes profit/loss in paper.
Have a merry christmas!
I always believe that: once you still stay in your property, whether its value climbs or drops no longer matters to you. You can’t sell/rent it out now because you need a place to stay. So everything becomes profit/loss in paper.
Have a merry christmas!