OPTIONED!

Our flat is finally optioned! Even though it was at a price that we find a little painful to accept but looking at the down spiralling property market at the moment, it was our best bet (well according to the agent that was representing us who kept nudging us to accept the offer as she was afraid that nothing better would come our way). We "let go" the previous agents who did not seemed to give any results with their way of marketing and took up a more popular one hoping that her popularity and vast contacts could mean having potential buyers. The thing about popular agents... their time is rather precious and usually you might get a feeling that you're in a crowded polyclinic with a big Q number. And you also might have that feeling whether they are able to provide enough focus to cater to your needs and requirements since they have to juggle so many at one time.

All that aside, I have to give props that at least this agent was able to bring viewers to actually come into our house. In November we were discussing the possibilities that she can help to market our flat and also to help us find a cheap Executive Maisonette. I also like the fact that she takes care of bank loan applications and also have a contact for a cheap contractor.

I was still torn whether to sell or just renovate our existing flat. Even though it looked nice, there are things that needed to be fixed/repaired/replace and I wanted it to looked more nicer. It is our CASTLE after all hehe. If we choose to renovate, we have to fork out our own cash from our savings and if we sell, we can use the money from the profits to renovate. We also wanted to have a room that looked very professional for office use since hubby worked from home. And he wanted to have a game room where he can play undisturbed while I can watch TV.  I think with that, we needed to find a new place.

End of November, the agent started bringing a buyer over. Thats when it started rolling. Here are the list of dates potential buyers came to view our home.

30 November 2014
20 December 2014
30 December 2014
10 Jan 2015
16 Jan 2015
17 Jan 2015

2 of them made offers without being able to give a 2 months extension (which we needed to settle the bank loan, etc) so we have to leave on the day of the sale completion and have to find a place to rent for 2 - 3 months. The other one however, was willing to give us 3 months extensions if we sell to them because they really liked our home. This is the buyer that the agent was nudging us to accept. 

Our consolation being that we managed to snag an Executive Maisonette for an amount that is within our budget! That was the cheapest I think in the market at the moment. The selling price was pegged at $530K (negotiable). I was the one who found this unit through countless checking on the property websites. Checking websites everyday, 3 times a day became my mantra. We went to view that unit without the agent on 12th of January 2015. I told the agent that we can do that on our own because I don't want to trouble her since she stayed all the way at the East side and we're on the West side. Also that unit is just walking distance from our home. Honestly I didn't want to dilly dally because I know she is very busy and waiting days just to view might make us loose a good bargain.

On the 14th of January, I asked the agent to negotiate on our behalf for that unit and she tried offering $505K which the other agent (representing the seller) was a little unexcited about. He also told our agent that there were offers for $525K although the potential buyer has not put any deposit to secure the deal. After that, I don't know what happened (according to her later on, she was still trying to negotiate), since I didn't hear anything about it for 2 days, I assumed it was already sold.

The buyer who offered us 3 months extension wanted a second viewing on Saturday morning at 9 am! I was not thrilled because they have been very persistent in wanting to buy our flat at their price tag. They gave a lot of reasons like our rooms are in original state, need a lot of work done, not good ventilation, etc which are kind of annoying. I think the only hard work they needed to do for the rooms are a fresh coat of paint. If I opened the windows, I would have to jam the door from slamming because of the wind..... My husband said it was probably their way to bargain but I still find it annoying :)

On Friday, 16th January 2015 our agent was supposed to bring us to view some units in the evening. But in the afternoon, I got a message from her saying that a buyer wanted to come and look at our place around 8 pm which we did not reject. We planned to head out for our own viewings after that appointment but her Personal Assistant told her that all the units we were supposed to view that might be within our budget were snapped up. EM are so limited nowadays especially those with good bargain :(

I was feeling rather disappointed but I told her to just wait for units around our budget to be marketed again. It would be pointless to view those that we know might not even come close to our buying abilities. During that rather 'depressed' state, I messaged the agent for that cheap EM if it was sold. He called me back in 5 minutes and thats when we started talking and negotiating. I asked him up front what is the minimum amount that the owners would at least consider so that was how $512K came up. Based on the online average estimation, their blk and unit is currently valued at $509k. At least it is above the valuation that we can offer. Haha me the negotiator.  Not wanting to pass the precious chance, I told him to come over and collect the cheque so he can show to his clients we are serious in buying the unit. I told my agent and she was in shock that I negotiated directly with that agent. Well it just happened so fast and one thing led to another. At this stage, it was be quick or be sorry. The agent should understand because she implied to us before that if we don't accept the $400K offer for our unit with the 3 months extension, such offer might not come by again and she might not be able to market our unit for us anymore. I felt kinda threatened at this revelation from her but I will let it slide :) I know I know, she's popular so she can always pick and choose ;) It is just sad that we're offered about $26k below valuation :(

EM agent came and collected the $1K deposit and told us that he will help to convince the sellers to sell it to us for $512K but no promises. Later that night he called our agent and said they accepted our offer, yippeee!

Next morning, we in return accepted the offer for our unit. So we "bought" and "sold" in one day. Impressive!