Saturday, June 21, 2014

the offer

I had a couple look at the apartment a few times, they were considering purchasing it as an investment by renting it out.  But time kept passing and I never heard back.  They were also purchasing an apartment in Manhattan and that took priority.  A few months later they resurfaced and looked at the apartment an additional two or three times.  I was so happy they were still interested and I figured an offer would come soon.

It did.  But it was extremely low.  My real estate agent even told them I wouldn't accept their first offer, they had to do better before she even contacted me.  Bonus point for my agent.  For about a week we negotiated, they were not going to come up to where I needed, so I started to crunch numbers to see if I could go as low as their maximum offer.  I'd still walk away with some cash, but not as much as I would have liked...but then again, I'd save some of that money after closing which would help put a small dent in the difference.

But before the contract was signed, I had another showing and they did not leave any feedback.  My agent called them to ask if they were interested because I had an offer.  Turns off they were interested, they also submitted an offer at asking price.

Asking price would have been great!  Their offer letter also stated no inspection would be necessary.  Aside from the more money, what I liked about offer #2 was that the person was going to live in the building and not rent it.  Since I lived there and was on the Board, I know the importance of not having too many renters. I accepted this second offer.

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