By: Beth O'Donoghue

The Condo I Sold 3 Times...

Tags: Real Estate, Condo, Sales

If someone tries to tell me realtors don't earn their commission let me tell you a story.

I had a small One Bedroom condo For Sale at The Harlowe. I brought this out in August. Not the best time to sell as most people are trying to enjoy the last bit of summer. We painted it and had it staged and threw it up on the market.

Originally, I underpriced it and held an offer date. We had approx. 50 showings in just over a week. Offer date came and we got nothing. Then the next day I had 2 low ball offers. We Open Housed the unit almost every weekend and for about a month we got nothing. We had the furniture taken out and I got updated photos done of the unit without it.

I finally got an offer and after a week of negociating we came to agreement. It was conditional and they ended up asking for an extension. They were US Buyer's and were having trouble with the banks. We were getting close to the holidays so I gave it to them. They had 50% down so I figured it was just taking long to process. After 2 extensions they couldn't secure financing so I told my client to move on. Within a week I had another offer. At this point it was alot easier since I knew the price I wanted. We reached a conditional deal. Financing came up again, the new buyer was a first time home buyer but had a good amount in his RRSP so I wasn't worried. Again, when the condition came due they didn't waive as he could not secure financing. At this point I had backups. 

So once again I sold it. I had 3 offers, a few tried to low ball. We were conditional once again. This time it was thing after thing. The clients did not drop deposit within 24 hours which basically nullifies the deal. We found out they dropped it in regular mail rather than having it courierd. Then they wanted an extension for fiancning. I was like no way. At this point I had learned my lesson and had 3 back up offers. They waived financing to keep the deal alive but they still had status. It ended up taking over a week to get the status certificate then 3 days for lawyer review. They ended up waiving and going firm.

Usually at this point my job is done. It goes to the lawyers and I just arrange the final showings and getting keys where they need to go. The next day my clients lawyer emails me and tells me the unit was closed under my clients personal name instead of his corporation and the buyers wanted to change to their corporation instead of their personal names. So we had to redo the contract and have everyone resign.

So all in all I did 20 Open Houses, 4 Contracts (least 20 times back and forth), 2 rounds of photos and over a dozen showings. I earned every penny of this comission.