I listened to the story with fascination as the property agent shared with me the story about how his seller turned down a record price for his unit.
Why? Because the buyer had remarked that “the kitchen was ugly”.
I asked the agent – “So did you try to convince him to take up the offer?”
He replied – “Yes I did! I pointed out this offer will be a record price for the development but he was adamant.”
Me – “Then what happened next?”
The agent – “I continued marketing the unit. Offers came in… But we had to wait 9 months before another buyer matched the same offer.“
I was amazed. To think that some people are willing to wait 9 months – just to stick it to the buyer who offended him.
True, the seller was not in a hurry and probably did not mind waiting.
But it also illustrates another important factor – how emotions can get easily involved in our investment decisions....