Home Buying in Wisconsin>Question Details

Hah, Home Buyer in Chicago, IL

How much below asking to offer on a resort condo? Is 20% too much?

Asked by Hah, Chicago, IL Sun Aug 21, 2011

This is a potential second home, so we are comfortable offering cash but are concerned the monthly fees will rise (the monthly fees are quite high, but we may rent it out part of the time to cover expenses). Of the unit type we would like, there are four that are almost exactly the same, and they've been on the market for about a year, so we think it is overpriced (only one is listed at less than what they paid in 2007). That one is listed at $265. In a situation like this, where all the units are listed by the 'on site' realtor, should we get a separate agent to help us negotiate?

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6
Contract an Accredited Buyer Representative and discuss buyer representation. In that regard, your Realtor can provide additional information, including current market conditions, and would be working for you, not the Seller or the Developer.
0 votes Thank Flag Link Fri Aug 26, 2011
I'm a Realtor in Northern Wisconsin who is very well versed in condominiums in the Northwoods and would very much like to help you get an extraordinary deal.

If you like, please contact me at mark@wayupnorthrealtor.com and I'll be first in line to help you!
0 votes Thank Flag Link Tue Aug 23, 2011
Thanks, this is very helpful! Is it OK to get a realtor after viewing the property with the on-site realtor?
0 votes Thank Flag Link Tue Aug 23, 2011
Have a Realtor negotiate an offer that you would like to make on the property.
Worst case scenarios is that the owner of record says no or ignores the offer.
Web Reference: http://www.321property.com
0 votes Thank Flag Link Mon Aug 22, 2011
LISTING PRICE

Understand that the LISTING PRICE has one primary objective, to attract attention: It is not intended to be set in stone, and in many cases it is not even a good guideline toward the SELLING PRICE.

Some Sellers believe that by setting the LISTING PRICE high, they can always come down, and people will make an offer anyway: WRONG! Buyers will just bypass the property and look at houses that are within their price range. And six months from now, the Seller will slowly start lowering the PRICE, (this is called “chasing the curve”) and Buyers will be asking the question; “What’s wrong with that house?” and “Why has it been on the Market so long?”

Other Sellers set the LISTING PRICE low, to attract multiple offers. (The correct strategy.) We are asked; “Aren’t you obligated to sell at this price if someone offers it?” The answer is probably not; for that to happen, you would first have to have only one offer, and secondly, the offer would have be exactly the same, down to the smallest detail, (please discuss this with your Realtor).
Another thought; Buyer will search for potential properties by groups; for example, $400,000 to $450,000, and $250,000 to $300,000. If your house is priced at $460,000 or $310,000, the Buyers will never see it. (something else to discuss with your Agent.)

We have found that extremely often, the LISTING PRICE that is set on SHORTSALES and REO’s are not determined, nor even discussed with the Bank: The banks play their cards very close to the vest, they will not tell the Listing Agents any more than they have to; they will not give us their lower limits. So usually, the LISTING PRICE on a distressed property is a number taken out of the air.

If you are considering a property, have a Realtor do a CMA, (Comparative Market Analysis) to help you determine your Offering Price. If you look at enough CMA’s, you will see the trends.

And, YES, you should get a Realtor to help you.
0 votes Thank Flag Link Sun Aug 21, 2011
Yes. You should get your own Realtor. How would we, in this on-line forum, have any idea how much you should offer on a property about which we know nothing. There is no magic number of what to offer less that or more than a list price. All situations are unique and depend upon some of the things that you have already noted but also on conditions, location, inventory level, demand, and comps. A local Realtor can help you with pricing and everything else that is required to buy the property.
0 votes Thank Flag Link Sun Aug 21, 2011
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