Home Buying in Ocean City>Question Details

Cjshore, Home Buyer in Ocean City, NJ

I am thinking about buying a property in OC on Wesley. I would like to make a cash purchase It is listed for 649,000 do I have more negotiating

Asked by Cjshore, Ocean City, NJ Sat May 1, 2010

power if I purchase it in cash. Also, how well do condo rent? It is a 4 bedroom 2 bathroom 2nd floor condo. If I decided to rent this property through a realtor, what is their commission and how much does housecleaning costs?

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Joanne Bernardini’s answer
Cash is always attractive to sellers for some very practical reasons. Cash eliminates the sellers distress as to whether his buyer will qualify for a mortgage. Banks have really tightened the requirements for committing to loan money to everyone. Not being able to obtain a mortgage allows the buyer to walk away from the contract and forces the seller to start all over again. In this market the strongest buyer is the cash buyer. If the seller is in financial distress, weeks matter! There is a fine line between getting out by the skin of your teeth and financial disaster requiring a short sale or foreclosure. Sadly. many sellers that originally bought at the top of the bubble are now finding themselves in trouble.
Wesley Avenue is a desirable location. Four bedrooms condos rent well in Ocean City. They also rent well in the winter! Be aware that although the average rental commission on the island is 12% to 15%, Weichert Realtors- The Asbury Group only charges a 10% commission. Over the summer rental season that can really add up!
As a Certified Short Sale Agent, I would welcome the opportunity to help you get the most out of your cash!
Joanne Bernardini, 609-947-2451
Web Reference: http://www.weichertoc.com
0 votes Thank Flag Link Tue Sep 28, 2010

As the other's have said there is always room in the price the two at 12th & Wesley Are now on the market so the Seller may not be looking to come down to much at this minute But Cash Offers to Make it more attractive especially if it is a quick closing. There maybe rentals already in the property which would transfer to you at closing. 1211 Wesley currently has about $17,000 in rentals at a commission rate of 12% there is still rentals open. This amount will figure into the Sellers price. It all depends what shape the seller is in the Sellers agent cannot tell you this without violating his committment to the seller.

The Second Floor of 1213 Wesley has $15,500 in rents at this time the cleanings will run on a four bedroon around $75.00 per changeover
If you really want to know about buying in Ocean City and how to make your best deal I have spent 20 years in Ocean City as a Buyers Agent only

Also You may want to look at a New Construction Unit which is a Short Sale just one Block from the beach 401 34th Street New Building from the ground up and located just one block to the beach.

Tim Robbins Exclusive Buyers Broker

Better Homes Realty


Click my weblink and search homes
Web Reference: http://buyersonestop.com
0 votes Thank Flag Link Sun May 2, 2010
There is almost always room. I think you are either talking about the unit at 127 ocean or 1209 wesley. I would be glad to speak with you about any of your questions. I am very familiar with Ocean City and I am sure that together we could negotiate the best deal possible.

Your question about if a cash offer could buy you a discount depends on the sellers motivation. It is the agents responsibility to not only find out what motivates the seller but what the seller really requires to sell the home. Typicaly a cash offer buys you a discount , it is the strongest bargaining tool along with a quick settlement.

Renting the property once you own is the easy part. I recommend , even though my office has a rental department, to place the unit with several offices and have them communicate everytime they book a rental.

Give me a call to discuss your options. The call and the advice is free.

Edward ( Augie ) Augsberger


Direct # 609-338-1189

Office # 609-523-1112
0 votes Thank Flag Link Sat May 1, 2010

Cash payment as well as a quick settlement and a clean offer can all help your negociating power.

Condos in Ocean City rent very well if they are well maintained and offerr the amenities that renters are looking for such as high speed internet, beach tags, bikes, etc.

Realtor commissions vary by agency but you can expect to pay between 10 and 12% per rental. The cleaning cost will also vary depending on the cleaner you use but will be between 100 & 175. There is a large number of cleaning companies who are competing for business but make sure you are working with a cleaner who is insured and bonded and who has references from past clients.

If you have any further questions please feel free to contact me I was a Ocean City resident for many years.

Ryan Manney
Prudential Fox & Roach Realtors
Web Reference: http://www.RyanManney.com
0 votes Thank Flag Link Sat May 1, 2010
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