Home Buying in 08721>Question Details

Rocco Lagano, Real Estate Pro in New York, NY

I found a house that I would like to purchase in bayville near the water.. however, the seller is firm on

Asked by Rocco Lagano, New York, NY Tue Mar 10, 2009

their asking price and wont budge.. I made an offer but no counter.. my offer was about 10% lower than asking.. what gives.. i thought this was a buyers market... not sure what to do.. any advice is greatly appreciated.. Thanks!

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Well, a so called buyers market is no reason to think that an offer should be 10% under asking.
Is the home priced reasonable? I listed a home at a very competitive rate becasue the homeowner said.. sell the house in a day.. there was no 10% to be had there. There are no set guidelines to a buyers market.

I would hope that you had comparables from the area to see what price range homes have been selling.
If not, have a Realtor help you.
2 votes Thank Flag Link Tue Mar 10, 2009
Roger: No you cannot use another Broker (agent) with impunity. Your present agent has a good claim on any commission from this deal and no other knowledgeable agent will get involved, since they may well receive none at all.

No your agent should not contact the seller directly. In most cases the seller has agreed that his agent will handle all negotiations. How would you like every crazy in the region calling you, importuning you to sell, when you had no intention of working with that person?

Your agent may not be familiar with Bayville but you are past that point. She found you a property on which you were willing to make an offer. Unless she has no access to the local MLS, she can advise you as to the local comparable listings and sales, so that would be the only (but significant) failing she would have. She should certainly be more experienced in negotiations, which are pretty much universal in this state, than you are. (Or why would you be asking these questions on a public forum?)

What you can (and should) do would be to talk to your agent and ask her to contact the seller's agent for feedback. Perhaps she will be able to find what the seller is willing to accept, at least as a starting bid in negotiations. (As a matter of fact, you should be asking your agent a lot more about how to conduct your house search and negotiations and not using this forum, unless she has been so inadequate that you need to dismiss her, which you can certainly do, in writing and for cause. We're actually interfering with your relationship, not adding clarity to it.)

Your agent should be able to tell you enough to allow you to move forward or move on. We cannot do that from a distance and in an information vacuum.
1 vote Thank Flag Link Wed Mar 11, 2009
Agents that try to STEAL your business is what gives the business a bad name. Stick with the agent you got. No one said negotiation is an easy task. What's your hurry? I have submitted offers that were rejected and three weeks later the other agent is calling me every day asking about the buyer's offer. Give it time.
Web Reference: http://GregoryBain.com
1 vote Thank Flag Link Wed Mar 11, 2009
Utilize a local agent to help. They can always give a referral fee to your out of area broker. I work with Kelly Niro, she knows Bayville, is an excellent agent. May be worth talking to her. Just FYI.

Ray@ Crossroads Realty
1 vote Thank Flag Link Wed Mar 11, 2009
Hi Roger, I live in Bayville and I am also a Real Estate Agent in the area. I can tell you that depending on the Sellers circumstances, they may have the home priced at what they are looking to get, which means not much wiggle room to play with. Bayville is a great town, I grew up here and I do hope you decide to move to our great town. Good Luck! I do agree with what Mike said below...
1 vote Thank Flag Link Tue Mar 10, 2009
buyer market doesn't mean every listing selling for 10% less than asking price. it just means lower prices (more people want to sell than buy) However, what if the house you want to buy is already 50% less than what every other similar house sells for? Do you still want to byuy it at 10% under asking? Or what if it's at 150% of similar homes, then buyign it for 10% under asking price still leaves you paying 25% more than comparable homes.

How does the price of this home compare to similar properties? Answer this question and you'll know exactly what to do.
1 vote Thank Flag Link Tue Mar 10, 2009
If the property you made an offer on was properly priced and your offer was below its true value, you clearly made an unacceptable offer to the owner.

What type of market we're in, is irrelavent, if the property is priced right.

Now, if the property was priced higher than its true value and your offer was within a price the market would support, you're likely dealing with an unmotivated owner.
Web Reference: http://www.golftobeach.com
0 votes Thank Flag Link Thu Mar 24, 2011
Very simple they do not want to move on their price for their own reasons.They mightt not have a strong motivation to sell. It might be a buyers market but that means nothing if the seller has little or no motivation to sell at a lower price. If you search the homes on the market like this they are usually the ones with huge number of days on market .Also they might have already discounted the house
If you really want the house resubmit a higher offer.If you are working with a Realtor ask them to run a CMA to see what is the current market price of the home . It might already be 10% lower than the market price.
Web Reference: http://Flanaganrealty.com
0 votes Thank Flag Link Thu Mar 24, 2011
This is a town made up of many philosophies. Many folks here list their homes at the price the actually want and think is fair. Northern NJ and other areas have more padding added by sellers on resales than do people around here. We have had boom and bust markets but most know the intrinsic value of their property and many have time because they are older to wait for a buyer at the list price. If it is your dream, several thousand dollars isn't going to do you in most likely. But if you see other choices that would make you happy at lower prices, go that way instead. This is a large community with many "neighborhoods" with different interests and mindsets so make sure you are picking a spot where you will be happy. I did and am so glad. But I have a neighbor who wants out yesterday so it's so much a matter of personal choice. Nice thing for a buyer, there is a larger market than usual so you have variety that isn't always here.
0 votes Thank Flag Link Sat Jun 13, 2009
Work on your communication with your broker, better communication = better results. Tell your broker everything you told us, have them do a market analysis to see how the price of this house compares to others (even if your agen't doesn't specialize in that areas/he should be able to to do it fairly well still)

Explain to your agent that you really like the house and want to buy it, but you don't like to make blind offers and would like your agent to talk to the listing agent to get more info out of them as to why your initial offer was rejected and how can you make a better, more appealing offer (who knows, maybe it wasn't the price, but the closing time or perhaps a low down payment etc)

Do this and see what your agent tells you. Maybe they tried to talk to the listing agent but just can't get any more details out of them, maybe the listing agent just went on vacation for a few weeks without leaving a back up agent to handle their stuff (it happens, sadly)

The key to a good real estate transaction is in communicating with your agent. They can't guess what you want by looking at you, and if you don't tell them what you want, or how you feel or what concerns you have, an agent can't really help you with those. So, talk to your agent!
0 votes Thank Flag Link Wed Mar 11, 2009
Roger: You don't tell us whether you are working with a Realtor. If not, we really can't help you; if so, we really shouldn't. WHAT DO I MEAN BY THAT?

If you are working on your own, we have no idea where you have looked or what you are looking at. Unlike the flea market, real estate is not a good old British "bring and buy," where there merchandise is always available for something other than the ticket price. You might even offer ten percent MORE and get rejected. There are always those pesky "terms," that may be unacceptable. The owner may have gotten a much better offer and prefers just to work his negotiation thought to the end with the other bid. Who knows?

I don't know what gave you the attitude that any bid you make deserves consideration but my advice is to drop it right now. You'll do much better if you realize that it is just like when you ask a girl to dance, it does not mean that she is going to be swept off her feet and say yes, the seller may not be impressed with your generous offer. Just as you have to be appealing to her, your real estate offer has to appeal to the seller. Only he can sell but any number of people can buy, no matter what kind of a "market" you may call it.

We really should not help you if you are working with an agent either. Why? Because we would be second-guessing not only the situation (which we really don't know at all) and his or her activity in your behalf. Maybe the agent has told you exactly what you need to know on this deal and you haven't listened. Maybe they can’t get any more information from the other party then they've given you. Maybe they're asleep at the wheel. Once again, who knows?

My advice: Get a good Realtor such as one or two I will name if you Email me. (Sorry, I don't cover the area myself.) Sign an agreement to have them represent you and then get their opinion as to the proper bid to make and when to walk away and look elsewhere. That’s what we do for a living! Almost all of us are highly experienced and all are motivated to get the best we can for our clients. You can be choosey in determining who is right for your personality and the goals you have set for yourself.

Best of luck.
0 votes Thank Flag Link Wed Mar 11, 2009

Doom and gloom is all over the media these days resulting in many believing that real estate here in NJ is a 100% "Buyers Market." However, as a full time RE agent who lists and sells, I can tell you that (1) real estate is local right down to the neighborhood and (2) some areas are not "buyers markets" but, normalized (the median b/t buyers and sellers market). I have listed properties in certain neighorhoods that went under contract at or near asking in less than 60 days, while other areas linger for 12+ months that are priced at market value.

To more directly answer your question is difficult without additional info (i.e., is this property a for sale by owner, is it listed with an an agency, what is the market value in the area, is the list price in sync with this value, was the offer presented in person, if so, did the agent provide ample evidence to support your offer (I recently did an in person that resulted in a $1M property selling @ $850k) . . .. and the list goes on).

If your are currently unrepresented by an agent, please feel free to give me a call or email me to discuss further as Bayville is within my selling area. If I cannot be of assistance, I will gladly pass this on to an agent who is imore mtimately familiar with the area.

Francesca Patrizio

Francesca Patrizio
Web Reference: http://www.PatrizioRE.com
0 votes Thank Flag Link Tue Mar 10, 2009

This best thing to do is be as knowledgeable as you can about the value of the home. Sometimes you have to determine the seller's motivation. With so many homes in foreclosure, the seller may be trying to avoid a "short sale". The seller may have financial obligations he is looking to pay off with the proceeds of the sale of the house. If you are not represented by an agent, you need to hire an agent that does their homework. and knows the area well. Your Realtor will advise you on your offer before presenting your offer. Was the asking price realistic? Do the comps support the asking price? Do the comps support your offer? As a Realtor I am skilled negotiator, my job is to get you the house you desire at the best price. Contact me by e-mail barbara@barbara-fisher.com or call me at 848-992-7076. You can search homes for sale on my web site http://www.barbara-fisher.com. Call me if you have more questions.
0 votes Thank Flag Link Tue Mar 10, 2009
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