Home Buying in Massapequa>Question Details

cmh2178, Home Buyer in Massapequa, NY

Recently placed an offer on a house and the homeowner doesn’t want to budge on price.

Asked by cmh2178, Massapequa, NY Sun Jul 8, 2012

What’s a good strategy for the RE agent to take to get the homeowner to realize there house is not worth the same as last year?

Help the community by answering this question:


Is your offer based on recently sold similar properties in the immediate area...what is your agent advising; if you can't come to an agreement with the seller, keep in mind that you do have other properties to choose from...
1 vote Thank Flag Link Mon Jul 9, 2012
The owner presumably has an agent. Your agent can request (but may not be offered) the opportunity to present your offer in person. As a prior poster said, if recent comps support your price, then your agent can present that to the owner if offered the opportunity and/or to their agent. Of if you are simply offering the best you can, regardless of market value or supporting comps, then your agent can convey that. Regardless of your agents actions - or even the sellers actions - the seller may not be willing or able to compromise and that is all there is to it. In the end, the best strategy may be for your agent to redirect your attention to another property, unless you are willing to budge on price. Good luck.
1 vote Thank Flag Link Sun Jul 8, 2012
0 votes Thank Flag Link Sat May 4, 2013
Good morning cmh2178,

First you must remember the RE Agent does NOT work for you; the Agent works for the Seller's best interest. That best interest is to obtain the best price on the home.

That having been said, this is indeed a Buyer's Market and it is often difficult for Buyers to convince Sellers their homes are not worth $43Million. I have always advocated the principle of negotiating as the MOST SERIOUS Buyer.

The well-prepared SERIOUS Buyer gets results because the Realtor convinces the Seller to take this Buyer seriously. There are many Buyers walking around out there who are neither properly qulaified to buy nor really serious about the Offers they make. Realtors meet these dilletantes too frequently. Set yourself apart and Sellers will take your Offers more seriously.

How do you demonstrate you are the MOST SERIOUS Buyer?

-You are Prequalified and you have your Prequalification letter in hand when you make your Offer. (Too many Buyers make their Realtors wait 2, 3 even 5 days to get the Prequalification letter after they make the Offer)

-Your Mortgage Banker is accessible if the Realtor has questions about your Prequalification. While your Mortgage Banker cannot discuss confidential specifics about your qualifications, general questions about the qualification can be answered: tax returns were reviewed, complete bank statements, 30 days recent paystubs, etc. (Too many Buyers have "Wham Bam Thank You M'aam" Prequalifications based solely on a credit report and nothing else)

-You have your real estate Attorney lined up and can provide that information to your Realtor when you make your Offer (Too many Buyers have to cast about for an attorney after the Offer)

-You have your Home Inspector lined up and ready to jump in for the Home Inspection within 24 hours of your Offer being accepted.

I used this method to buy my first home and convince the Seller (in a Buyer's market) to accept considerably less than asking price. Many, many, many of my clients have used this method over the years and they're using it now. IT WORKS.

If the Seller still refuses to budge on price then you've used this method to find out something else: this Seller isn't SERIOUS about selling. Then it's time for you to move on.

Trevor Curran
NMLS #40140
0 votes Thank Flag Link Wed Aug 8, 2012
How far off the asking price did you offer? Most owners are willing to budge, but not when someone offers a price so below their asking price, because then they set a precedent. Also consider the neighborhood. Massapequa has very specific distinctions in their neighborhoods and what that particular community offers. There's also a difference between Massapeua and Massapequa Park as for as incorporated village, taxes, water, garbage etc.
0 votes Thank Flag Link Tue Aug 7, 2012
There are always variables to any property, but researching closed homes sales in the area is a very good start to a resolution. There are too many unknowns for this question to be answered properly. Speak with your agent and let he/she discuss all options.
0 votes Thank Flag Link Mon Jul 9, 2012
The simple answer is to check with your agent for advise. I would need more info to give you any advise.
0 votes Thank Flag Link Mon Jul 9, 2012
Have your buyers agent run comps to find recent similar sales. I know here in Cape Coral, FL prices have increased over the last year so homes now are worth more than they were a year ago.
0 votes Thank Flag Link Mon Jul 9, 2012
I have to ask you why you feel that the house is not worth the price the owner is asking? Do you know what the actual market value of the home is? What has your agent told you about the value of the home? Do you have a certified appraisal of the property? Are you willing to compromise? Too little information to give you the RIGHT answer. Please repsond.
0 votes Thank Flag Link Sun Jul 8, 2012
We have not gotten a certified appraisal on the property because we havent agreed on a offer. i have looked at comps in the area and decided on market value of the house. I may be wrong on my numbers. Whats the best way to get comps in an area? My RE agent said its hard to give comps on this property because it on a canal. Any suggestions, any help is appreciated.
Flag Mon Jul 9, 2012
If you have a buyer's agent they should be able to provide a list of recent comparable sold properties to the seller's agent supporting your offer.
Tom Brady SFR, e-Pro, SRES, GREEN
Licensed Real Estate Salesperson
Notary Public, Ret. NYPD Lt.
"We treat you like family!"
Charles Rutenberg Realty, Inc.
255 Executive Plaza - Suite 104
Plainview, New York 11803
0 votes Thank Flag Link Sun Jul 8, 2012
The point is that you get treated as a family member buying something, fierce loyalty, protection, and honesty.
Flag Mon Jul 9, 2012
I don't want to be treated like a family, I would want you to treat me like a buyer
Flag Mon Jul 9, 2012
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