Home Selling in 10001>Question Details

Emor2011, Home Seller in 10001

I need advice in negotiating a bid. I need the potential buyer to come up $38K while I go down $20K. Any advice on the increments?

Asked by Emor2011, 10001 Tue Mar 8, 2011

Do not what to lose the bid. So any strategy would be welcomed.

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allan erps,ABR,SFR’s answer
Whatever happens here is your call. If the offer does not come up to your satisfaction, you do not have to sell. Of course in today's market you never know when the next offer will come. Best of Luck!
0 votes Thank Flag Link Thu Mar 10, 2011
It is hard to advise about the negotiating without knowing the price. You are in Manhattan, Midtown West based upon your zip code. You could be talking about a $4MM high floor 3-BR in the Atelier or a studio co-op in a walk-up for under $300K. My point is this might be a big or very little amount, and there are various strategies that we agents, as professional negotiators use, which take into account many factors that I don't know from your brief description. What it all really amounts to, is what the fair market value is. You seem to not have an agent and are selling on your own, which is why the negotiating is so diffiult for you. As the seller, you are emotionally involved, which is never a good position to be in. It is not a matter of how high you want him to go or how low he wants you to come as what the comps say is the true market value. Your agent, if you were listed with a professional real estate agent, would be able to advise you on that. There are other negotiating points that are just as important as purchase price. Purchse price is only one factor in the offer. I can tell you from experience that most For Sale by Owners do overprice, so your buyer may be offering you a fair price. If you are priced correctly, they may be lowballing you.

I would suggest, if you and this buyer do not reach an agreement, that you list your property with a skilled experienced agent. You will then know it is priced correctly, that it is getting the necessary exposure, and you will have a skilled negotiatior working onyour behalf. That is how to get the most money in the least amount of time. You will also not be so afraid of losing your only buyer, as you will be getting sufficient traffic to get serious buyers willing to pay market value.

Also, please do not take advice on NYC real estate from well-meaning agents who do not know our market, as there are nuances of our market that are only understood by someone who is immersed in it every day. For example, the responder below who talks about fear of "the market" falling further, we have been rising her for several quarters and are off the bottom with good inventory getting scarce. We are trending up.

Hope this helps.

Jenet Levy
Halstead Property, LLC
212 381-4268
4 votes Thank Flag Link Tue Mar 8, 2011
If you are a seller, it is a good idea to have the buyer speak to a qualified mortgage representative. Often when you are trying to bridge a gap, in this market a buyer wants to be careful because he or she is worried about prices falling further in the future. However, if a buyer is going to be in the home for at least five years, often times the difference in a mortgage payment of $38,000 higher is just dollars a month. It is the same as not purchasing that extra cup of coffee a couple times a week from Starbucks. Missing out over a home over a few extra dollars a month is very unfortunate!
1 vote Thank Flag Link Tue Mar 8, 2011
Eventually one party is going to have to cut to the chase with the last and final offer. Your house, your call. Counter at what you will accept; and if it was meant to be it will happen.
Web Reference: http://www.321property.com
1 vote Thank Flag Link Tue Mar 8, 2011
I do not advise going back and forth constantly to try to bridge this gap. I have found, the more back and forth there is in a negotiation, the bigger the chances for the deal to fall apart. Put your best foot forward and tell your agent to tell the buyer's agent to do the same.
1 vote Thank Flag Link Tue Mar 8, 2011
Hi, Depending on how anxious you are you can meet them in the middle, one shot. Typically when a negotiation goes backj and forth more then 2-3 times the deal doesn't happen. It's impoirtant for you to know how bad the buyer wants the place because that will help you decide how to move. Always be gracious and keep the negotiation pleasant and keep in mind both parties want to feel like they have won. Good luck!

Christopher Pagli
Licensed Associate Broker
Accredited Buyer Representative
GREEN Designated Agent
William Raveis Legends Realty Group
1 vote Thank Flag Link Tue Mar 8, 2011
Do you have an agent, if so what is he/she suggesting--if you don't have an agent, keep in mind that a home is worth what someone is willing to pay for it; it doesn’t matter what the seller needs or potential buyers can afford to spend.....
0 votes Thank Flag Link Wed Mar 9, 2011
Hi Emor. Jenet has hit the nail directly on the head in her advise to you in every aspect. I will say as I have said time and time again, New York City is a singular market. While brokers from elsewhere on this thread are well meaning and have experience, they simply do not understand the New York market.

You've run into a road block in your attempt to sell on your own and that has become it's own problem. I certainly wish you all the best.
0 votes Thank Flag Link Wed Mar 9, 2011
Matter if the buyer is qualified for additional amount IF the home could appraise.

Your listing / buyer agent hammer all this out

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
0 votes Thank Flag Link Tue Mar 8, 2011
increase your advertising at your strike price to get more buyers interested. I also would say put out a few ghost ads on similar properties in the area. weed out who's real or not. you can also hire a staging company to justify your price. for your bid you may want to look at getting a contractor bid for free to put together repair estimates to justify your bid.
0 votes Thank Flag Link Tue Mar 8, 2011
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