Property Q&A in Lumberton>Question Details

Bill Wasserm…, Home Buyer in Lumberton, NJ

How much should I offer for this property ?

Asked by Bill Wasserman, Lumberton, NJ Thu Apr 2, 2009

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This question is about this property: http://www.trulia.com/homes/photos/New_Jersey/Lumberton/sold…

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Answers

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Hi Bill,
Definitely, if you are not already working with a buyer's agent, find one who will give you all the facts you need before making any kind of offer. A buyers agent would not cost you anything and will work in your best interest.
I am in your area and am familiar with these homes. This was the lowest priced at $253,900 for the newer section with a finished basement. We won't know what it settles at until it actually closes (scheduled for 4/30). I would also take a look at what has sold in the last few months to get an accurate picture of the value of the home. Your realtor should also be able to keep an eye on this one, and in the event it does not settle (that does happen) and it's back on the market, you would then have the opportunity to place an offer.
Hope this helps and if you need any more info, please let me know!

Michele Rose
Weichert, Realtors
(609) 386-0066 office
(609) 456-5813 cell
0 votes Thank Flag Link Thu Apr 2, 2009
Bill,

That home is currently under contract and pending sale. Are you the buyer? If so I can understand you may be thinking whether you have negoiated the best possible deal. If you are not the Buyer then I would assume you are still in need of housing. You can start by going to http://www.YourNJHomeSearch.com The homes are updated daily so you will always be looking at fresh information. Prior to putting an offer on any proeprty your buyer's agent should provide you with a complete history of the area you are interested in. This is a routine service I perform for my clients. If you are in need of a professional who will represent your best interest call me. It will be my pleasure to assist you.

Best Regards,

Jeremy S. Hill, Realtor Associate
Keller Williams Realty
http://www.SouthNewJerseyHomes.com
Office: 856.685.1651
Direct: 609.876.5817
Fax: 609.482.8235
Licensed PA, NJ
"Your Interest 1st Always"
0 votes Thank Flag Link Thu Apr 2, 2009
Hi Bill: I haven't even looked at the property that you have posted! Why not? Simple answer: It will not make a difference to the way I answer your question.

The answer to your question is, again, simple. Hire a Realtor to advise you and either pay him or get the seller to do so as part of what he pays to sell the property. (This is the way most buyer's agents usually get paid, by the way. There’s USUALLY no cost to the buyer.)

Why do I recommend getting expert advice? For the same reason I don't think you should self diagnose liver failure.

How will you know what to offer? First, the Realtor should join you in a visit to the property but even before that, the Realtor should visit all the aspects of Bill Wasserman. What are you looking for? How much of a down payment and how much of a mortgage can you carry? How much cash do you have for repairs and improvements. What are your business and social needs that this property may help or hinder? (For example, if you work long hours and the house needs serious work, can you do it yourself or supervise a contractor to get it done)?

Ok, now the Realtor knows a little about you. Remember, this knowledge was gained by investing the Realtor's time and time is money. Next step is to visit the property, so both of you know something about it and can talk about it on the same page. If the Realtor has some experience, they should be able to point out conditions that may add or detract from the value of the property compared to others in the area. (You will have a better and more thorough understanding of this situation and a chance to renegotiate after you enter a contract, because, during the inspection phase, when and if it appears to be necessary, you can even get a contractor in to give you estimates for any work that may be needed.)

What are the comparable values in the area? The Realtor has access to the local MLS and can quickly come up with these comparables. By adding and subtracting the physical values seen during the visit, you can come up with an approximate value of the property. (Approximate because the only true value is what the seller can get someone to pay for this unique property and that he can live with accepting.)

Armed with this information, you can make an offer based on the listing price. It can be a "lowball," attempting to get the best bargain in the world, or it can be "generous," assuring that you will get the one property that is exactly what you need to support your lifestyle and within your financial capability. While almost everyone is looking at choice one, it's a little like shopping for a new car. Everyone will tell you they beat the dealer into taking a loss on their purchase. How many people that you know ever say "I paid a little more than I should but I liked the car and I know the dealer will stand in back of the deal and give me great service?” I'm afraid that the answer is that very few people will say such a thing. Yet we know that accept for the present times, auto dealers usually make money on their deals; otherwise they would all go out of business at the end of the year.

My point is that you are investing a ton of money for the long term. It's money that is buying you shelter, social accommodation for entertaining, location for your business needs and, yes, even life support (closeness to food shopping, doctors and even just frivolous entertainment or serious stuff like your Golf Club.)

With all this in mind, you and your Realtor can come up with a strategy that will result in a successful negotiation. It can involve a lot of back and forth, (more of the Realtor's time) and you may end up finding that, just as most buyers are sure they can get a bargain, most seller's "know" what their place is worth. If both sides cannot come to a meeting of the minds, there will be NO DEAL!

A personal note for your guidance: I once had a property (unlisted) that I wanted to sell. I knew approximately, (all you can really know) its worth. A fellow asked me what I wanted for it. I gave him a figure. He immediately offered 2 1/2 percent less and I, in return, immediately accepted his offer, we shook hands and the deal was done. It didn't take five minutes. That meeting of the minds occurred not by fancy games or lowballs that gradually increased but because both parties were well prepared, fair and had complimentary goals.

My advice: Get together with a good Realtor (I'm very proud to be a Realtor and hope that I am a good one.) and get his or her advice. Work closely with them and make sure they get firm instructions from you as to where you are and how you wish to proceed. They will be able to negotiate very effectively for you. They may not, however, be able to convince an unreasonable seller that you should get the property at a reasonable price. Some mountains will not go to Mohammed.
0 votes Thank Flag Link Thu Apr 2, 2009
Hi Bill, an agent with local market expertise can assist you with market analysis and pricing. You can certainly extrapolate from the 2006 sales price but the best way to analyze pricing is to do a complete analysis, which considers past sales, 12 months and 6 months back as well as properties currently under contract to caculate the specific market trend, then applies that trend to the current comparable active listings to arrive at a price range - it is a great tool when done by an agent that is skilled at the analysis. With that in hand, you are ready to substantiate your offer!

An offer based on the facts of the market is far more apt to succeed than one that is not. So you are off to a good start, seeking the opinion of realtors rather than just pulling a number from the sky.

Good luck to you - it looks like a very nice unit.

Best,
Jeannie Feenick
Web Reference: http://www.feenick.com
0 votes Thank Flag Link Thu Apr 2, 2009
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