Home Buying in Brooklyn>Question Details

Sanjid, Home Buyer in Brooklyn, NY

Condo buying advice...

Asked by Sanjid, Brooklyn, NY Fri Dec 7, 2007

Im looking into 2 bedroom condos int he brooklyn area and they are ranging from 360 to 430 in thousands depending on the neighborhood. They are only asking prices and I would like a suggestion on how low i can go when negotiating? 10 to 20% too low? They are fairly decent and renovated properties. Anything will help, thanks!

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Hi Sanjid, I think you can handle this without an agent if you like. Trulia gives you a fairly good representation of comps - I find them to be accurate. If you want more detailed information, have look at property shark http://(www.pshark.com). As far as negotiating the asking price, please read the article I wrote for http://www.FromTheStoop.com : http://www.fromthestoop.com/make-an-offer-14.htm .
Web Reference: http://www.FromTheStoop.com
1 vote Thank Flag Link Wed Feb 6, 2008
If you get a Realtor to represent your interests, he/she can provide you with recent sales comparatives so you will have a clear understanding of where the property should settle.
1 vote Thank Flag Link Fri Dec 7, 2007
Sanjid, I have to agree with Gail on this one. Your first step is to get comparables (but be warned take them with a grain of salt, since you know what happened last year, and the year before). But it gives you an idea. Asks the agent to get comps dating back to 2003 (before the market took off). Those numbers will give you a better feel for what propeties/land is worth today, when adjusted for inflation.

Ok, that may seem like a lot to do, but remember your home purchase is the biggest you will ever make, so take the time out, to do it and do it right. You will be happy in the end.

I really have to say something on this one, and i know my head is going to get "chewed" off. The buyer and sellers agent gets paid from the sales prices.
0 votes Thank Flag Link Sun Jan 27, 2008
Make your offer in writing through a real estate agent acting as your buyer's agent. Basically any offer you submit in writing will get shown to the buyer. You will know if it is "Too Low" because it will not be accepted. If it is close, they will counter-offer. Don't worry about offending anyone, this is business. Act honestly and professionally and you have nothing to worry about.
0 votes Thank Flag Link Sat Jan 19, 2008
Talk and go around with a breal estate agent. They can ask the exclusive listing broker, who by the way works for the seller, how much that agent thinks the seller might be negotiable and then you can make an offer. But you can make any offer you like to start out with, and then the owner or the agent who represents the owner or your agent, with whom u work, will get back to you with the couter offer of the seller and u can then make another offer or go away and look more.
By the way: where are u looking? Your price range seems low for prime areas like Park Slope or Brooklyn Heights, but probably good for Bay Ridge or Bushwick. Call me anytime for advice...
Web Reference: http://www.elliman.com/sarp
0 votes Thank Flag Link Tue Dec 11, 2007
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