NJHomesGuide

In my experience recently many sellers want to over price because they owe more then what the property is worth due to a refinance or market depreciation. In one instance after emphasizing over and over again the need to reduce the price on one of my listings and the seller refusing; the seller lost his home to foreclosure.

Currently I have close friends whom insist to ask me weekly how much is their home now. I won’t list their home and they are quite perplexed by that. Similarly a family relative has the same problem and I will not list their home either.

I think in overall we are aiding the real estate crisis. Many agents are just eager to list with the ulterior motive to drop the price later when the listing is secure. I rather work with three reasonably priced homes then with ten over priced listings. - Tue Jul 1 2008, 08:04

It will probably be, sadly to day more time. - Tue May 6 2008, 16:30

There is a different with flat fee services. I cannot speak on behalf of them all but in my experience they just list the property. They don’t market the property as a traditional agent would. In fact they make their money in many cases whether the seller sells or not.

On the other hand a listing agent will market the property. During the transaction they are involved during crucial times keeping the transaction together. Keeping a transaction together takes time, energy and cooperation. The ball can be dropped at any moment delaying the process, but they keep it moving.

Sellers think their attorneys will keep the transactions alive but we know better. Attorneys get paid when there is a closing and in many cases when there is no closing. Only the agents involved in the transaction call the appraiser, the bank, the title companies, the city inspectors, the attorneys, etc all the time.

Most importantly listing agents open the doors to buyers and potential buyer’s agents.

Yes the buyer agent brings the buyer but you should be aware that the listing agent brings buyers and sell their own listings quite often. Let’s not forget the seller’s agent has a very special relationship to the listing. First, when marketing the property they spend money out of their own pocket or their brokers pocket to advertise. They invest in the sale of the property and have the motivation to sell the property themselves. If they find the buyer they don’t have to split the commission. Let me rephrase that “they make more money if they sell their own listing”.

A buyer’s agent does not have the option, opportunity or choice of making more then what is offered. In my book choose an agent and list. You will have a very motivated friend and partner.

I would bring my buyer to preview such listing out of respect to my buyer and the Realtor code. However I will have to prepare myself to do the job of a listing agent and buyer’s agent all by myself. Given that I would not expect or get any help. - Sun May 25 2008, 19:16

Quality buyers/traffic is what sells a home. A flat fee commission may turn away agents with that potential buyer. A fair/good commission is going to help you steer buyers your way since the cooperating split will be more of an incentive. I don’t sanction this type of cherry picking real estate agents fall pray to, but it is an informal approach many agents adopt.

Positively speaking, at least you know what you are doing if you offer an attractive commission with a traditional broker. It’s like teasing a flesh eating tiger to eat a yummy steak. In the end, it all boils down to how fast do you need to sell in this sellers market?

The most important service an agent offers is maximum exposure! - Sun May 25 2008, 14:45

I prefer my old neighborhood in Glenwood. I also suggest Englewood, Maywood and Teaneck. However, it would help to know your price rage specifications. Also knowing the approximate square footage needed would make your search easier. Visit me online and look at the properties I have for sale in Berger County. - Sun May 25 2008, 18:48

I have to agree with Gina. Speak to your loan officer first and know your buying power. A bank owned foreclosure, REOS, etc still require for you to mortgage the property. Not having enough for a downpayment does not make buying these type of homes any easier.

Plainly said a buyer may negotiate a lower price that given they beat all the investor / vultures looking to purchase these properties pennies on the dollar. But mortgage affordability and eligibility are key. It is a misconception many buyers have that the financing rules are different.

Regarding the lease to purchase, you will need to find out if you may be able to exercise your option to purchase after a 12 to 24 month period. This is where your loan officer should advise you regarding your credit and down payment situation.

My advice, save a little more and purchase. An FHA gives you the ability to purchase with as little as 3% down and you can get the down payment as a gift. - Sun May 25 2008, 18:39

I agree with Jody. There are too many to choose from. I work mostly the North Jersey market. Visit my site and browse the new construction I have listed there. Let me know if I can be of service. - Sun May 25 2008, 18:25