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33306 : Real Estate Advice

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  • Home Buying1
  • Home Selling0
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Activity 6
Wed Jul 16, 2014
John answered:
A review of the Financials or having your home inspector check out the buildings mechancials would have helped.

The bottom line the association owes you nothing as you were not a owner. The owner at the time selling many not have even known this inflormation.

I think Florida requires Reserve studies that also could have helped.

For instance I am the treasurer of a condo. When I make my plan I think up what could break or what is near end of life and discuss with managing agent and rest of board. That is how you can decide how much reserves you should have.

Does every unit owner know or care the life of roof or sidewalk or gutters? Most dont know or care.

Unless buyer was the President or Treasurer of Board he might have not known either.

Also this is only like 5k each. One would argue the prior owner is getting zero advantage of a new elevator you are getting 100% advantage so why should he pay.
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Sat Sep 15, 2012
John Bourassa answered:
Hi Larry,

Thanks for your well written and explicative, accurate, reply and you've nailed it on the head with your statement #3. Indeed, buyers always set market values but when sellers are becoming, once again, arrogantly independent and buyers are willing to pay their prices, then, that changes the comps upwards.

As for item #6, that is the reason why I don't have many listings because I do approach my sellers with comps and I do not tell them what they want to hear simply to get their listings. But one of the few listings I now have which I just listed 3 weeks ago at comp prices with the standard 10% little cusion for negotiations, I already had three written offers on it and all were low, low, ball offers. But one of those three buyers came to their senses and upped considerably a second time to where it was inside the ring of negotiations. Seller said no, again, and didn't even counter back. Buyers came up again right on the nose of the price I suggested the sellers' condo should sell. The Seller continued to refuse and not even counter, again. Buyers came up $10K more and seller finally accepted.

So, this seller has proven the comps wrong. Won't you agree?

Now I am working with two different buyers showing them exactly what they want in their buying comfort zone. Each buyer has selected a property to make an offer on. I showed them the comps but, despite those comps, each low-balled their offer. They countered up some but not enough to satisfy the sellers and each buyer stopped at one point. We are back hitting the streets. But, the irony of it is that those two properties my buyers lost out on, went under contract (with other buyers) shortly after our offers. One has already closed at $462K (8K less than the asking price) and the other property is still in PS. Naturally, I shoved that comp in the face of the buyer who low-balled that house at $470K but the buyer's reply was :"Thst guy (buyer) got royally f..... His problem".

Now, I have to be patient with him until he and his wife come totheir senses. But the question is, how long with that take them to "get it"?
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Tue Aug 21, 2012
Linda Lorenzo answered:
Bravo Alan, you always say it best. John, most of us are on Trulia because we enjoy helping other people with their real estate questions or needs. By doing this you build a reputation and if other people see your responses to questions they get a feel for the kind of agent you are and may contact you. (Yes, I have closed serveral deals from Trulia). With your attitude I don't doubt that you will not get any business from here, perhaps this isn't the site for you. ... more
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Mon Jul 16, 2012
Judi Monday, CRS answered:
My guess would be they don't belong to MLS. I find it hard to believe that any responsible agent would consider the public Real Estate websites a valid resource for comps and for those agents that do, they are doing their Sellers a HUGE disservice. ... more
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Mon Jul 16, 2012
Judi Monday, CRS answered:
Definitely seeing a reduction in inventory but prices to date haven't shown any marked improvement but as inventory continues to dwindle I expect that will change.
0 votes 6 answers Share Flag
Mon Jul 16, 2012
Tobias Kaiser, Cips answered:
John, by your zip we must be office neighbours... In my specialty – modern architecture, houses only – I see very little inventory throughout the Tri-County area, especially under ca. $500k or so. But overpriced property is not moving anywhere, DoMs of 400 or more is common then.

All the best,

Tobias

Tobias Kaiser, MS, CIPS
Modern Architecture Specialist
Greater Fort Lauderdale Real Estate Broker + Consultant
Director, Fort Lauderdale Realtors Commercial Alliance
Blog: http://www.TheModernistAngle.com/
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