Whaaat went WRONG!!!

Asked by Ron Cielinski, Toronto, OH Wed Apr 15, 2009

As you know,we went to Fort Lauderdale on the Easter weekend to buy a co-op. Found one my wife loved(first mistake-too emotional) Asking 139K offered 80k but no sign back! Upped the offer to 90K and still no sign back- what happened to the negotiations!! What' my next stategy??

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Angela Schra…, Agent, Pembroke Pines, FL
Wed Apr 15, 2009
Ron: Sorry things didn't work out for you... did you work with a Realtor? I'm finding that most of the listings these days, particularly those on the MLS where they are listed by Realtors, are priced well. They've done their research based on competitive listings and how low they can afford to go. The key motivation these days is not so much to make a profit as it is to just sell the property. Of course, there's usually some room for negotiation - but you were offering 57% of the asking price. It was just too low and your second offer was still only 64% of the list price.

If you are really serious about this particular unit, I'd re-send the offer but increase it quite a bit - sorry, I know this isn't most probably what you want to hear but I'm trying to help. I really do recommend you use a Realtor, then they can advise you on a property by property basis by researching each individual property and understanding the motivation of each seller. Every seller has their own situation - some can afford to hold out, some are more motivated than others etc. etc.

Best of luck Ron,

Villa G Realty, Inc.
Tel: 954-816-7996
Web Reference:  http://www.villagrealty.com
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Attila Laczko, , Weston, FL
Wed Apr 15, 2009
In a negotiation scenario, both sides are working towards a win-win situation. Angela is right that your offer was too low - what did you base your offer on? Was it on recent transactions or just a gut decision? The seller probably received your offer and was immediately turned off. They probably felt that you were trying to take advantage of them - and if that is the case, then why would they want to negotiate with you?

Your next strategy ought to be this - find out what has recently sold in the area and for how much. Work with a realtor or figure out a way to do it yourself (even though, in our state, the seller pays the commission for both sides of a sale).

Seeing how you are from Toronto, I suggest you locate a realtor. A realtor worth his license will know have both the tools and experience to help.

What part of Toronto are you from? I use to live in Stoney Creek - but grew up in Montreal. Having a place to call home down here is a great idea, but don't go it alone. If the property is one that your wife loves, don't miss out on it. Good luck.
0 votes
Judy Calufet…, Agent, Fort Lauderdale, FL
Wed Apr 15, 2009
Hi Ron:
It sounds to me that you need a qualified realtor to guide you in offering the proper price for the property you want. It is obvious that the seller found your offer out of the possibilities. If I can help you with the negotiations please feel free to contact me, I am happy to help you.

Judy - EWM Realty
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