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Old 08-27-2009, 09:20 AM
 
Location: Wilmington
116 posts, read 376,629 times
Reputation: 60

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Quote:
Originally Posted by Bill Hitchcock View Post
It just annoys me when an agent assumes I want to buy the max I can afford.

But believe it or not-Most Realtors in my area do not check financials with a buyer until the buyer is ready to put an offer on a property.

It doesn't make sense, why waste time with "tire-kickers"?
What Realtor has the time to show dozens of properties to a buyer they are not sure is affordable for them?
Are they getting that desparate?!?!?


There is no point in a buyer's broker-A contracted buyer's broker to do anything with the buyer until they know the buyer's financial status. Why show a $300K house to someone who is approved up to $200K? Why show property at all to someone who can't get a loan?

My point exactly......

I have told buyers that now is not the time for them to buy after examining financials. And on the other side of the fence-I have turned down and canceled listings because the seller still had their head in 2005-2006.

Smart man

A buyer who can't buy or a seller with an unrealistic price will both end with the same result.

Wish you worked in Brunswick county so I could hire you to sell my house!

Bill
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Old 08-27-2009, 02:16 PM
 
36 posts, read 127,342 times
Reputation: 25
There is plenty of double wides for sale in Burrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrgaw...I hear there are plenty of single wides for sale in Leland...Good luck out there...
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Old 08-27-2009, 03:34 PM
 
693 posts, read 1,409,617 times
Reputation: 429
Quote:
Originally Posted by rubber_factory View Post
I've never heard it called a "mortgage crisis". That is an interesting way to put it.
Just referring to the massive numbers of foreclosures.
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Old 08-28-2009, 07:12 PM
 
214 posts, read 737,620 times
Reputation: 128
Default Wow your question sure got a lot of response!

Quote:
Originally Posted by husbandofraleighwife View Post
We just recently returned from a house hunting trip to the coast and we saw many homes available for sale. How much of a discount are these homes going for? Is it appropriate to offer 10-15% below asking price or to go lower and figure it is a buyers market. I don't always believe my agents recommendations because they have a vested interest in getting the highest price possible even though they say they are working for me. Every decrease in price is less for them on commission. Comps imho are not that accurate right now with the market being so sluggish and heading down.
I have been so busy lately with closings, yes, actual Buyers and Sellers coming to the table and negotiating, that I haven't had time to visit this forum in awhile.
The basic fundamental in any transaction is "what will the market bear". Meaning, a property isn't going to sell unless the Buyer (s) believe that is what the property is worth, do they have foresight into the investment value, and is the Seller really in dire straights or are they just testing the market?
Trust me, this is a Buyers market, develop a relationship with a Buyer's Agent, and in about 5 years, you'll be sitting pretty, under an Umbrella, with your toes in the water.
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Old 08-29-2009, 08:14 PM
 
Location: Tejas
263 posts, read 975,919 times
Reputation: 232
Quote:
Originally Posted by husbandofraleighwife View Post
We just recently returned from a house hunting trip to the coast and we saw many homes available for sale. How much of a discount are these homes going for? Is it appropriate to offer 10-15% below asking price or to go lower and figure it is a buyers market. .
How much of a discount are they going for? Do your homework and find out. When I know I'm going to move, I start learning about the place that I am going to, just like you are doing here.

I also like to subscribe to the newspaper serving that area so I can read it every day for a few weeks at minimum. Read the real estate section from cover to cover. Read all of the real estate ads. Read the rest of the paper for that matter, and do it with a map of the city so you get a sense for where all of the crime is going on, where the big home sales are.

Look at Realtor.com and use the map function that they have buried under MLS search. Use a zip code map to zero in on an area. Cross check against Zillow and look at current listings vs. recent sales.

It is a lot of work, but I do this because I don't want to be at the mercy of a sales person who may or may not have my best interests at heart. If I was going to make a stock purchase, I would research the company I was interested in. This is the same thing. Nobody cares any more about my money than I do. The more knowledgeable I am, the more worthwhile my interaction with a good real estate professional will be (and the easier it will be to discern who the bad ones are).

I am also looking to buy a house rather than a payment. Just because I CAN spend $X, doesn't mean I have to do so. There are good buys out there.

If you are offended by my offer, someone else will be glad to get it. It's easy to get your heart tied up in a piece of real estate. Keep in mind the rule of love: the one who cares the least has the most power. If you are able to walk away from a deal, you have choices. If you must deal, you need to play your hand differently.
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Old 08-31-2009, 11:14 AM
 
214 posts, read 737,620 times
Reputation: 128
Quote:
Originally Posted by husbandofraleighwife View Post
Any thoughts on why those two beaches have done so poorly?
From a Sellers perspective, both Oak Island and Holden Beach prices increased so drastically over a very short time, that it became an un sustainable market.
Builders kept building, also not forecasting that supply would exceed demand.
Speculators, Investors and Flippers, helped to increase the prices to unrealistic highs. Those folks either are now in bankruptcy, foreclosure or selling their prop's for 50% less than what they purchased them for.
Hence, we are now seeing dramatic price reductions, because the market can only bear what Buyers and Sellers are willing to negotiate on.
From a Buyers perspective, this is an excellent time to purchase, and please use the assistance of a Buyers Agent, whose fiduciary responsibility will be to you the Buyer, not the Seller, not the Developer, not the Builder.
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Old 08-31-2009, 12:08 PM
 
75 posts, read 196,224 times
Reputation: 32
Just bought in upper OBX this past week. We established a budget price, what we wanted and where. Our agent showed us all the "fits", provided closed comparables, and expert guidance. We quickly ruled-out most of the possibilities and got it down to two places. We worked our top choice but decided against it because it was missing a must have feature the buyer could not acquire. We were down to one. The list price was very fair based on {what our agent's information showed was} the market so choosing an opening bid formula of XX% lower was ridiculous IMHO. Instead, we decided what the maximum was we would pay and offered $XXK less, expecting to go back and forth, eventually ending up at our max. When the seller's first counter came back less than our max...done deal. Could we have countered that and gotten less? Maybe but in the end we bought the right property that our friends and family will enjoy for many years at {what the market determined to be} the right price. Knowing that 3 years ago the same property sold for 150% of what we paid helps too .
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