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hi there! I am a real estate agent in nj myself and i think that you can still make the starting offer of $425k and then wait for the counter offer. As it is a buyer's market, you can definitely negotiate and even make the deal at $450k. Keep in mind, closing costs of up to $10k are additional. Hope this helps!
is that true even with bank of america "no fee mortgage"?
my dh and i saw this house 2x in the past week. The open house was expected to be this coming weekend, and it has now been postponed until next weekend. We are not working with an agent. In some respects, i wish we were, but we're not.
We have really good terms. Not selling a home, 20% down, great credit, pre-approved, can close quickly. I hate to wait until after the open house, as now that it is listed on mls, others can see it. When we saw it first, it was not listed yet. Most people who attend open houses do not make offers. They come, they look, and then they decide. Most potential buyers who make offers, visit the home on a scheduled appt. With an agent. The house is great, updated, nice neighborhood, good schools. I really am "afraid" to wait until the open house. I am not offering the listing price, so i know they will definitely counter.
i disagree with tom on this one, only from personal experience. My husband and i went to the open house-loved it, attempted to make an offer 3-4 days after and guess what "accepted offer" already. Next.............
If its priced right, and desireable to the most people, put in your offer! What's the worst that can happen?
Also, as I have noticed your opinion about those in our profession in other posts, I'm sure that you do not believe that the listing agent would need to rely on the truth in order to tell people at the open house that there are other offers on the table.
Tom, nowhere in any of my posts did I say that we believe that all or even most agent outright LIE about things... which is what you are implying with your statement. I challenge you to find anything I have ever posted that says "seller's agents will always lie". What I did say was that many agents use tactics that, while not dishonest, can be psychologically manipulative. Even our buyer agent has commented in a couple of instances that, from past experience dealing with Agent X or Agent Y, she was not entirely convinced of the truth of that agent's statement that there were other offers on the table ....and this from a FELLOW REALTOR! Does it happen? Of course, but no more so than in any other profession. Do we as buyers automatically believe everything we are told by the seller's side? Of course not, and we don't automatically believe everything we are told by our doctors either! "Caveat emptor" applies no more and no less to seller's agents than it does to anything else. Do we as buyers automatically assume the listing agent is lying, any and every time they feel they can get away with it? No we don't. We take such statements the way we do everything from anyone who is on the selling side of ANY possible sales transaction: with a grain of salt, and subject to later verification. As for my opinion of realtors in general, our opinion is the same as that of our veteran buyer's agent: That there some very good solid ethical ones out there, that there are some really rotten apples out there, that there are some really lazy and/or incompetent ones out there, and that the majority of them are average, acceptable, middle-of-the-road quality, not horrible/not fantastic ones out there. Just like in any OTHER profession. (The construction industry comes readily to mind as a great example.)
As for my opinion of realtors in general, our opinion is the same as that of our veteran buyer's agent: That there some very good solid ethical ones out there, that there are some really rotten apples out there, that there are some really lazy and/or incompetent ones out there, and that the majority of them are average, acceptable, middle-of-the-road quality, not horrible/not fantastic ones out there. Just like in any OTHER profession. (The construction industry comes readily to mind as a great example.)
It is difficult to disagree with that. It's the old bell curve. Most will fall somewhere in the middle. The problem with real estate agents is twofold: 1) It is too easy to get into the business. Personally, I believe that you should have to endure at least a two year college level certificate program in order to enter our profession. 2) It looks a lot easier from the outside then it is from the inside. That is why we have an over 50% drop out rate in the first year. It is also why people not in the business believe that we don't do much for our money.
The problem with real estate agents is twofold: 1) It is too easy to get into the business. Personally, I believe that you should have to endure at least a two year college level certificate program in order to enter our profession.
I completely totally and utterly agree with you 100% on that. Our buyer agent says the same thing. And I know from personal experience that it is true, because 10 years ago I myself went through the (so-called) procedure to obtain a real estate agent's license in NY. Having been first a college grad and then having spent almost 20 years in the business world, I was looking forward to a challenging experience. Was I in ever in for a shock! The realtor who taught the classes was up there mainly to hear himself talk and to relate his "fascinating" experiences in the field to a captive audience. As for the textbooks we were required to buy, they could have been just as easily titled "Real Estate Sales for Dummies" but naturally the contents (which I read through and absorbed in a weekend because it was not much else but common sense and memorization) had to be stretched out over X number of class hours. The written exam at the end was a joke, nothing less; we used to call it "multiple guess" in high school. Honestly, a trained monkey could probably pass that course.
Once I had my piece of paper I went to work at a local office of the well-known national chain who had "sponsored" my "training". My intended focus was to work with buyers, in fact I had made it clear that my whole reason for getting the license was to become a buyer's agent. Remember, this was in 1998 when buyer agency was about as common on L.I. as finding a gold nugget in the sands of Jones Beach. It was quickly made clear to me that not only would I *NOT* be permitted to work with buyers, I would not even be allowed to take "ups" (phone calls or walk-ins) until I furnished the office with a certain number of new listings. In other words until I "paid my dues" with new listings, I was lower than dirt. As I kept my eyes and ears open within the office, I saw and heard more backstabbing, spite, lying and pure infighting among agents over listings than I had ever come across in my previous 20 years of work elsewhere. Not to mention incompetence and sloppiness. That's when I knew that the real estate business was not for me.
Even today, every time I look at a listing with incorrect or missing information, misspelled words everywhere, and photos that look as if a five-year-old shot them, I shake my head and wonder how come so many adults are so lacking in the concept of taking pride in their work. If any of those sloppy agents worked for me in any capacity, they'd be told to shape up or ship out because they're an embarassment to my department or business in the eyes of the public.
You are SO right: Real estate is far too easy to get into, and far too easy to remain in because the only incentive to keep improving themselves is within the agent, not from the outside. There should not only be more stringent requirements for getting in, but realtors should also have to prove that they're worth KEEPING in the fold.
totalyfrazzled: I'm not quoting you because it was too long. I want to commend you on your insight into our business, especially what it is like early on.
I remember the "training" and the "ups". For me, there were two up boards: buyers and sellers. Until you proved yourself by getting a listing, you were not eligible for the seller ups.
As for people being worth "keeping in the fold" we are working on that. With the downturn in the real estate market, many people have simply given up their licenses. That's fine. Also, NY State has just implemented new ethics training requirements for all RE Agents. I know that many will just sit through it, but maybe it will resonate with some.
All in all, this is a really tough business to be in. That's why I get so upset when I see posters bashing or belittling it. Sure, the bad ones do really estate really badly, but the good one practice the profession really well.
Tom, I think a big part of the problem is that the way the system is currently set up, it attracts people who are dilettantes: In other words, who are just playing around and not serious about it as a career. I met SO many women whose sole reason for getting a license was "to make some easy money on the side, now that my kids are finally all in school." And more than a few who simply came out and said "I got my license because I just love to look at other people's houses, and this way I can get paid for it too!"
The agents who chose which brokers' opens to attend based solely on which ones were offering food, were just plain laughable.
I find it very scary that there are people like that out there working with buyers and sellers in what are probably the largest financial transactions of their lives.
I find it very scary that there are people like that out there working with buyers and sellers in what are probably the largest financial transactions of their lives.
I agree 100% with this statement. That is why we are no longer working with an agent. I know that there are some great agents out there, however, we have not made their acquaintance yet. We have been doing all of the legwork, and nothing ever seems to come out of it.
In fact, an agent that was showing us some homes recently called me to ask if I have seen the listings he sent me. My answer, "Yes, multiple times, as I sent you those to begin with". Ridiculous.
My husband and I are anxious, but not uninformed. When we find the right house, we will know it.
We do the same, even though we are working with a buyer agent. We do drive-bys of all new listings (and their surrounding neighborhood) that we find on MLS before we even ask our agent to arrange a showing. If we have any questions or qualms about public-record items (such as taxes and COs), we go to the Town office(s) and check it out ourselves. IMO the great value of a buyer agent lies not necessarily in sending you listings the first day they hit Stratus (because the Stratus system, frankly, is notoriously prone to glitches!) but in the process that starts once you seriously want to make an offer, such as working up comps quickly and negotiating with the seller's agent... especially if there are other potential buyers in the mix. It's that crucial time period between tendering your initial offer and reaching an agreed-upon contract price that a buyer's agent is the most valuable. Once a deal is out for contract, the focus shifts to the two attorneys and the realtors are often shunted to the periphery of the deal until closing.
Very interested in a house on the market, asking price is $479,000. Good area, probably worth the value. However we can only afford $450,000-Max! Any suggestions on starting offer........
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I am selling right now, LA, and at the approximate price of the house you are interested in. Believe me, if you offered me 450K I would take it in a heartbeat! Even though my very unrealistic husband would most likely decline and I would bash him over the head! He still feels it is 2004 and the market is simply wonderful. I am still waiting for our first offer (house on the market for exactly one month with several showings) and hope to get a decent offer eventually! So don't be afraid to make whatever offer you can afford and the seller can take it from there.
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