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Old 12-27-2007, 10:40 AM
 
Location: Jackson Heights, NY
7 posts, read 14,570 times
Reputation: 10
Default Some house in nice area, North Jersey

Hi.
I want to tell you my story and ask your opinions. I'm confused.

There is this house that is for sale. Very nice area, with very good schools. Comparable town would be Chatham, NJ. The house was originally listed for 490. 4 bedroom 2 bath, 2 floors, 2bedroom on each floor, full basement, no garage. Totally fixer-upper. Will need new roof, new windows and doors, new kitchen and new bathrooms, floors are very old as well. Has potential for central air, but it's very old and is not working. Gas heat. Interior has to be renovated as well.
So, the story is I decided to offer 400 fro the house. However, the agent told me that there are already several offers and that at this point i need to come up with the amount up to my max that I can give for that property. I thought about it and decided to go 430. Then it turned out that there is another offer higher then 450 and anything below it would be unreasonable. Is this happening in current market conditions? I can hardly believe it. I have this feeling that people are playing game: "Let's get everything that we can from this guy". Excuse is that them market actually will be stabilizing in the nearest future, and when this starts to happen, you will end up in really BAD situation, so you're better off buying now. My thinking is that the market will actually worsen in the nearest future, and I could actually get a better deal in two-three months from now. And if there anybody who can really offer 450 and more - good luck to those.

What do you guys think? Are these towns like Chatham, Florham Park, Essex Fells protected from mortgage crisis that is happening? And this is totally unreasonable offer 80k below what is a listing price, even if it is a "resonably priced" house? No chance that these prime towns could suffer from falling home prices? I can't believe it...

Thanks for you input.
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Old 12-27-2007, 10:45 AM
 
Location: OH->FL->NJ
2,741 posts, read 3,828,631 times
Reputation: 917
Regardless of relative values.

It sounds to me like he is feeding you bovine scatterings trying to up your offer.

I dont know it for sure but I bet if you went back to the original 400K somehow all those other offers had fallen through.

Im reading your story and my mind is screaming "he is being played"

No I dont know anything about the specific area you mention.

My gut says BS.
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Old 12-27-2007, 10:53 AM
 
Location: Houston, Texas
10,428 posts, read 27,687,716 times
Reputation: 9518
The last post was correct. You are being played. If there were any offers then they have to presented to the seller in writing. From the way you explained it, that did not happen. People just dont call the listing Realtor and name a price they are willing to pay, then sit and wait.

Write the offer either with your Realtor or call that selling Realtor directly to say you have an offer you want written up. By law that Realtor has to present it to the seller. The seller then has the option of accepting, rejecting or countering it.

Good luck.
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Old 12-27-2007, 11:06 AM
 
Location: Jackson Heights, NY
7 posts, read 14,570 times
Reputation: 10
Default ---

yes, i did present my offer in writing. I never been told that owner accepted it or denied it. I just was told that there are higher offers and I may not count on my low offers. I also been told very politely that I either get it up to 450 or forget about it. I also have this feeling that I've been played. The thing is I REALLY like the house, and want it badly. At the same time do not want to pay more then it's gonna sell for. I told the agent that I will wait and see what happens with those other offers, but potentially can go for 450.
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Old 12-27-2007, 11:09 AM
 
Location: 38 38' 45" N, -90 20' 08" W
7,646 posts, read 10,695,944 times
Reputation: 6159
Quote:
Originally Posted by kirylm View Post
yes, i did present my offer in writing. I never been told that owner accepted it or denied it. I just was told that there are higher offers and I may not count on my low offers. I also been told very politely that I either get it up to 450 or forget about it. I also have this feeling that I've been played. The thing is I REALLY like the house, and want it badly. At the same time do not want to pay more then it's gonna sell for. I told the agent that I will wait and see what happens with those other offers, but potentially can go for 450.
You sound the way I did 6 years ago when I bought an older home in Medford. It was beautiful and I fell in love with it immediately. Unfortunately, my pathos overrode my ethos, and I offered full asking price. The home became a money pit soon thereafter. The worst part about it was that I did not have the means (or the hands!) required to rehabilitate the house to an acceptable level. That's the last time I will ever use my heart when it comes to real estate.

My advice to you is to use your rational mind and don't let your heart hold too much sway in your decision making process. I know that's particularly difficult when it comes to buying a home, but you will save yourself several $$$ over the long haul.
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Old 12-27-2007, 11:18 AM
 
Location: In My Own Little World. . .
3,238 posts, read 5,507,179 times
Reputation: 1552
Quote:
Originally Posted by mike0421 View Post
You sound the way I did 6 years ago when I bought an older home in Medford. It was beautiful and I fell in love with it immediately. Unfortunately, my pathos overrode my ethos, and I offered full asking price. The home became a money pit soon thereafter. The worst part about it was that I did not have the means (or the hands!) required to rehabilitate the house to an acceptable level. That's the last time I will ever use my heart when it comes to real estate.

My advice to you is to use your rational mind and don't let your heart hold too much sway in your decision making process. I know that's particularly difficult when it comes to buying a home, but you will save yourself several $$$ over the long haul.
This is very good advice. I really think this realtor is playing with you. Sometimes it pays to just walk away. No matter how much you LOVE this house, there is always another one down the road that may be a better deal for you. I'm not familiar with that section of NJ (I live in central), but that seems like an AWFUL lot of money for a house in such poor condition. The market is so unstable right now, it just doesn't seem to make sense to go for this deal. You could be way over your head in a year or so.
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Old 12-27-2007, 11:42 AM
 
Location: 38 38' 45" N, -90 20' 08" W
7,646 posts, read 10,695,944 times
Reputation: 6159
Quote:
Originally Posted by colleeng47 View Post
This is very good advice. I really think this realtor is playing with you. Sometimes it pays to just walk away. No matter how much you LOVE this house, there is always another one down the road that may be a better deal for you. I'm not familiar with that section of NJ (I live in central), but that seems like an AWFUL lot of money for a house in such poor condition. The market is so unstable right now, it just doesn't seem to make sense to go for this deal. You could be way over your head in a year or so.
Agreed. At the end of the day, it is still just a HOUSE. It's an inanimate object. Concern yourself more with the people, the ones you love, who will be occupying this house.
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Old 12-27-2007, 11:51 AM
 
Location: Martinsville, NJ
604 posts, read 1,895,742 times
Reputation: 235
I don't understand why you want to buy this place at all. You said everything is wrong with it and it needs a total renovation.

I know I won't make an offer an any house unless I like the place. Price does not matter as long as it comparable to the neighborhood prices.

As soon as somebody talks down a house I know they are just trying to low ball.
If you can't afford the $450. look elsewhere.

E
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Old 12-27-2007, 11:57 AM
 
Location: Jackson Heights, NY
7 posts, read 14,570 times
Reputation: 10
I am not looking for a NEW place. Because I want to do my own kitchen, bath, etc. At the same time I want to get in the neighborhood with good schools. Prices on the same street where that house is are all above 600-700K. So, if the foundation of the house is good, but not the interior/exterior - that's what I'm looking for. I don't want to buy one of those NEW houses poorly renovated with the cheapest materials that sell three or four times the price of decent renovation.
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Old 12-27-2007, 11:59 AM
 
88 posts, read 217,763 times
Reputation: 29
Quote:
Originally Posted by ottomobeale View Post
Regardless of relative values.

It sounds to me like he is feeding you bovine scatterings trying to up your offer.

I dont know it for sure but I bet if you went back to the original 400K somehow all those other offers had fallen through.

Im reading your story and my mind is screaming "he is being played"

No I dont know anything about the specific area you mention.

My gut says BS.

Chatam is a wonderful area. My friend's, lawyer son lives there.
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