Buyers: advice time. I've been active on these boards the past few months, asking questions, and sometimes, inexplicably, finding myself reading through those daft threads where people argue bitterly about the RE market's direction. Mr. Bid Low is a new "low" himself among these strange conversations, though there's some triumphalist owner types who can't seem to shut up about their fixed rate... [more]
Buyers: advice time.
I've been active on these boards the past few months, asking questions, and sometimes, inexplicably, finding myself reading through those daft threads where people argue bitterly about the RE market's direction. Mr. Bid Low is a new "low" himself among these strange conversations, though there's some triumphalist owner types who can't seem to shut up about their fixed rate mortgages. These guys (or gals?) as bad as each other.
Anyway, it's time to sign off: I'm going to remove streeteasy from my "favourites" and get on with life. But not before I give you some advice, o Buyers. Here's what I learned in the past few months:
1. If you're reasonably smart and independent, don't bother with a buyer's broker. The websites Streeteasy, Corcoran, Prudential Elliman, Halstead, KVNY, and New York Times (for FSBOs) pretty much have the market covered. Going it alone has a good chance of saving you money by saving seller money (especially in a market, like this, where people will negotiate a bit).
2. Get a really good Real Estate attorney. Period.
3. Streeteasy specific advice:
- get the email updates to your saved searches, so you can respond lightning fast when, say, a property for $100k to $600k in Soho comes on the market (this was one of my saved searches).
- Become a streeteasy insider so you can compare prices. It's very cool seeing what everyone else in a building paid when you're getting ready to bid.
- when you get a link to a weird brokerage (I won't name names, but basically any that isn't Corcoran, Halstead, Bellmarc, KVNY (sometimes...), Prudential) it's probably a FSBO that broker is pretending is their listing, so see if you can find the owner (maybe on NYTimes.com) and save 3%.
- Aside from the cranks, there's some good people on these boards. Don't be afraid to ask questions, but protect your privacy.
4. Other good sites: urbandigs.com, propertyshark.com.
5. You can usually get a good sense from Seller's broker (who, remember, just wants to sell the place) as to whether a lowball offer might fly. And don't do it unless you actually want the place (remember, it might work!)
6. Don't get attached to the first place you see! Look around a bit and don't be pressured into making a bid just because you've been back to a place a few times.
7. Lastly: the market, between Canal and 14th street, Hudson and Avenue A (i.e. cool downtown), is churning actively, but not a feeding frenzy. Almost all of my saved properties over the past couple of months are sold or in contract, but they all took a couple of weeks, and there were a couple of (admittedly not large) price drops. So don't be afraid to get your toes wet.
Adios Streeteasy! You rock! Good luck ye buyers!
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Response by anonymous
over 18 years ago
Posts: 110
Member since: Jan 2007
PS
OP here -- a typo in my posting. KVNY are legit, more than sometimes.
Adios folks.
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Response by anonymous
over 18 years ago
Posts: 100
Member since: Nov 2006
Very useful. MAny thanks fort sharing, and good luck.
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Response by anonymous
over 18 years ago
Posts: 107
Member since: Apr 2007
Another tip I have is see all types of open houses before you get serious. They only ask for your e-mails and phone numbers and never ever chase you like car dealers. It took me 50 open house visits after I figured out what I wanted
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Response by anonymous
over 18 years ago
Posts: 2841
Member since: Feb 2007
#1 great advice.
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Response by anonymous
over 18 years ago
Posts: 2841
Member since: Feb 2007
#1 great advice.
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Response by anonymous
over 18 years ago
Posts: 2
Member since: Jun 2006
Yup. Many thanks for taking the time to write this up!
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Response by anonymous
over 18 years ago
Posts: 380
Member since: Apr 2007
Leaving?..... awwwwww...... see ya...... why dont you just unplug your whole computer while you are at it, welcome to the internet.
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Response by anonymous
over 18 years ago
Posts: 380
Member since: Apr 2007
Wow, what drama, announcing your exit on an anonymous message board. How grand.
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Response by anonymous
over 18 years ago
Posts: 60
Member since: Apr 2007
Thanks so much, I'm in contract and I agree with everything the OP said. KNOWLEDGE IS POWER.
I would add that I found my apartment on Craig's List. There are such things as independent brokers in this town, there are probably a lot of them, and that is where mine advertises. It's easy to search.
One more site recommendation, www.wallfly.com gives the skinny on the board approval experience by building. My building's not on there yet, but it will be soon! ;)
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Response by anonymous
over 18 years ago
Posts: 9
Member since: Apr 2007
if your real estate lawyer is a recommendation from the selling broker? is there a huge conflict of interest?
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Response by anonymous
over 18 years ago
Posts: 60
Member since: Apr 2007
#12, one of the best lawyers I ever hired for real estate was recommended to me by a seller's broker (I ended up not buying that listing, as it happens). He did great work for us, and I've referred friends to him and he has done great work with some tough problems.
Remember that the broker's real goal is to make the deal happen. A poor lawyer isn't going to help anyone. Lawyers are licensed and officers of the court and have an obligation to do due diligence on your deal.
If you like the lawyer, and s/he takes time to go over documents with you, and the lawyer is not a beginner and graduated from a good school, I think you can relax.
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Response by anonymous
over 18 years ago
Posts: 60
Member since: Apr 2007
#12, one of the best lawyers I ever hired for real estate was recommended to me by a seller's broker (I ended up not buying that listing, as it happens). He did great work for us, and I've referred friends to him and he has done great work with some tough problems.
Remember that the broker's real goal is to make the deal happen. A poor lawyer isn't going to help anyone. Lawyers are licensed and officers of the court and have an obligation to do due diligence on your deal.
If you like the lawyer, and s/he takes time to go over documents with you, and the lawyer is not a beginner and graduated from a good school, I think you can relax.
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Response by anonymous
over 18 years ago
Posts: 6
Member since: Feb 2007
Those are all very good points however I disagree about the buyer's broker, because if you have a really good buyers broker they can be of great help. For example, they can really inform you about the area, the area's future, they can guide you and help you make the right choice for you rather than just the sellers broker nudging you because it's their property that they want to sell. Purchasing a home has too be a balance of many things, and it pays to have someone in your corner since generally the Seller's broker is not going to give up their commission.
Just as a last note the comment about independent brokers is great, I have had so great experiences with independent broker, and the right ones can offer some really great sound advice.
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Response by masterq
over 18 years ago
Posts: 110
Member since: Jan 2007
#12 - Your broker will always have someone to reccommend: all brokers have an atty or two they toss work to. Many times, this will be a good lawyer. But for peace of mind, ask any housebuyers you know, and get a recommendations that way. I think it's more likely to result in a quality lawyer. (Even good brokers will recommend their best friend's retarded cousin the lawyer ahead of a stranger, and they'll even convince themselves that they're right to do it.)
Regarding this whole thread: good advice. AND TO ADD TO IT: as someone who bought a chunk of books about buying and selling real estate in NY, only one is worth your time and $$: Sylvia Shapiro's. Google it. It's great. The other ones are real crock's of uninformative common-sensey advice and bad pop psychology.
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Response by anonymous
over 18 years ago
Posts: 9
Member since: Apr 2007
If a deal doesn't go through, does the real estate lawyer still get paid? or does it just depend on what is agreed to with the lawyer, etc?
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Response by anonymous
over 18 years ago
Posts: 214
Member since: Feb 2007
masterq--I cannot imagine any good broker recommending their best friend's retarded cousin. Bad or stupid lawyers can kill a deal easily.
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Response by anonymous
over 18 years ago
Posts: 380
Member since: Apr 2007
What's wrong with the "Bid Low" guy?. He's not being obscene or vulgar like a lot of the other posters here.
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Response by anonymous
over 18 years ago
Posts: 380
Member since: Apr 2007
Yeah. What's wrong with the bid low guy? Even Barbara Corcoran says....... bid low, bid low, make offers, bid low...
PS
OP here -- a typo in my posting. KVNY are legit, more than sometimes.
Adios folks.
Very useful. MAny thanks fort sharing, and good luck.
Another tip I have is see all types of open houses before you get serious. They only ask for your e-mails and phone numbers and never ever chase you like car dealers. It took me 50 open house visits after I figured out what I wanted
#1 great advice.
#1 great advice.
Yup. Many thanks for taking the time to write this up!
Leaving?..... awwwwww...... see ya...... why dont you just unplug your whole computer while you are at it, welcome to the internet.
Wow, what drama, announcing your exit on an anonymous message board. How grand.
Thanks so much, I'm in contract and I agree with everything the OP said. KNOWLEDGE IS POWER.
I would add that I found my apartment on Craig's List. There are such things as independent brokers in this town, there are probably a lot of them, and that is where mine advertises. It's easy to search.
One more site recommendation, www.wallfly.com gives the skinny on the board approval experience by building. My building's not on there yet, but it will be soon! ;)
if your real estate lawyer is a recommendation from the selling broker? is there a huge conflict of interest?
#12, one of the best lawyers I ever hired for real estate was recommended to me by a seller's broker (I ended up not buying that listing, as it happens). He did great work for us, and I've referred friends to him and he has done great work with some tough problems.
Remember that the broker's real goal is to make the deal happen. A poor lawyer isn't going to help anyone. Lawyers are licensed and officers of the court and have an obligation to do due diligence on your deal.
If you like the lawyer, and s/he takes time to go over documents with you, and the lawyer is not a beginner and graduated from a good school, I think you can relax.
#12, one of the best lawyers I ever hired for real estate was recommended to me by a seller's broker (I ended up not buying that listing, as it happens). He did great work for us, and I've referred friends to him and he has done great work with some tough problems.
Remember that the broker's real goal is to make the deal happen. A poor lawyer isn't going to help anyone. Lawyers are licensed and officers of the court and have an obligation to do due diligence on your deal.
If you like the lawyer, and s/he takes time to go over documents with you, and the lawyer is not a beginner and graduated from a good school, I think you can relax.
Those are all very good points however I disagree about the buyer's broker, because if you have a really good buyers broker they can be of great help. For example, they can really inform you about the area, the area's future, they can guide you and help you make the right choice for you rather than just the sellers broker nudging you because it's their property that they want to sell. Purchasing a home has too be a balance of many things, and it pays to have someone in your corner since generally the Seller's broker is not going to give up their commission.
Just as a last note the comment about independent brokers is great, I have had so great experiences with independent broker, and the right ones can offer some really great sound advice.
#12 - Your broker will always have someone to reccommend: all brokers have an atty or two they toss work to. Many times, this will be a good lawyer. But for peace of mind, ask any housebuyers you know, and get a recommendations that way. I think it's more likely to result in a quality lawyer. (Even good brokers will recommend their best friend's retarded cousin the lawyer ahead of a stranger, and they'll even convince themselves that they're right to do it.)
Regarding this whole thread: good advice. AND TO ADD TO IT: as someone who bought a chunk of books about buying and selling real estate in NY, only one is worth your time and $$: Sylvia Shapiro's. Google it. It's great. The other ones are real crock's of uninformative common-sensey advice and bad pop psychology.
If a deal doesn't go through, does the real estate lawyer still get paid? or does it just depend on what is agreed to with the lawyer, etc?
masterq--I cannot imagine any good broker recommending their best friend's retarded cousin. Bad or stupid lawyers can kill a deal easily.
What's wrong with the "Bid Low" guy?. He's not being obscene or vulgar like a lot of the other posters here.
Yeah. What's wrong with the bid low guy? Even Barbara Corcoran says....... bid low, bid low, make offers, bid low...
http://www.streeteasy.com/nyc/talk/discussion/1444-Even_Barbara_Corcoran_Hints_Bid_Low