full-ask offers

i've also wondered about this. definitely some situations where i later discovered the deal didn't go through - couldn't tell if it's because broker was lying or deal fell through for some other reason. either way, it indicates that you might be able to get the place for less, even if you're told this. If you're willing to lose the place, I'd assume the broker is full of it.

bid what you're willing to bid for the place and ignore what the broker tells you

I'm with #3, and have the apartment in contract to prove it. Last month, I was told the exact same thing - full-ask offer in place, yada, yada. However, I also knew that the apartment had been on the market for some time so I probably had a "motivated seller" on my hands, and I also suspected that my wife and I would "look good on paper" financially and otherwise. So I thought about what I felt comfortable paying for the apartment, and bid $25K less - FIRM. Two days later, after not hearing back from the seller's broker, I instructed my broker to put a deadline on the offer of 5:00PM that day. The answer I wanted to get finally came later in the day, and the rest is history.

Could I have lost the place? Of course. But the take away for me on this experience was that, under the right circumstances, you can sometimes set the rules.

I'm with #3, and have the apartment in contract to prove it. Last month, I was told the exact same thing - full-ask offer in place, yada, yada. However, I also knew that the apartment had been on the market for some time so I probably had a "motivated seller" on my hands, and I also suspected that my wife and I would "look good on paper" financially and otherwise. So I thought about what I felt comfortable paying for the apartment, and bid $25K less - FIRM. Two days later, after not hearing back from the seller's broker, I instructed my broker to put a deadline on the offer of 5:00PM that day. The answer I wanted to get finally came later in the day, and the rest is history.

Could I have lost the place? Of course. But the take away for me on this experience was that, under the right circumstances, you can sometimes set the rules.

Congratulations, #4, good deal. That brings us back to the adage, 'Don't fall in love with the place until it's yours'.

brokers are liars. they are not supposed to be divulging competing bid amounts to you. The fact that they did tells me they are not trustworthy.

I agree with number 3, having bought and sold a number of places in Manhattan.

The most crucial part of your negotiation is to already have all you paperwork together (if a co-op, even an ersatz board package) with financials, and be pre-approved for your mortgage. If you have this all together BEFORE you make you offer, and submit it in a handsome, organized manner at the same time you make your offer, you'll find that you'll get far less bullshit from the brokers and seller, quicker responses, and (assuming your package is organized, truthful, and positive) more offer acceptances.

Do NOT NOT NOT believe the broker!!!!! If nothing else, deals fall through all the time. The "full ask" offer, if it exists, could be from someone who is completely unable to buy the place.

Only morons, amateurs, and manhattan dwellers, bid full ask.

does that mean that it's generally a mistake to bid full-ask?

Eureka #11.

#11, not necessarily. If you've seen enough places and know how comparables are priced, and feel the apt is priced well - and it meets your criteria - then full ask may guarantee you'll get it.

but it never hurts to bid under. You might risk additional time when someone else can come in and bid (happend to me twice)

except that so many of the closing prices for the studios that i've been tracking via street easy all seem to close at or very close to asking price.

Someone finally gets it (#11) and of course the bozos who want to pay more start to quickly chime in.

#14, this website doesn't have all the world's data. I just agreed to pay $325K for a Manhattan apt. listed at $349K in an excellent building, mint condition. Also I have reason to believe I coulda got it for a little less, but I like everybody to feel good about any deal, so I let it go.

#15, they are *not* bozos, they're just brokers ;) And they have a tough job, in my opinion, in this red-hot rental market and squishy sales market.

#16--you didnt close yet, so its not yet registered on this site.

#16 stop defending brokers you industry shill.

does a broker have to present your offer to a seller if he/she says the seller won't accept anything that low and has turned down offers at that price? also, what do you do if a broker refuses to call your broker back with a counter offer?

A broker is supposed to submit all offers. However, a situation may occur where the seller actually says to his broker "don't submit anything below this number to me, I won't respond and I don't want to bother". That changes it. Now is the broker refusing to counter, or simply not returning calls? If you made a written offer in good faith you deserve a call back even if it is just to say no. If they havent responded have your broker email the sellers broker perhaps ccing the manager of the office referencing the offer you made (which you can attach) and politely asking for some response. They don't owe you a counter however, so if the broker did respond but didn counter then that is your answer.

#15, how sad, no one wants to pay more, everyone wants to pay as little as possible, your belief that nothing goes for full ask or more than ask is just mistaken. The market bears whatever price it bears, regardless of ask.

If someone pimps your daughter or sister to the right person #21, I am sure there is some desperate fool out there who will pay more than market rate