Just thought I would start this....... Have made several low (20 to 35% below ask depending on comps) offers via email now on properties I have visited, and most realtors seem loathe to present the offers. Some have simply not responded, others responded with a comment that they are required to present these by NY Law and they will. Of these most do not ultimately respond. A very few (1 or 2 out... [more]
Just thought I would start this.......
Have made several low (20 to 35% below ask depending on comps) offers via email now on properties I have visited, and most realtors seem loathe to present the offers. Some have simply not responded, others responded with a comment that they are required to present these by NY Law and they will. Of these most do not ultimately respond. A very few (1 or 2 out of 12) seem to have actually presented the offer and written back with a negative response that does not open the door to further negotiation (usually of the sort that we already have better offers on the table of we are going into contract -- has not shown up, and in 1 case the property is now asking almost what I offered).
Perhaps I need lessons in offer presentation (price, pre-qual letter at the bid or higher usually enclosed). Alternately, one wonders if there is some way to get the realtors in line.
Is it ok to start a Hall of Fame (Shame) without getting sued or beaten up or worse?
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Response by columbiacounty
almost 17 years ago
Posts: 12708
Member since: Jan 2009
i would suggest trying to find a way to prequalify your finances if you want to be taken seriously. perhaps a copy of a bank statement attached to your email or a serious bank reference but otherwise you're just a crank emailer.
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Response by nycbrokerdax
almost 17 years ago
Posts: 180
Member since: Dec 2008
HI joe- question, are these offers on individual resales or developments? The reason I ask is that often times developers instruct their sales staff to only present them with offers within a certain range.. strange as it may sound in this market! Depending on the apartment specifically 20 to 30 percent below ask offers are certainly nothing to sneeze at in this economy....
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Response by joedavis
almost 17 years ago
Posts: 703
Member since: Aug 2007
c.c. -- what I meant was that I usually DO attach a pre-qual statement for that specific property from the mortgage banker I have been working with. In a few cases (the lower offers) I have also provided them with a bank statement that shows assets exceeding the price offered (often 2x) and liquid assets 2x of the typical 20% -30% down payment offered.
nycbroker -- these are offers on individual apartments primarily in resale settings. I don't think I have made such an offer on a new dev so far, so I dont think I have dealt with developers. Perhaps that is a better place to focus my energy
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Response by columbiacounty
almost 17 years ago
Posts: 12708
Member since: Jan 2009
gonna sound crazy but add a phone call direct contact not voice mail to your approach. i.e. email to make the phone appt...present your case...follow up with email/phone...everyone hates confrontation. find ways to make it harder for them to ignore you. i think you are on the right track.
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Response by sjbh
almost 17 years ago
Posts: 90
Member since: Feb 2009
joedavis: I hope you put black marker over your account number before forwarding the statement.
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Response by alpine292
almost 17 years ago
Posts: 2771
Member since: Jun 2008
you can't make offers in an e-mail. That is the dumbest strategy I have ever heard. How does the agent know your legitimate and not some scam artist in Nigeria?
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Response by joedavis
almost 17 years ago
Posts: 703
Member since: Aug 2007
I am from Nigeria..........
and I resent the accusation that Nigerians are scam artists.
Seriously -- these agents all met me at an open house or through an appointment and emailed me for followup before the offer was made. They were salivating at the prospects of having an offer until it was actually submitted.
I'll hire a horse drawn carriage next time and wear a top hat + long coat as I deliver the offer in person with a suitable oration set to appropriate music. Would that work better, or should I offer a plastic sleeve with IDs and SS card?
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Response by Dwayne_Pipe
almost 17 years ago
Posts: 510
Member since: Jan 2009
"How does the agent know your legitimate and not some scam artist in Nigeria?"
LOL. AFter a decade of searching, I finally a group of people even LESS reputable than realtors: Nigerian email fraudsters.
Congrats, realt-whores. Thanks for coming, thank you. Have a nice night. Drive safe. Thank you.
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Response by patient09
almost 17 years ago
Posts: 1571
Member since: Nov 2008
Joedavis: don't forget the origination fee. I have been teling brokers that I require a $110 origination fee to complete the paperwork for my bid. They laugh until they realize I am serious, they pay, then I give them my bid.
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Response by joedavis
almost 17 years ago
Posts: 703
Member since: Aug 2007
That's a good one, patient.
I like it, and will figure out the appropriate charge I should levy:
$11 for email offer on a prime property
$111 for an email offer on a sub-prime property
$1111 for a written offer marked special delivery with REBNY form filled out
Of course, I'll refund the fee if my offer is accepted.
Among the sins committed here:
1) The property is actually FSBO. See: http://realestate.nytimes.com/sales/detail/253-NS90214294.
2) She appears to have ignored the owners' wishes. Their ad clearly states "no brokers please".
3) She hugely overstates the square footage, perhaps assuming that #8B is a typical "B" unit (it isn't), or possibly just picking a random number.
4) She understates the monthlies, which the owners stated accurately in their ad.
5) The over-exposed picture was taken hastily, probably while viewing the apartment under false pretenses. The owners have a good picture of the same room from the same angle.
I wish the owners luck with this one. As for the Ardor agent, maybe she has an explanation. I'd like to hear it.
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Response by joedavis
almost 17 years ago
Posts: 703
Member since: Aug 2007
good catch W81:
I have no amor for ardor.
Ran into similar things with other agents from this group when we first started looking, and now I ignore all their listings. There are a number of similarly entrepreneurial groups who advertise on craigslist.
Should have decided to start an HOF earlier
Still debating if it is a good idea to start naming the ones who will not present offers
i would suggest trying to find a way to prequalify your finances if you want to be taken seriously. perhaps a copy of a bank statement attached to your email or a serious bank reference but otherwise you're just a crank emailer.
HI joe- question, are these offers on individual resales or developments? The reason I ask is that often times developers instruct their sales staff to only present them with offers within a certain range.. strange as it may sound in this market! Depending on the apartment specifically 20 to 30 percent below ask offers are certainly nothing to sneeze at in this economy....
c.c. -- what I meant was that I usually DO attach a pre-qual statement for that specific property from the mortgage banker I have been working with. In a few cases (the lower offers) I have also provided them with a bank statement that shows assets exceeding the price offered (often 2x) and liquid assets 2x of the typical 20% -30% down payment offered.
nycbroker -- these are offers on individual apartments primarily in resale settings. I don't think I have made such an offer on a new dev so far, so I dont think I have dealt with developers. Perhaps that is a better place to focus my energy
gonna sound crazy but add a phone call direct contact not voice mail to your approach. i.e. email to make the phone appt...present your case...follow up with email/phone...everyone hates confrontation. find ways to make it harder for them to ignore you. i think you are on the right track.
joedavis: I hope you put black marker over your account number before forwarding the statement.
you can't make offers in an e-mail. That is the dumbest strategy I have ever heard. How does the agent know your legitimate and not some scam artist in Nigeria?
I am from Nigeria..........
and I resent the accusation that Nigerians are scam artists.
Seriously -- these agents all met me at an open house or through an appointment and emailed me for followup before the offer was made. They were salivating at the prospects of having an offer until it was actually submitted.
I'll hire a horse drawn carriage next time and wear a top hat + long coat as I deliver the offer in person with a suitable oration set to appropriate music. Would that work better, or should I offer a plastic sleeve with IDs and SS card?
"How does the agent know your legitimate and not some scam artist in Nigeria?"
LOL. AFter a decade of searching, I finally a group of people even LESS reputable than realtors: Nigerian email fraudsters.
Congrats, realt-whores. Thanks for coming, thank you. Have a nice night. Drive safe. Thank you.
Joedavis: don't forget the origination fee. I have been teling brokers that I require a $110 origination fee to complete the paperwork for my bid. They laugh until they realize I am serious, they pay, then I give them my bid.
That's a good one, patient.
I like it, and will figure out the appropriate charge I should levy:
$11 for email offer on a prime property
$111 for an email offer on a sub-prime property
$1111 for a written offer marked special delivery with REBNY form filled out
Of course, I'll refund the fee if my offer is accepted.
I don't know this bottom-fishing Ardor agent, but I think her new "listing" at the Alameda may be HoF-worthy: http://www.streeteasy.com/nyc/sale/387924-coop-255-w84th-upper-west-side-new-york
Among the sins committed here:
1) The property is actually FSBO. See: http://realestate.nytimes.com/sales/detail/253-NS90214294.
2) She appears to have ignored the owners' wishes. Their ad clearly states "no brokers please".
3) She hugely overstates the square footage, perhaps assuming that #8B is a typical "B" unit (it isn't), or possibly just picking a random number.
4) She understates the monthlies, which the owners stated accurately in their ad.
5) The over-exposed picture was taken hastily, probably while viewing the apartment under false pretenses. The owners have a good picture of the same room from the same angle.
I wish the owners luck with this one. As for the Ardor agent, maybe she has an explanation. I'd like to hear it.
good catch W81:
I have no amor for ardor.
Ran into similar things with other agents from this group when we first started looking, and now I ignore all their listings. There are a number of similarly entrepreneurial groups who advertise on craigslist.
Should have decided to start an HOF earlier
Still debating if it is a good idea to start naming the ones who will not present offers
I'd like to nominate Sharon Baum of Corcoran.
http://www.nytimes.com/2009/03/02/nyregion/02bigcity.html?ref=nyregion