Prep your realtor before you give them the offers. Let them know where you stand before you give them the offers so maybe your agent can get a chance to speak to the seller before hand. Not one big suprise an offer comes in for much less than asking price and the sellers lock up.
Coach and tell your realtor what to do and what you want if they are a 90%er (7-10% agents do all the real estate on average, so that means 90% of them are retarted) bluntly, if your agent is a retart, you need to guide them.
Never let a tart agent present your offer. On the flip side of that, if you have a good agent, they may do a better jog than you.
If they are a good agent(excellent negotiating and sales skills) and it was listed for 2.5 years, my guess is they are not a good one. Good agents constantly fight with price with there sellers. Good agents know there sellers needs. Usually good agents will not carry an over priced listing that long.
I’m wanting to make an offer on a 3 unit building. However, I have to work through a realtor. This unit has been on the market for 2 1/2 years and needs some TLC (absentee owner).
I’m wanting to make two offers–a cash offer and one with terms (the owner has already indicated there’s an assumable mortgage).
I’m concerned about making a low ball offer and insulting the seller. I also don’t want to pay too much for this property. Any suggestions on how to handle this?
You won’t insult the seller. Oh, the seller may be insulted but that’s his or her business. A seller can choose to be insulted at any price. Know what you want to offer and make it. I’m no expert, but I hear of people making lowball offers all the time and --Surprise!–some get accepted.
OK. You don’t know the realtor, who may be good, may be honest; maybe not. Maybe the realtor’s actually getting in the way and one reason the property’s been on the market so long. Maybe the seller is not motivated but is willing to play the market hoping to get lucky. You can’t know these things and you can’t change them. You can’t make any seller accept any offer you make no matter how high or low you make it. You can only deterine what figure you need.
YOu can’t buy the property without first making a bid. If you want the property and if you can get the finances, then figure out what figures you need and go for it. Bid a bit lower to give yourself some room, but make the bid. Etc. But make the bid. The realtor must present your offer no matter what.
Recently, I bought a property bidding 90% of the asking price. We dickered it a bit, but we settled pretty close to my offer. When it was all said and done I see that the seller was more motivated than either he or I realized at the start. I might have got the property for another 10% lower; maybe 15% lower. I could be upset with myself for not bidding lower, but I got what I went after, and at a price that works. So it takes a little longer to get rich.