need some advice about buying a home...

  1. hi everyone...

    i just needed some advice about buying a condo. i got approved for a mortgage last week (yay!!) and i found a condo that i really like...it has 2 bedrooms, 2 full bathrooms, walk in closet in master bedroom, laundry room, dining room, living room, kitchen, bay windows in the 2 bedrooms, and a balcony. it's across the street from tennis courts and basketball courts and it's only a 10 minute drive to work (and there are 3 different ways to get to work, which is nice because there is always traffic in the area). the asking price is $245000. i offered $235000 but my real estate agent only did a verbal offer to the seller's agent. he got back to me last night saying that the seller's agent said that they had another offer for $235000. my question is...how do i know if they're bluffing? it seems a little shady because he only did a verbal offer instead of doing the formal written offer and having the sellers do a counter offer. i know that they work on commission and it would benefit the real estate agents if they sold it for a higher price. anyway, this is my first time buying and i'm not sure how i should proceed. by how much do you usually increase your offer? my dad said to offer $235500. i'm going to head out to the municipal complex in a little while to take a look at their residential sales book to see how much condos have been selling in the area. thank you in advance for anyone who can give me advice.
     
  2. Check out the prices in the area...he is right..Your real estate agent should be able to tell you if they are bluffing??I have a good friend in real estate in your area...if you need help...let me know! Good luck,I hope you get it!
     
  3. thanks jill. yeah i'm going to check out the prices. i'll pm you if i need a different real estate agent. thanks! :p btw...i'm loving the agenda :love:
     
  4. Hmmm...we've bought four houses and sold three, and I've never known an agent to only present a verbal offer. As far as the price, finding out what condos sell for in that area is a step in the right direction. Sometimes you can find the MLS listings right online, or get to your local real estate assessor's Web site to check past sales. I know in our area, most of the time, a full price offer is the norm. The neighborhoods we've bought in have been hot areas, so we offered up full price right from the start. I'm sure that varies by areas, though. Good luck, and keep us posted!
     
  5. I don't know all the rules but from my experience offers and counteroffers should be in writing. Period. It's part of the initial contract. Don't give up on the buy...just tell your realtor you want to do a 235K offer in writing. If he gives you any more run-around, find another agent! Good luck to you! Buying your first home is so exciting!
     
  6. I agree with above, have everything in writing. You can also go above your agent and send the offer to the seller's agent directly...because if the sale goes through, your agent will get 1/2 of the 5% commission anyway even if he's no longer involved.

    From my experience, the buyer agent and seller's agent really both work for the seller as he's paying the commission.

    However, the commission thing is tricky. For the seller, he is suspicious of offers as well. A lot of agents tend to push the seller to sell at a lower price to simply make the sale. A 10K is only $500 to the agent, if there are two agents, it's only $250 each, but the seller loses 10K.

    I think you have to trust the agent and make sure that the agency is reputable.
     
  7. i also agree, have everything in writing. i was involved in my boyfriend's purchase of a home last year from beginning to end, and all responsible real estate agents should get everything in writing - ours refused to even try a verbal offer. if you absolutely love the condo, and it's a reasonable price for condos in the area, i'd say go to 240,000. it shouldn't make a huge difference in your monthy mortgage payment, and it'd be worth it to get the condo if it's absolutely the one you want, imo.
     
  8. thanks guys! you're the best :p yeah i'll have him do the 235,000 in writing and if they still reject it, then i can go from there. i'm going to head to the municipal center to look up the prices on recent residential sales. thanks again!
     
  9. Didnt your Realtor give you Comps? If he didnt you need to find a new agent. He is making commision for a reason. You be provided that information.
    Selena
     
  10. no he didn't give me comps...what do comps include?
     
  11. where in NJ are you looking to buy a condo?
     
  12. Comps are the most recent sale information on homes most similiar to yours. They will list what the house sold for, what it was initially listed at and how long it took to sell. I am shocked that you didnt receive these. It sounds to me that your realtor is not a good one. Do yourself a favor RUN. If you have a realtor that doesnt do his job well it can hurt you in the end. Did you sign a contract with him? Also did you know you can negotiate the commision?

    Keep us posted.
    Selena
     
    swee7bebe likes this.
  13. Also if you are in South Jersey I can give you my realtors name she is wonderful. We have bought and sold twice with her in the past three years. We are in Mount Laurel.

    Selena
     
  14. Swee7bebe is the buyer, she shouldn't have to pay any commission.
     
  15. Your real estate agent should do this for you. Sounds like he doesn't want to do much work for the sale. :evil: