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This is another reblog on a similar topic....Buyers need to understand that if they like the property, chances are someone else likes it too. Yes, there are deals to be had in NY...But the "deal" is already baked into the cake. You've got prices that are down 20-30% and mortgage rates to die for! Looking for 40% or 50% isn't going to work. If you get the seller mad, they will just go elsewhere. Prime properties in prime locations and in prime condition sell for market value. The same holds for short sales. Do you seriously think you can take on a big bank and get them to sell to you at 10% below market. Not happening.
Bottom line, know what the values are make realistic offers. Crazy low offers won't work unless the home you are bidding on is a fixer-upper with TON of deferred maintenance. Meanwhile, someone else will come along and buy it right out from under you.
For the sake of Negotiating..... Lessons of Feet Dragging - yes, even in a Buyer's Market.
So, I've experienced the Lessons of Feet Dragging, Negotiating and Dragging just for the sake of Negotiating. It is not fun to witness buyers wanting to haggle just for the sake of haggling.
In the end, when the counter offer is not accepted and a new offer is introduced into the picture, it would be very disappointing when you lose the house, the house you've been talking about and the house you've been spending your time visualizing in.
So many times I wonder why buyers cant be serious? What could $2,000 mean in a $200K transaction or better yet, $2000 in a $500K transaction? Is it worth haggling?
ABSOLUTELY NOT! After evaluating the pros and cons of going back to the sellers for a tiny pricehaggle, in the grand scheme of things, it will not make a small pinch in the monthly payment,
WHY OH WHY DO YOU RISK ANOTHER OFFER COMING INTO THE PICTURE?
Do you know until it's signed and executed, you - the buyer is still vulnerable and that you have not secured anything yet.
And agents, don't come back to tell me how your clients will now pay the price they originally agreed on. It may be too late. The seller may have signed and executed the other offer. The seller may be upset about the haggle, the seller wants to deal with the other non-haggling buyer.
I've personally experienced 2 back-to-back negotiations where buyers lost because of Negotiation for the sake of Haggling.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.