low offers: How to Submit a Low Offer - 04/21/11 04:37 AM
How to Submit a Low Offer on a New York Listing
What is more compelling to someone selling a home when presented with an offer on their property:
A voicemail     or A well written offer sheet complete with a cover letter, proof of funds, pre approval and specific terms If you are like me, you'll choose option two. So let me ask a question: If a well presented, full package is more convincing, would it not be especially wise when the offer is low? Would a low offer not need even more justification and clarity? Would a seller not ask … (40 comments)

low offers: Why Tons of Buyers Are Screwing Up - 11/08/10 12:42 AM
Price and Terms. 
Price. Terms. 
I will bet you a 6-pack of Old Milwaukee that if you ask first-time buyers what the term "terms" is that a bunch of them would screw it up, maybe because their buyer agent is a glorified door unlocker who is a payment behind on his car. But that's another post. 
Right now, thousands of buyers across our great land are poisoning their prospective home purchase over an appliance, a repair to an electrical panel, or less than 1% of the price of the home. Because, after all, it is a buyer's market.  What is a buyer's market? … (199 comments)

low offers: Can an Owner Reject an Offer in a Short Sale? - 10/29/10 12:58 AM
Contrary to what some may think, an owner is not obligated to submit every offer to the lender for approval in order to do a short sale. As a matter of fact, there are offers that an owner should never submit to the lender. That is the owner’s right, as they still hold title and ownership of the property, and the bank’s decision in a short payoff is simply the amount they’ll take to release the lien and settle the debt.
In Westchester and the surrounding areas of New York, offers are not submitted to the lender for approval, contracts of sale are. And those … (58 comments)

low offers: Why do Buyers Make Lowball Offers? - 02/14/10 02:00 PM
I am often asked by seller clients "what are these people thinking?" when a low offer comes in. I can only speak of what I see in my marketplace (Westchester and other suburban New York counties), and it is easy to answer "they AREN'T thinking," but the real truth is far more complex. At the heart of it all is always self interest, which is the very same reason why sellers want the most they can get themselves. 
First, a few obvious motivations:
Speculation- Hey, you never know, the seller might just go for it. Sadly, there are some mud throwers … (129 comments)

low offers: Sellers Should Never Say "No" - 02/09/10 02:24 PM
Not long ago, I submitted an offer on behalf of some very good buyers I represent. These are dream clients-very well qualified, fun, and sincere. We've been looking for longer than usual, but that happens sometimes. The area they like has some nice stuff, but much of it is overpriced. None of the houses they have seriously considered but ultimately passed on have sold yet. All they want is a house they love in good condition at a price they feel is justified. It is a big buyers market here right now.  
On the home they made the offer on, we went … (126 comments)

low offers: Never Say NO to a Low Offer - 01/16/10 02:51 PM
I submitted an offer from a buyer client on a property listed with a very respected company this past Wednesday. It was a low offer to be sure, but that is not uncommon. The property has been listed for quite a while; 250 days as a matter of fact. It is vacant and needs updating everywhere. The listing agent never acknowledged receipt until I called her Friday. She was less than enthusiastic. I didn't care. Get me an answer. 
We spoke again today, and the answer was NO. 
No counter offer, no attempt to negotiate, just "too low, try again." This is extremely … (9 comments)

low offers: It is Only Buyer's Market if You Buy Something - 12/09/09 07:33 AM
Let me preface my remarks by stating that when I act as a buyer agent I truly enjoy negotiating the best deal I can for my buyers. But make no mistake; we make a deal. I'll explain after I list a few examples of what I don't mean:
On a $450,000 listing, an offer of $400,000 comes in with a remark on the cover sheet: "Buyer is unable to be very negotiable with this offer." On another listing, the buyer agent tells us that their buyer has been looking for a home for 2 years. 2 years. After I get the … (3 comments)

low offers: What is a Buyer's Market Anyway? - 11/19/09 02:27 PM
Now is a great time to buy real estate. I was quoted 3.75% on a 7/1 ARM today (great if you are putting a lot down and plan to move in 5 years or less), and 30 year fixed are getting deliciously close to 5%. The high inventory and low prices are all in the buyer's favor. I see homes off 25-30% from their peak in some very nice areas, and even more in some parts. Sellers want to make a deal too, and I am seeing them do things they never would have done even 2 years ago: include furniture, help with … (55 comments)

 
J. Philip Faranda, Associate Broker / Office Manager (Howard Hanna Rand Realty)

J. Philip Faranda

Associate Broker / Office Manager

Yorktown Heights, NY

More about me…

Howard Hanna Rand Realty

Address: 522 North State Road , Suite 100, Briarcliff Manor, NY, 10510

Office: (914) 762-2500

Mobile: (914) 450-8883

Phil Faranda is broker and owner of J. Philip Real Estate LLC in Briarcliff Manor, NY. Since founding the firm as a sole practitioner in late 2005, the team has grown to over 80 agents & closed 1000+ transactions valued at over $1 billion. He was 2014 President of the HGMLS and a 2017 Inman Influencer. This blog commentary is geared toward consumers and industry colleagues alike. You can reach him at (914) 723-8900.
Warning: *Sarcasm and irony advisory at all times.*

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