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Thanks my man. Our property is in Queens, NY. I'm doing the design and a long time friend of mine is doing construction. It's kind of a design/build process right now.
Home Buying & Real Estate Thread
- Thread in 'General' Thread starter Started by TYE_The Time Traveler,
- Start date
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Man buying a property in NYC is really frustrating. We've dealt with 4 different seller agents. The first and last agent work for the same company. The first agent we dealt with ended up leaving the company. They think they're gonna work their magic and get the price the seller wants. This house has been up a year. It started at $795k in June 2015, then 740k for a few months and now its down to 680k. I'm sure if someone saw it sitting for a while and thought it was worth in the neighborhood of 680k they would of gotten it by now. His agent was throwing bogus comps at me and telling me what people are asking for their homes in the area.
Do realtors take what people are asking for seriously ? I told dude I don't care what people are asking for. I care what they sell for.
Do realtors take what people are asking for seriously ? I told dude I don't care what people are asking for. I care what they sell for.
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We're on the same boat.. Buying in NYC is a headache..
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How do realtors look at square footage vs. bedrooms ? The home we're interested is a 5 bed/3 bath 1400 sq ft. It's really a 4 bed 3 bath, one of the rooms isn't closed off and closing it off would make it pretty small. He's showing me a 4 bed,3 bath comp in a better location,with parking, and 2000 sq ft.
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they don't. the home size & amenities is up to what the buyer wants. sq ftage is always going totrump the # bedrooms, 4 + 3 1400 sq ft sounds cramped but if it works go for it.
remember you always have the appraisal contingency tied to financing the deal, so if it doesn't appraise you can haggle the seller down or walk.
remember you always have the appraisal contingency tied to financing the deal, so if it doesn't appraise you can haggle the seller down or walk.
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I figured that. You can always put up a wall to add a bedroom, most of the time you can't make the house bigger.
The comps he's showing me have a lot more sq footage, a driveway or garage, and/or a better location. He's ignoring all the cheaper comps.
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the property he has you on is probably paying him a higher commission, if he's getting like 2.5-3% then there's much better deals in the area 
, they just likely pay 1-2% so agents don't like them as much. I would ask
but also I would recommend firing him either way. his pitch "buy this home, because there's better homes that are more expensive" is weak. a good agent will e-mail you 5-7 listings/week that fit your budget. pulling comps takes 30 seconds using cloudcma, so withholding comps is not ok.
, they just likely pay 1-2% so agents don't like them as much. I would ask but also I would recommend firing him either way. his pitch "buy this home, because there's better homes that are more expensive" is weak. a good agent will e-mail you 5-7 listings/week that fit your budget. pulling comps takes 30 seconds using cloudcma, so withholding comps is not ok.
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the property he has you on is probably paying him a higher commission, if he's getting like 2.5-3% then there's much better deals in the area
but also I would recommend firing him either way. his pitch "buy this home, because there's better homes that are more expensive" is weak. a good agent will e-mail you 5-7 listings/week that fit your budget. pulling comps takes 30 seconds using cloudcma, so withholding comps is not ok.
I'm getting the comps from the sellers agent. The owner didn't want to deal with a buyers agent.
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oh, got it.
here in CA the listing agent has the listing, and the selling agent is the buyers agent.
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the bay area SF and San Jose man...
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So now the FIFTH agent in a month has listed the house. I pretended like I didn't know. I told him I spoke to a different agent about the house last week and asked if he's the new agent ? He said yeah, but its an open listing. The agent I spoke to before him told me it was their exclusive listing. We made an offer to them which was turned down but I was also told the owner didn't want to deal with an FHA loan. I asked the new agent if the owner would be okay with an FHA loan ? He called me back and told me the owner said he's 99.9% okay with an FHA loan.
The hell is going on ?
The hell is going on ?
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Doesn't sound like you're going to get anywhere on that house. I say move on personally. But sucks to be getting the run around.
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SF :x
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it could be that they are getting desperate or the other agent just wanted a quick close...who knows. It just doesn't seem like the owner wants to move the property unless he can get the price that he wants. We've PM'd each other regarding the situation and if they aren't willing to take your max offer, there's no reason to move forward. All you can do is let them know that your offer stands and to move on.
And i agree w/ bluntobject50...if they are pulling all these shenanigans and its not even under contract, I can't even imagine what you are going to have to go thru once you are under contract. Then when you get the inspection done and find out there may be other things wrong w/ the property, thats another obstacle.
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We're getting tired of dealing with the BS. We just don't like anything else on the market in our price range so we're sticking with it. I guess it's a good thing we're not in a rush since we don't have to move until next year.
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Be patient and the right property will come along... I've put in numerous offers and there are properties that I wanted so bad and come to find out I didn't get them. But then the next day/week or whatever I get a house that was way better and at a better deal.
Things just happen for a reason...In other news, closed escrow on my last project. The higher offer fell thru but the backup offer closed in 21 days which made it even better. So it all worked out.
Took around 4.5 weeks to complete the project. Bought the property for $330k. Put in $50k for the remodel. Sold for $448k.
On to the next one!!!
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You may have already answered this question weeks or months ago: "Are you financing these properties or buying with cash"? If you are buying with cash on hand, do you have partners/investors as well?Be patient and the right property will come along... I've put in numerous offers and there are properties that I wanted so bad and come to find out I didn't get them. But then the next day/week or whatever I get a house that was way better and at a better deal.Things just happen for a reason...
In other news, closed escrow on my last project. The higher offer fell thru but the backup offer closed in 21 days which made it even better. So it all worked out.
Took around 4.5 weeks to complete the project. Bought the property for $330k. Put in $50k for the remodel. Sold for $448k.
On to the next one!!!
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Cash. I have a business partner and we work with investors as well.
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To the realtors in here, do you guys put houses on craigslist ? It looks like a desperate move to me.
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That's some good info...comping a property can be difficult at first but just like everything else, practice makes perfect.
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Yes.. Not desperate at all.. If you have a property for sale you want to market it on all outlets in which buyers are looking...
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Someone on zillow put up a house wayyyy below market value. We walked by on our way to the vet and they had a sign on the front door saying "this house is not for sale". I can't imagine how many investors came knocking.
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Just completed a 3 Bed/2 Bath condo with new laminate floors, carpet, stainless steel appliances, granite countertops, etc...
Don't know if anybody is interested in a buy and hold property in n here but let me know...
Apologize for the pics...getting professional pics done on Wednesday then I'll be putting it on the market this Thursday or Friday.
Asking $250k
Can rent for $1800-1900+
Don't know if anybody is interested in a buy and hold property in n here but let me know...
Apologize for the pics...getting professional pics done on Wednesday then I'll be putting it on the market this Thursday or Friday.
Asking $250k
Can rent for $1800-1900+
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ekrev98
kind of related, but how would someone get into real estate photography? I've looked at listings where people take crappy cell phone pics, others with nice wide angle shots, and some with lame hdr processing. I do photography professionally now as a side job, but don't know clientele that would be interested in me taking photos of their home for no reason lol. Should I just contact real estate agents?
