Comments on: When “Final and Best” is Neither http://hobokenrealestatenews.com/2008/05/09/when-final-and-best-is-neither/ Everything buyers and sellers need to know about Hoboken condos and homes. Tue, 06 Jan 2009 15:01:12 +0000 http://wordpress.org/ By: Lori Turoff http://hobokenrealestatenews.com/2008/05/09/when-final-and-best-is-neither/#comment-187 Lori Turoff Wed, 28 May 2008 15:50:53 +0000 http://hobokenrealestatenews.com/2008/05/09/when-final-and-best-is-neither/#comment-187 Stephen, When I am working with a buyer, I ALWAYS strongly advise them when making their initial offer to do the following: 1. Offer the best price you can, hopefully full price if the property is priced correctly; 2. Make the offer as soon as possible - you really want to be the first one in there; 3. Ask the seller to take the property off the market. They are the ones in control and they decide if it will continue to be shown; and 4. If they refuse, ask them that all further showings be for back-up only. In otherwords, should your deal fall through, the seller has someone waiting in the wings. In most situations, if you come in with a strong, quick offer the seller is willing to agree. Then, when other agents call the lising agent to make a showing appointment the listing office should tell them "there is an accepted offer and we are in attorney review - all showings are only for back up - would you still like to show it?" This discourages many agents from even bothering to show it to their buyers. With so many properties on the market, why waste time with one that's already under contract? Furthermore, when I do this, I might even have an agent in my office call the listing office to make an appointment for the property to see if they are telling agents that the property is under contract. If not, I immediately call the listing agent to find out why he or she is not holding up the agreement. Of course, anything can still happen but when it is set up right from the get-go it is less likely that there will be problems. Ultimately, it depends on the ethics of the seller to keep their word. Stephen,
When I am working with a buyer, I ALWAYS strongly advise them when making their initial offer to do the following:
1. Offer the best price you can, hopefully full price if the property is priced correctly;
2. Make the offer as soon as possible - you really want to be the first one in there;
3. Ask the seller to take the property off the market. They are the ones in control and they decide if it will continue to be shown; and
4. If they refuse, ask them that all further showings be for back-up only. In otherwords, should your deal fall through, the seller has someone waiting in the wings.

In most situations, if you come in with a strong, quick offer the seller is willing to agree. Then, when other agents call the lising agent to make a showing appointment the listing office should tell them “there is an accepted offer and we are in attorney review - all showings are only for back up - would you still like to show it?” This discourages many agents from even bothering to show it to their buyers. With so many properties on the market, why waste time with one that’s already under contract?

Furthermore, when I do this, I might even have an agent in my office call the listing office to make an appointment for the property to see if they are telling agents that the property is under contract. If not, I immediately call the listing agent to find out why he or she is not holding up the agreement.

Of course, anything can still happen but when it is set up right from the get-go it is less likely that there will be problems. Ultimately, it depends on the ethics of the seller to keep their word.

]]> By: Stephen Wolfe http://hobokenrealestatenews.com/2008/05/09/when-final-and-best-is-neither/#comment-186 Stephen Wolfe Wed, 28 May 2008 15:18:17 +0000 http://hobokenrealestatenews.com/2008/05/09/when-final-and-best-is-neither/#comment-186 It is so good to hear someone else admit that "highest and best" or "final and best" doesn't mean that at all. We have had about 2 or 3 or these in the past few weeks and I have started questioning listing agents on in they understand what that really means or if they are just trying to run up the price. Why can't we just say.. "There are competing offers, do you want to change yours at all to put in a better place?" That seems a lot more honest to me. It is so good to hear someone else admit that “highest and best” or “final and best” doesn’t mean that at all. We have had about 2 or 3 or these in the past few weeks and I have started questioning listing agents on in they understand what that really means or if they are just trying to run up the price. Why can’t we just say.. “There are competing offers, do you want to change yours at all to put in a better place?” That seems a lot more honest to me.

]]> By: Lori http://hobokenrealestatenews.com/2008/05/09/when-final-and-best-is-neither/#comment-143 Lori Tue, 13 May 2008 18:59:34 +0000 http://hobokenrealestatenews.com/2008/05/09/when-final-and-best-is-neither/#comment-143 Diana, While location is certainly one of, if not the most important factor in real estate value, every property is unique and I simply cannot give a blanket value. The properties that are priced right sell. Those that don't sit on the market until the price is sufficiently reduced. That is probably a good guide. Also, see what other similar condos in the building or close by have sold for. Hoboken is, in the end, a small town and there is demand for units in all parts of town. Do you have a specific building in mind? -Lori Diana,
While location is certainly one of, if not the most important factor in real estate value, every property is unique and I simply cannot give a blanket value. The properties that are priced right sell. Those that don’t sit on the market until the price is sufficiently reduced. That is probably a good guide. Also, see what other similar condos in the building or close by have sold for. Hoboken is, in the end, a small town and there is demand for units in all parts of town. Do you have a specific building in mind?
-Lori

]]> By: Diana S http://hobokenrealestatenews.com/2008/05/09/when-final-and-best-is-neither/#comment-142 Diana S Tue, 13 May 2008 17:44:44 +0000 http://hobokenrealestatenews.com/2008/05/09/when-final-and-best-is-neither/#comment-142 In other words, what do you think should be a fair value for condos, say, downtown Jackson or Jefferson? In other words, what do you think should be a fair value for condos, say, downtown Jackson or Jefferson?

]]> By: Diana S http://hobokenrealestatenews.com/2008/05/09/when-final-and-best-is-neither/#comment-141 Diana S Tue, 13 May 2008 17:44:00 +0000 http://hobokenrealestatenews.com/2008/05/09/when-final-and-best-is-neither/#comment-141 Do you think that new construction in Hoboken is inflated right now due to rising hard costs? I see so many new condo buildings going up on the west side and they are marking upper $500, lower $600. It seems overpriced, espcially the amount of noise/traffic in the area, bad roads, underdeveloped ammenities and general location. Do you think that new construction in Hoboken is inflated right now due to rising hard costs? I see so many new condo buildings going up on the west side and they are marking upper $500, lower $600. It seems overpriced, espcially the amount of noise/traffic in the area, bad roads, underdeveloped ammenities and general location.

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