NY Houses 4 Sale: Buying a property is not like going to a garage sale.

When I was moving from my apartment into my house alot of my furniture and knick knacks were never going to "fit in" to my new decor. So I decide that instead of my just tossing my good "junk", I would sell it. In my history, I never held a garage sale and at this point in my life, I never even went to a garage sale, so I was in for a rude awakening, little did I know how my feelings would get stomped on. Did I know that holding a garage sale, I would have to be thick skinned?

The weeks prior to my big garage sale debut, as I was packing boxes that would me making the move and I was simultaneously packing boxes that would never make it to my new abode. I sorted threw my stuff for weeks on end, until I was at a point that my walls were bare, my drawers were empty and my closets were desolate. The day of my garage sale it was a nice 90 degree hot and humid day - I was up before seven and was outside unveiling my goods. There were more people showing up at the "pre-shop" time than I ever thought. I was getting angry because people were going through my boxes before I even got to unpack. I remember getting testy at people asking me questions of items that they were searching for, "Excuse me, do have the pre-war glasses?" My knee jerk reply was something like "NO.. Do you see the pre-war glasses? Come back later, maybe something will show up". But what was getting me even more mad was not the early shoppers, but rather the "bargain hunters". I sat in my apartment for weeks and packed these boxes, I priced each item - at what I thought to be reasonable and fairly cheap. How dare they even attempt to bargain with me. If I had something priced at $2.00 - the first price I was offered was $.50 !

Within four or five hours of this sort of abuse - I just about had it. I was NOT the garage sale type of gal that would sit in this blistering heat and be taunted by people getting the best of me. I remember this one poor man that got out of his car and made a bee-line right to a pair of Sterling Silver earrings that was priced $5.00. He looked over the earrings and then yelled out to me "I'll give you $.25!"

I replied - " HUH??? ARE you kidding me, look at the price SIR".

"OK, $1.50".

"NO - put the item down", I said...

"OK, $3.00".

Finally after having to deal with more people trying to bargain and beat me down, I could no longer handle this. I remember going over to the man and taking the earrings out of his hand and telling him "NOW - its $25.00 for you and I and NOT bargaining". I was serious - he annoyed me to no end. I decided that even if he did offer to pay me the ridiculous amount that I ordered, HE was NOT getting the item. He insulted me enough and I am not going to play with him anymore.

Why am I talking about a garage sale? Because, I have had more than 7 offers on 7 different properties this past week, which were all by builders and all the properties were reasonably priced. I am finding that everyone wants to pay the cheapest and sell for the most. Fellas - it won't work that way.

All my offers are below - and I mean way below asking price (seller asking 2 Million - offered less than a million). I have had more than one builder tell me that they will give me a "gift" if I get this for them. OK, but - number one - that is illegal. Number two - I am embarrassed to submit that offer. If this was my seller and I got an offer like you are trying to submit - I would deny the offer without a counter offer.

Here is the thing - my job is to negotiate. I will negotiate to win - and I am good at it. I know what to say, how to say it and trust me I stick with it - if the offer is good and the terms are good. I will get you a property if the offer is REASONABLE. Which none of my seven offers were even close to good.

Now, I have worked with low ball offers and these were not low ball offers - These were off the chart rude offers. I can tell you, the only time that I see low ball offers work is if:

The property has been on the market for longer than a 6 or 7 month span.
The original asking price been lowered more than twice and more than $100,00o within a short period of time.
If the property vacant or distressed.
The owner is desperate to sell.

Which none of these factors existed with my builder's offers. The properties that they were bidding on were what I consider to be "hot properties", they were only on the market for less than a week and none of the sellers were desperate to sell.

Comments

It's interesting to see builders low balling.

I guess they are starting to see the market changing with regard to million dollar+ new constructions in this area and are trying to assure a profit if they have to make price reductions.

Just a theory...

Posted by: Frustrated | January 15, 2007 at 06:49 PM