Thursday, February 14, 2008
Home seller's question: rent or sell??
We had a negotiation if the office last fall with a home seller who had a unique situation.
The owner had his home on the market for about six months and had already moved to another area. And he needed to get out from under the mortgage payment.
Other than our buyer who was interested, he had a person who was interested in renting the home with an option to buy it at the end of the year.
I needed to convince the seller that he should sell to our buyer for less than what the rental guy wanted to pay next year, without letting him know how much our buyer wanted the home.
So I pointed out to him that:
1. The renter may not be able to get a loan in a year - which would put the seller back in the same situation.
2. The renter may break the lease and the owner would be saddled with landlord challenges.
3. The market values could drop and the buyer wouldn't want to pay as much next year.
4. The renter could damage the home or something in the home could break, and he would need to put more money in the home.
And a few more....
At least one of the scenarios must have struck a nerve for him because when he saw our offer (again that was significantly less than what the rent-to-own guy was offering) he took it.
Good deal and great house for our buyer, and we solved the seller's problem.
If you know who the rent-to-own guy was send him to our office so he doesn't get out-negotiated the next time!
The owner had his home on the market for about six months and had already moved to another area. And he needed to get out from under the mortgage payment.
Other than our buyer who was interested, he had a person who was interested in renting the home with an option to buy it at the end of the year.
I needed to convince the seller that he should sell to our buyer for less than what the rental guy wanted to pay next year, without letting him know how much our buyer wanted the home.
So I pointed out to him that:
1. The renter may not be able to get a loan in a year - which would put the seller back in the same situation.
2. The renter may break the lease and the owner would be saddled with landlord challenges.
3. The market values could drop and the buyer wouldn't want to pay as much next year.
4. The renter could damage the home or something in the home could break, and he would need to put more money in the home.
And a few more....
At least one of the scenarios must have struck a nerve for him because when he saw our offer (again that was significantly less than what the rent-to-own guy was offering) he took it.
Good deal and great house for our buyer, and we solved the seller's problem.
If you know who the rent-to-own guy was send him to our office so he doesn't get out-negotiated the next time!
Labels: rent-to-own negotiation
Sunday, February 10, 2008
Interesting Belleville market statistic
One of our clients in the office is looking a luxury homes in Belleville. (We define luxury as homes with asking prices above ~$550,000)
The other real estate agents are all gushing about how wonderful their listings are, our agent Laura looks at things a little more objectively. (Remember we represent the buyer - a big difference.)
So at one of our staff meetings recently Laura mentioned that in the particular segment of the market where she was helping a buyer look there are 21 homes on the market.
And-
In the last year 3 similar properties have sold. That is a 7 year inventory!
To be fair the luxury homes normally has a longer market time (closert o a year in most areas) but seven years of inventory is amazing!
If you are a buyer this is the MOST CRITICAL PIECE OF NEGOTIATING INFORMATION for you to have.
As the Exclusive Buyer's Agent working in the Belleville market we may be the only company who will discuss this with you.
The other real estate agents are all gushing about how wonderful their listings are, our agent Laura looks at things a little more objectively. (Remember we represent the buyer - a big difference.)
So at one of our staff meetings recently Laura mentioned that in the particular segment of the market where she was helping a buyer look there are 21 homes on the market.
And-
In the last year 3 similar properties have sold. That is a 7 year inventory!
To be fair the luxury homes normally has a longer market time (closert o a year in most areas) but seven years of inventory is amazing!
If you are a buyer this is the MOST CRITICAL PIECE OF NEGOTIATING INFORMATION for you to have.
As the Exclusive Buyer's Agent working in the Belleville market we may be the only company who will discuss this with you.
Labels: bellevile luxury market values, belleville exclusive buyer agent
Tuesday, February 5, 2008
Top EBA's (Exclusive Buyer Agents) get "green" in Las Vegas
Many of the top Exclusive Buyer's Agents in the country met recently in Las Vegas for their annual conference.
The professional association is called the National Association of Exclusive Buyer Agents (naeba.org) and since many NAEBA members are also REALTORS it made sense to host the conferences together so members could visit both.
The conference was titled "Going Green... It's No Gamble" and focused on education in the Green building area.
This post from another blog mentions some youtube.com videos taken at the conference of NAEBA members: http://annarbormichiganrealestate.com/?p=62
I believe our office (in the link above) is the only NAEBA member who serves Belleville Michigan.
The professional association is called the National Association of Exclusive Buyer Agents (naeba.org) and since many NAEBA members are also REALTORS it made sense to host the conferences together so members could visit both.
The conference was titled "Going Green... It's No Gamble" and focused on education in the Green building area.
This post from another blog mentions some youtube.com videos taken at the conference of NAEBA members: http://annarbormichiganrealestate.com/?p=62
I believe our office (in the link above) is the only NAEBA member who serves Belleville Michigan.
Labels: Exclusive Buyers Agent Belleville Michigan
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