Palm Beach County, Florida is Not just Golf, Sun, Shopping and great Restaurants the County also has some great Web sites. Today I met with a client who informed me they wanted to take advantage of the Buyers Market in Palm Beach Gardens and what percent should they offer under the asking price. My first response (as always) are you working with a Professional Realtor? Of course the client told me that they did not believe in working with Realtors. ( I know I shook my head also)
My advice was as follows:
This web site will show when the mortgage was recorded and what the amount was of the mortgage. In addition in will also show if the person has any liens on the property.
I gave the client this example:
House asking price: $350,000 owes $325,000 you offer $300,000. Can the seller really bring $25,000 to sell the house? Not every house for sale is a short sale.
As far as any Professional Mortgage person to step forward and tell someone what they should pay I would really question their knowledge. To many people want to be more important than they really are. All I know is, I only go by what my appraisers says it worth.
My advice to the client was if they choose not to use a Professional Realtor at least do their home work first on the property.
For more straight talk about Mortgages in South Florida: Mortgage Advice in South Florida
Full-Time Mortgage Broker in South FL. Palm Beach County. Specializing in Hard Money / Private Money, Foreign Nationals, Jumbo and Super Jumbo Loans. In addition I work with Today's Premiere Lenders.
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I don't understand why buyers do not want to work with a professional agent! It doesn't cost them anything, and it provides them with resources they may have missed. You did right in telling him there is no set amount to offer lower than asking price.
Matthew - I understand the mentality of circumventing the system and sometimes it actually works. Though, as Kim pointed out, it doesn't cost buyers a dime to work with a Realtor. They better be astute when doing their homework though, there is a reason not everyone does this or lasts at it for a living (Real Estate That Is). This isn't an infomercial, this is sweat & knowledge....usually what real-life is really all about.
Matthew, I suspect they will learn the hard way. Since most homes are listed the listing agent will not be working for them. I think Broker Bryant said Realtors work as transaction coordinators in Florida. But, would that person really give them all that information.
For some reason, people think they will do better with a seller without a REALTOR. They fail to realize the seller doesn't plan to pass along a saving to anyone but themselves. Also, they are unaware of the pitfalls a REALTOR is trained to look for - no amount of reasoning will convince some of them.
Kim, Thank you. I don't understand it either... but oh well
Jason. I agree I think a lot of people believe that the won't get such a good deal if they go through with a Realtor...
Ann, Very true. If they find a house that is listed who would really be protecting them?
Karen, I agree with you.. Sometimes you can lead a horse to water...lol
Wow..I'm insulted...:)
It can actually cost a buyer to work with an agent, some companies make you sign a buyers agent contract which says they earn 3% or whatever it is and if the seller doesn't pay it all, buyer has to pay the difference. I know prudential is one company that does this.
Neal, If you like I can recommend you... I am sure the two of you would be quite happy together ..:-)
John, You are correct however in Florida the competition is so great that most Realtors don't have them sign that contract.
Mathew
Realtors love hearing that you tried to send your buyer to a Professional Realtor. Being a member of Active Rain I am sure you could have come up with a list of qualified agents to give to this prospective buyer.
If people have a list of names and numbers more than likely they will use it. Plus it would have been an added perk for you if the buyer said hey I was referred to you by Mathew Blum.
At Active Rain, we should not only Post here but refer from here as well.
Gary, I have referred to few people on Active Rain and had great results. I have also been referred to as a Mortgage person and have closed some loans because of Active Rain. This site really does work
We have had calls from buyers that say they are only calling the listing agent direct because they will get the listing agent to cut their commission and rebate it back to them! I tell them, you are calling the wrong listing agent then! Because we do not participate in that program! Katerina
Katerina, Good for you! That is just rude.. What are people looking for the best deal or the best value on the home they are going to live in. Geez.. by the way I would not of sent this client... Don't think anyone deserves that
I was talking about your site with your favorite Realtors(R):)
I promise Neal I will fix it.. Sorry..
no golf fo you................................
Neal, Neal, Neal..........Ok I see you have turned into the Golf Nazi..lol Just kidding
Mathew
I am glad to hear that you are making an effort to use the Active Rain people. Make it work!
Gary, I think we have some great people on Active Rain. However, I still believe in speaking with people first and get to know them before referring them business.