All Forum Posts by: Mark Abbate

@Charles Simon

Hi Charles,

What time will this event be starting?

Thanks!

****UPDATE****

Seller ended up going with a slightly higher offer + they had a 20% down payment ready as well. I am somewhat relieved about this, even though it was a very nice location and had everything I was looking for.

Key Takeaways:

1) Run the numbers and stick to them. Take your emotions out of it. Always.

2) In certain situations consider an escalation clause.

3) Keep self educating.

4) Get back on the saddle and search for more properties.

Laughable (Sarcastic) Takeaways:

1) When countered with another "highest and best" scenario, take Mr. Wonderful's approach and now offer less since they are wasting my time....totally kidding, but maybe not.

2) If the buying agent writes a harmless letter about their client they might get sued because people are overly sensitive nowadays and think that everyone is out to get them. 

@Jay Hinrichs

This would be my first property purchase after living with my parents.

I would be using it as my primary residence for 3-5 years or so (could be more, could be less) in an area that I see upward potential in. Then down the road I would rent it out or sell it based on my circumstances at that time.

@Jay Hinrichs

Ok that is definitely good to know. I did some research on it but since I haven’t used one before I’m not well versed. So thank you for that!

@Jay Hinrichs

Our agent recommended an escalation clause on a previous offer and in this market, and especially on that specific property I deemed it risky. I didn’t want to be responsible to outbid someone else when I might not have the capital to do so. So I’ve just been sticking within my limit and getting outbid until the right property presents itself.

@Jay Hinrichs

Well sadly we sent a letter to the seller with our initial offer so I might have some charges pressed on me here soon.

@Charlie MacPherson

Ignorance and arrogance was definitely not what I was seeking out when I first wrote this post. I was genuinely seeking other people’s opinions and have clearly gotten them.

Being fairly new to real estate and still early in my business professional career, I just thought the negotiation process would be different. I understand that you are obligated to make your client money and advise them correctly but in my mind negotiation has always included an offer and then when there is a counter it includes a number, not highest and best.

However in this market I can see that having a ton of offers and ALMOST everything selling over list price that listing agents want to help get their clients the most money. Maybe I’m just being ignorant as well but I just wish the negotiation process was given at least a little more effort.

@Jay Hinrichs

I really, genuinely hope that you aren’t being serious......

How can the simple notion of writing a letter to add more information about yourself and why you want to buy a certain property make someone racist? Mind boggling.

@Mike Dymski

The more I think about it, the more I wish I’d done this!

Man that is a great idea, I should’ve done that! Missed opportunity to stick it to em...