Dear Owner: I'm Not That Into Your Pad

When people buy overpriced brownstones for 2 million do they write a similar letter?

" Dear Seller:
Thanks for selling me your run down, overpriced, needs 'tlc' piece of shit in a ghetto for 2 million dollars. "

Posted by: guest at June 2, 2008 9:47 AM

That picture is so unappealing...

Posted by: guest at June 2, 2008 9:56 AM

No, it's more like: Thanks for allowing me to buy your new condo for $700/sft -- at least 50% over the cost of construction (assuming you had no subsidies and paid peak market rates for the land), about 50% more than I would pay to rent a comparable property, and 75% more than a rational investor would pay to buy it as a rental property. It isn't often that buyers get the opportunity to pay this much more than fundamental value AFTER everyone has noticed that a bubble is popping.

Posted by: guest at June 2, 2008 9:59 AM

soft porn - are you kidding me? What are you, a Mennonite?

Posted by: guest at June 2, 2008 10:02 AM

If anyone sends a letter like the one in the NYTimes to an owner, they dont deserve to get the house/apt because they are too stupid!

Posted by: guest at June 2, 2008 10:04 AM

Problem with this letter is that it won't work in the New York market where prices are still rising. Would work in other part of the country, but buyers must understand that real estate is local and the national data is irrelavent where demand is still strong.

Better off buying where you can afford in a less desireable neighborhood than chasing after properties out of your reach and writing apology letters.

Posted by: guest at June 2, 2008 10:09 AM

That's a nice picture of Ron Lieber.

Posted by: guest at June 2, 2008 10:25 AM

I know letters can sometimes work, but they don't generally center on how blah the house is. Isn't that like asking a girl out and telling her she should accept because, "let's be honest, what other options do you have? with that face? and those clothes?"

Rather, I think you have to focus on what you CAN offer: "I realize the price I'm offering may be disappointing, but we are qualified buyers who can move swiftly and close quickly, without contingencies." And then maybe add that you DO like the house and would love to raise your children there, etc.

I just don't think these "Dear Seller: You suck. and Dear Buyer: Drop dead." letters move the process along.

(and that picture! ow!)

Posted by: guest at June 2, 2008 10:29 AM

You don't see manual type writers like that anymore!!!!!! So Mr. B is this your way of outing Mrs. B? Would spice up the Forum section if this gal would anwser your plumbing questions...

Posted by: guest at June 2, 2008 10:59 AM

Those letters were totally offensive. Maybe in some hardball finance world that's how you go about it, but 10:29's strategy is more likely to get results. A seller would have to be absolutely desperate to sell to the (hypothetical) douchebag who made the NYT's opening salvo.

Posted by: guest at June 2, 2008 11:00 AM

SHUT UP BTG AND BIFF!

God, it's only Monday morning and already you're getting on my nerves. If only you guys were as funny as you think you are.

Posted by: guest at June 2, 2008 11:35 AM

10:09 - Real estate is local? Well locally we're about to lose 22,000 Wall Street jobs. All the major financial firms are tightening their belts. Food prices are up, gas prices are up.

As people lose jobs, things are going to change. There won't be a free for all, with buyers picking up properties for cents on the dollar, but sellers are going to have to adjust to the fact that their valuations are not based on a market driven by easy credit and speculative froth.

That said, at this point any reasonable rationally acting seller would be wise to hurl any plaintive missives of the variety discussed to be hurled with great disdain and vigor at the nearest trash can. When your broker is telling you he can't sell the property at your price and it's been on the market half a year to a year, that's when reality sets in and panic can return as people try to cash out.

On the other hand the to chase after less desirable properties is tantamount to foolishness.

Posted by: guest at June 2, 2008 11:37 AM

Hey Biff,
Nice shout-out to you on the marquee for the Henry Street cinema. You can't buy publicity like that.

Posted by: guest at June 2, 2008 12:05 PM

I think you have to focus on what you CAN offer...And then maybe add that you DO like the house and would love to raise your children there, etc. I just don't think these "Dear Seller: You suck. and Dear Buyer: Drop dead." letters move the process along."

EXACTLY. This thread shouldn't be a debate about where the market is headed, but about how stupid the NY Times has become. Do they have ANY business or RE writers who know what they are talking about anymore? This is the worst advice and so uninformed and clueless about how to properly deal with people -- is the writer of this piece totally undersocialized or something? He doesn't seem to grasp at all how to connect with people. Negotiation is about getting people to give you what you want. Which means you shouldn't insult them! SO so so so stupid. If any buyers take this advice in the city of New York they will never own a home. I mean really, imagine New Yorkers receiving these letters. LOL. I'd actually love to get one just so I could have the pleasure of sending my scathing response!

Posted by: guest at June 2, 2008 12:37 PM

Sure, 12:48. But the wording in the letter suggests the buyer is offering well below ask not just a little. So people are saying wording the lette that way is the wrong way to buy a place for well below ask.

Plus I myself would be very nervous entering inspection period and subsequent negotiations with someone who wrote a letter like that. If did decide to accept their offer, it would be for the property "as is". Or no deal.

Posted by: guest at June 2, 2008 1:10 PM

My reply would be F-U. People have to live somewhere. Sellers should NOT buckle to this crap and give their homes away. A united front, people.

Posted by: guest at June 2, 2008 3:25 PM

My reply would be F-U. People have to live somewhere. Sellers should NOT buckle to this crap and give their homes away. A united front, people.

Yes, that's excellent advice. "Foreclosure, before I sell for a penny less than I'm asking for and of course am entitled to".

Posted by: guest at June 2, 2008 4:18 PM

An elderly person or a (presumed) flustered scared women are exactly who those predators look for when they knock on doors.

Neighborhood groups should put flyers in doors warning the elderly members of the community about this kind of thing, when they get reports of a guy going around knocking on doors randomly.

Posted by: guest at June 2, 2008 4:56 PM

next time I go into a pizzeria, I'm gonna try that lowball technique. I'll tell the guy behind the counter, "hey, Vincenco, you and I both know that I can order two large pies from Domino's for the same price as one of yours, let's call it even at $5."
next scene; me, flying through a plate glass window onto the pavement with a look of perplexed agony.
yeah, that'll work.

Posted by: guest at June 2, 2008 7:19 PM