Dear Owner: I'm Not That Into Your Pad
By now you’ve probably read the Times article about negotiating for a home by sending a letter explaining a lowball offer; it’s been one of the top e-mailed stories on the paper’s web site for a couple days. In it, Rob Lieber drafts sample letters from both the buyer’s and seller’s sides. Apparently, epistolary haggling…
By now you’ve probably read the Times article about negotiating for a home by sending a letter explaining a lowball offer; it’s been one of the top e-mailed stories on the paper’s web site for a couple days. In it, Rob Lieber drafts sample letters from both the buyer’s and seller’s sides. Apparently, epistolary haggling is all the rage nowadays in places where the market’s tanked. Here’s part of the pretend buyer’s letter:
Dear Seller:
I’m writing to let you know that I would like to make a bid on your property. I love the area and am committed to buying a house nearby. And your home fits my needs. But given that my offer is well below your asking price, I also feel I owe you an explanation. First, consider the big picture. Nationwide, home prices in the first quarter of 2008 fell 14.1 percent compared with the same period a year earlier, according to the Standard & Poor’s/Case-Shiller U.S. National Home Price Index. That’s the biggest decline in the 20-year history of the data. And just in case you’re wondering, during the housing downturn of the early 1990s, the decline was never worse than 2.8 percent. Not only that, earlier this month, the National Association of Realtors pointed to the huge number of existing homes on the market. As of the end of April, the total number was 4.55 million. At the rate people are buying right now, that represents an 11.2-month supply. So buyers have options right now. A lot of them. I’m no different. Your home is great, but it isn’t unique…
Whoa! It’s a crazy letter-writing jungle out there. Anyone heard of this happening here?
Negotiating for a House? Start With ‘Dear Seller’ [NY Times]
Photo by The Fuzzy Squid.
11:35 how many serious comments do you think this thread deserved? Especially after Mr. B used that photo as the header??
Yes, it is Monday morning so we’re all a bit rusty and groggy from too many margaritas and sangrias (in my case) over the weekend. So, you can be sure, come hump day, we’ll really be wound up.
Please, feel free to add someting to the topic.
I was being facetious bxgrl…as was, I’m sure, Bold Type Guest
Kudos to sam for spotting the ficus leaf.
But back on topic…Does anyone really think this gal has the skill to compose a letter citing Standard & Poors and the National Association of Realtors? I bet she’s just a renter anyway or someone’s mistress who has been put up in a rental unit.
11:37- I know just from my neighborhood the prices have been through the roof and as much as I love the neighborhood, the prices were way out of whack. It’s bad for everyone when that happens. But too many people took the short view- let me make the money and get out.
The buyer letter, it seems to me would make a seller a lot less amicable- no matter what the real estate market. whoever wrote it needs some lessons in marketing and psychology- or simply put, you catch a lot more flies with honey than vinegar.
ahhh, bxgrl, see how addictive this can get? Rappacini’s Daughter indeed. I was too busy after your greenery in the flower pot post pondering writing a sequel to “How Green Was My Valley” and trying to envision the woman above filling Maureen O’Hara’s shoes (or is that gold boots) as a dashing Angharad. She certainly seems flexible enough to play any role.
Back on topic…the letter writing idea would not fly (no pun intended) in New York. We all see right through it and it’s real estate spam for sure.
What I’m trying to figure out is who this picture would have been taken for in the first place? Remington? Cirque du Soelei [sic]? A Bond movie?
So……i disagree, the picture really is symbolic! Of course- I see that now!
Ok- Bold type Guest and dave are right. back to the topic (but it was so much fun!)
I told you guys to watch out for those faded type guests and the lovey dovey off topic remarks…..
11:35 just woke up and you are all already getting on her nerves. Or is it his nerves?
Or does anyone really care.
11:35 are you the type of person who writes one of these letters?
Loaded question- if you notice she is directly aiming for the pot and if you recall Rappacini’s Daughter, I just….wondered…well…
Ok on the boots- aren’t you glad I brought them to your attention? Gee – how could you not have noticed them first?
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.