Oscar ponders Real Estate

3/19/2010:

Does he think the same thing you do?

Haven’t heard much about the Real Estate market recently (other than prices are plummeting) – but Hoboken411 Mascot Oscar seems to notice many more vacancies in town.

He asked me to ask you guys what the realistic numbers may be. And he seems to suspect these “Sale Pending” signs may be a marketing ploy – but I offer no opinion on the subject at this time myself.

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5 Comments on "Oscar ponders Real Estate"

Sam Mitchell
Member
Sam Mitchell

looks like Oscar is trying to plant one on the pillar

elainetyger
Member
elainetyger

I used to sell real estate… the main purpose of the sign is to put the agency in people’s minds in case they want to sell their property. After all, here is someone who moved property right in the neighborhood.

TheGreenMan
Member
TheGreenMan

I think the “sale pending” sign actually would help a sale. If you’re looking to buy and see that a place might be gone soon, you might keep an eye on it. If the sale falls through, you have MORE leverage since the seller has now lost more time due to the failed sale. A more desperate seller = more advantage for the buyer.

la-di-da
Member
la-di-da

I look at this two ways: from the perspective of the realtor, creating the illusion of an even a slightly simmering market is a good thing. One or two of these “Sale Pending” signs would not hurt that. But from the perspective of a buyer, I would be far less interested in a property if there was an already-pending sale. It’s a deterrent to know you are immediately entering with less negotiating power.

MidnightRacer
Member

All in the contract rider/addenda. If the buyer is not yet qualified with a firm commitment from the lender, the rider can stipulate the property to be still on the market – allowing someone else to bid higher, who might already be qualified with the loan ready to go.

Sold last year, took 4 months to get an acceptable bid. Closed in 5 weeks, during which bidder found a lender and got a firm commitment. During that time, though, the property received multiple offers. I stuck with the first, only because I needed to close on my next property.

I see nothing wrong with keeping a property listed as sale pending just in case the first bidder and the deal falls through. Think about it. What if the first bidder changed their mind or couldn’t get the loan (appraisal, qual., down payment, etc.). You would lose out on any new bidder who might move on and bid on another property.

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