Realtor communication etiquette question

Just over 30 days ago I walked away from a Real Estate deal. I was the buyer. The sellers are two affluent brothers managing their late brother's estate. The sellers did not accept my fourth (and final for the time-being) offer on his property. They did however, re-list it with a substantially reduced asking price.

The property has now been on the market for over 100 days and has still not sold. I got along with the sellers' Realtor quite well and she knows that I really do want the property but the numbers have to make sense.

Would it be out of line to touch base with her once again? Just to check-in and show continued interest? I would love to hear the pros and cons of doing so

yes of course ! if its a home you want go after it and let them know you are still interested if the price is right -- do you have a buyers agent or are you planning on contacting the listing agent directly? As your agent should have kept "the door open" but price is best and final if that is what you wanted

I'm not a professional, but since they reduced the price substantially (is it near to the price you offered?), I would have thought the realtor would have come to YOU to see if you were still interested. Were you working directly with the sellers' realtor, or with your own? If you had your own realtor, I would ask her/him to contact the sellers again, but depending on what the difference is between your price and theirs, it might be seen as a sign of desperation. There are so many games being played with buying/selling houses, I think you really need to have complete confidence and be on the same page with your realtor. Good luck!

They might be waiting for spring to see if it sells. You could always tell the realtor you noticed it's still listed and your offer still stands. What's the harm in that?

you have nothing to lose by reaching out to them, go for it

RobB said:

They might be waiting for spring to see if it sells. You could always tell the realtor you noticed it's still listed and your offer still stands. What's the harm in that?

That's exactly what the sellers said. They listed it in October. The listing is now 100+ days old. It is a VERY unusual property, they are lucky to have our interest ;-)

No harm in reaching out and expressing interest again. How close is the new price to what you are willing to pay?

You are a potential pay-day, in the realtor's mind. I wouldn't worry about etiquette.

Buyers don't ask. They tell.

Maybe I'm missing something but I don't see the point of reiterating your offer without increasing it. They know you are interested. Unless you are willing to up your offer, I'm not sure what you would accomplish. There's no harm in reaching out, however they clearly don't seem to be in a hurry and may very well be interested in holding out until they get the asking price.

People have different opinions on the importance of days-on-market. There are cases where something is on market for an unusually long time, and the seller indeed eventually gets at/near asking price. All seller needs is someone coming in higher than you - or all cash - and you're out.

Just to clarify, the property is a NYC apartment and the sellers don't "need" the money that much. They continue to pay a hefty monthly carrying cost to the co-op while the apartment sits empty.

@apple44, that is exactly what I was wondering. The longer they postpone accepting my offer the more I can pay them (the savings from not having paid previously mentioned carrying costs) but not by any significant amounts.

This apartment is in need of so much work that most buyers run the other way at first glance. At some point the owners will want it out of their hair. Hopefully, I will be the closest buyer around when that happens!

Yes, but you don't have to worry about "most buyers." Your competition is the one buyer who comes in with a higher offer than yours.

My sense is that the NYC market is different from what we're used to out here. There are plenty of people in that market with loads of cash and who don't mind hiring an architect and contractor to gut a place and start from scratch, mostly to get the location they want.

Do you have an realtor who is representing you? If so, that would be my first call. If you don't, then I would certainly reach out to the seller's agent. I would convey your continued interest for sure.

@mammabear, no realtor representing me.
The deed is now done.
I wrote the the seller's agent! (Fingers crossed.)

kmk said:

@mammabear, no realtor representing me.
The deed is now done.
I wrote the the seller's agent! (Fingers crossed.)

Yes! I would have done the same thing!

@kmk, the brothers may be co-executors managing the sale, but not necessarily beneficiaries (or sole beneficiaries) of the property. So, they may feel they have a fiduciary obligation to hold out for a higher price, even if it entails increased carrying costs.

If the will has been probated, you may want to seek a copy from the county where it was probated.

@Trans_Parent, Interesting take on the dynamics!
I know that each of the brothers has property in East Hampton and (I have been told) that the deceased has no heirs. But the plot may thicken!

It might be a good idea to find a really good realtor you can trust to handle negotiations for you. The sellers (or their realtor) might not take a lay person as seriously as someone else in the trade, and another realtor might have some good ideas about how to push things in your direction or be able to get information not available to you.

How far apart are your top offer and their new price? Is there a significant enough difference that they won't even want to hear about your offer unless you increase your number?

Good luck, and keep us updated!

And please keep notes for your treatment of a modern-day Downton Abbey.

My top offer is only 6% less than their (new) asking price. It was 13% less than their original ask.

@j_r, Will do!

Then I would think they'd be crazy not to open negotiations with you, or be thrilled to have you show interest again!

Sending you good vibes!

She wrote back and said she will call me later this evening so we can talk!
[deep soothing breaths, deep soothing breaths]

ligeti said:

You are a potential pay-day, in the realtor's mind. I wouldn't worry about etiquette.

Buyers don't ask. They tell.

+1.
As to the"etiquette" question... who are afraid of offending?

Good luck!

THEY MADE ME ANOTHER COUNTER-OFFER!!! Whoop! Whoop!
(I am not certain if I will take it but at least there is movement.)
Happy dance around the kitchen

Cool!

Wonderful for you ..I hope it works !

kmk said:

THEY MADE ME ANOTHER COUNTER-OFFER!!! Whoop! Whoop!
(I am not certain if I will take it but at least there is movement.)
Happy dance around the kitchen

sounds like you are close... accept and negotiate over the details to get it down a bit