Philadelphia Real Estate Blog

When a great condo at a great price hits the market, there can be some serious competition to buy that condo- at say Penns Landing Square condos. Buyers duking it out with other buyers. Here are my top secret steps to winning a multiple bid situation for my buyers…. if my buyers agree:

1. I make sure I dot my i’s and cross my t’s in the offer itself- sloppy offers beget sloppy responses.
2. I call the listing agent and ask specifics that will fit the seller’s need- Like what would be the perfect date for the seller to settle?
3. I have the buyer write a nice note about how much they love the condo they are in contention for and explain why they are making the offer. Sounds silly- but that little trick goes a long way.
4. In that note (see #3 above) I have the buyer’s explain that they have seen the age of the heater, the age of say the kitchen or the windows and let the seller know that these factors were already taken into account and that the buyer does NOT intend on coming back after the home inspection and attempt to have the seller repair the items that we ALREADY know are potentially deficient.
5. Finally, I find out who the listing agent uses for a mortgage and title company. Then I get a prequalification letter from THAT mortgage company. In essence, it turns my buyer’s offer into a cash offer as listing agent will have NO qualms about my buyer’s ability to qualify for a mortgage. And if we have to use the seller’s title company- then so be it.

One of the biggest hurdles I find for empty nesters moving into Center City is the chore of downsizing. A recent client of mine found a professional downsizer. I was amazed at how he helped her out of her large 5-bedroom home into a smaller two-bedroom condo at 1326 Spruce St. Here is what she had help with:

Some of the things Ed does:

He goes through the house and has me identify any big items like furniture, carpets, etc. that I will take to the condo, measures the items, takes photos to which he adds numbers to identify each item.  He produces a large diagram of the condo and gives me pages with squares, rectangles, etc. indicating each item by the number and representing all the items that I am planning to take, the sizes in proportion to what they would be in the condo.  He then asks me to decide where each numbered item goes.  This is terrific, because you can tell, for example, in what room and where A carpet or chest will fit or realize that an item – like my twin bed on the 3rd floor – will not fit and plan the arrangements accordingly. He identifies an area (like the basement) or a category (like books) that is the focus. He confronts me about stuff, forcing me to make decisions about what I must take, what I am ready to discard, and what I need to think about.  Like a demon, he then organizes everything, packs stuff for the condo with care and with speed – putting on labels indicating where things go, takes anything to be discarded to a thrift shop or similar.

On his own, he zoomed through the basement, sorting through everything in a flash.  You would not believe how quick he is and how EMPTY the basement now looks. This is an invaluable help.   A great find. Here is his contact info:

Mischa Greenberg

President

Serving Philadelphia, and the Tri State Area

mischa@moves-made-ez.com

I reserve one right when I am working with a buyer…To tell a buyer when they are eyeballing a horrible piece of crap. Either in terms of value retention, the asking price, or the weakness of the condo association. Though one thing you will rarely hear me warn you against is interior condition IF the condo is priced accordingly. I may show very little concern if you don’t like the color of the walls or say the age of the appliances. Those are easily changed.

So if we are working together and you see me do cartwheel over the ugliest condo you have seen to date- there is a reason for those acrobatics. And it all gets back to value.

Mick Jagger once said “It is OK to let yourself go, as long as you can get yourself back”. And that adage would be true in terms of condos- If you are buying a very very strong VALUE at say some mid-rise condo in town- then I will probably turn a deaf ear about your disdain for the color of the carpet in the guest bedroom, or the fact that the condo shows like crap.  Yes, I will be on your side in the deal…but at the same time, If I spot a really really strong value, or a grossly underpriced condos- give me some space because I am about ready to do some cartwheels in the living room. Cosmetics are easy to change and can increase value in a heartbeat. So let yourself go a bit if values are strong and look past that ugly green worn out shag carpeting in the bedrooms. You can thank me later when you go to sell….

Sometimes, I know what condo is best for any given buyer. Honest…26+ years selling in this town gives me that unique ability. Not always…but sometimes I do. And sometimes I know when a buyer should act with haste and BUY THAT CONDO TODAY. And in the same vein, I know when to tell a buyer to run like hell AWAY from any given condo. That last part is easy to vocalize.

But in all honesty, that is the most difficult part of my job- Telling a buyer what to offer and that he

or she may need to jump on it ASAP in order to ward other potential buyers off. I sometimes feel like a buyer may think I am bullsh*tting them into a deal. That really isn’t ever the case. I am not interested in resting my reputation on any given sale. I sell a LOT OF CONDOS year after year after year and the ability to do so is really based upon reputation. Risking my reputation so that you buy a condo “real fast” isn’t how I operate. And if you ever think that is the case- you should abandon me ASAP and never take another one of my calls. But most of the time, buyers do not know just HOW GOOD any given condo is priced, nor have any clue to the fact that it may be grossly undervalued. That is when I try to gingerly try to prove my point. More often than not, buyers heed that advice…though not always and of course that is OK.

But sometime when my clients and I do stumble upon a gem of a gem – I do want to find the nearest mountaintop and shout “SHUT THE F UP AND JUST BUY THAT CONDO”….

Which is easier said than done 🙂 The condos at Waterfront Square that were bank owned come to mind in this situation..

You can choose your Realtor

You can choose which condo you want to buy (duh)

You can choose your mortgage company

You can choose your title company

You can choose which inspections you want

You can choose what day you want to settle

You can choose certain terms and conditions within the contract

But what if you are unsure about your options? That is where I come in to help.

I usually tell my buyers: “Plan the fly, then fly the plan”.

So when we meet and chat, we are going to put together a plan of attack to best suit

your needs based upon your wants and needs. And know that I will throw in my two

cents to help you navigate the buying process based upon my 26+ years experience- regardless of whether you are buying a brownstone condo, or a high-rise unit..

You may listen to my advice or go out on your own for your options. Probably a mix of the

two works best for most of my clients.    Now let’s get started with the condo hunting….