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| Some buyers must be sellers first Sunday, June 20, 2010 Last updated: Sunday June 20, 2010, 11:13 AM BY VIOLET SNOW The Record STAFF WRITER Wishing to buy a house in the Wyckoff area, Louis and Erica Porta first have to sell their home in Cresskill. But many of the prospective buyers trooping through their house are in the same position — and not ready to make a solid offer. The Portas bought their four-bedroom bilevel in 2000, before real estate prices ballooned, so they don't have to worry about making back their investment. "I've gotten offers way above what I bought it for," reports Louis, "not as high as two or three years ago, but Cresskill has a good reputation as far as the school system." Unfortunately, none of those offers has borne fruit. "The people we've gotten either have not been serious or are testing you to see what price they can give you," says Erica. "Having two children and having to keep the house up-to-date and clean, it does get difficult. It's one of hardest things I've been through." The decision to move was not an easy one for the Portas. Needing more space for their growing family, they put their house on the market last year and received an offer to buy, but found it hard to let go. "My son was in first grade," Louis recalls, "We were making friends in the town, and I'm coach of the kids' soccer team. It's hard to move when you're embedded in the community." They decided to renovate instead of sell. "We had an architect who put a sketch together," says Louis. "We had contractors come to the house to bid, and then it was time to make a commitment either way. It was our last chance — once you sign a contract with a builder, that's it." After thinking through their options, they concluded that moving was what they had to do to get the kind of home they really wanted. Louis had received a promotion in his work as a portfolio manager and staff supervisor for a private bank. They were also drawn to the prospect of living closer to Erica's brother in Wyckoff. They put the house up for sale again in March. |
"We hope to get something solidified this or next month so the kids can be settled
in a new school in September," Louis says. "If the house doesn't sell by September,
we might take it off the market till next spring; but in the last few days we had nine
people walk through the house. I'm OK with going through the process, trying to get
a reasonable price on the sell side so I can make it up on the buy. It's more grueling
for my wife."
The Portas have looked around the Wyckoff area and are satisfied that the kind of
house they are seeking will be available when they are ready to buy. They aren't
actively house-hunting at this point, and their Realtor, Laura Belvedere of United
Real Estate in Edgewater, approves.
"You get a lot of people at open houses who need to sell in order to buy," she said.
"Buyers should go out to look when they're ready to buy. On the other hand, people
want to have a tangible sense about what they might be able to buy, so in some
ways it's a good thing. But very few buyers are cash-ready. If a buyer makes an offer
with the contingency that they need to sell their house first, it's not that strong an
offer. That would be a backup offer."
In fact, Belvedere suggests that it's often wise, in this market, to accept a lower bid
from the right buyer. "The seller may not get the ideal price but would have a very
strong buyer who is solid. If the buyer falls through, the higher offer is not
necessarily the better offer. And you have to work quickly. Buyers who make offers
want answers right away. Sellers need buyers, but buyers can go to 20 different
houses and make offers."
in a new school in September," Louis says. "If the house doesn't sell by September,
we might take it off the market till next spring; but in the last few days we had nine
people walk through the house. I'm OK with going through the process, trying to get
a reasonable price on the sell side so I can make it up on the buy. It's more grueling
for my wife."
The Portas have looked around the Wyckoff area and are satisfied that the kind of
house they are seeking will be available when they are ready to buy. They aren't
actively house-hunting at this point, and their Realtor, Laura Belvedere of United
Real Estate in Edgewater, approves.
"You get a lot of people at open houses who need to sell in order to buy," she said.
"Buyers should go out to look when they're ready to buy. On the other hand, people
want to have a tangible sense about what they might be able to buy, so in some
ways it's a good thing. But very few buyers are cash-ready. If a buyer makes an offer
with the contingency that they need to sell their house first, it's not that strong an
offer. That would be a backup offer."
In fact, Belvedere suggests that it's often wise, in this market, to accept a lower bid
from the right buyer. "The seller may not get the ideal price but would have a very
strong buyer who is solid. If the buyer falls through, the higher offer is not
necessarily the better offer. And you have to work quickly. Buyers who make offers
want answers right away. Sellers need buyers, but buyers can go to 20 different
houses and make offers."
She has worked with many clients in situations like that of the Portas. "A simultaneous sell-and-buy puts a lot of pressure on
homeowners," she said, "but it can be an exciting pressure. I'm trying to help them stay positive, reassure them that in this crazy
market, it takes time. I help them stay calm, try not to stress too much, and enjoy the experience."
Once the right buyer comes along, Belvedere said, "A simultaneous sell-and-buy can happen very quickly."
Moving up from the close-in suburbs to farther out? Downsizing? Moving from one part of town to another? E-mail Violet Snow at
violetsnow77@gmail.com.
homeowners," she said, "but it can be an exciting pressure. I'm trying to help them stay positive, reassure them that in this crazy
market, it takes time. I help them stay calm, try not to stress too much, and enjoy the experience."
Once the right buyer comes along, Belvedere said, "A simultaneous sell-and-buy can happen very quickly."
Moving up from the close-in suburbs to farther out? Downsizing? Moving from one part of town to another? E-mail Violet Snow at
violetsnow77@gmail.com.
Making the sale
 | Interview three or four real estate | |
| agents before choosing the person who will represent you. Make sure it's someone you enjoy working with and make sure she or he will work hard for. |
| Get your Realtor to relay feedback to | |
| you from all potential buyers who see the houses. Understanding the motivations and situations of buyers will help you evaluate offers. |
| When stressing out, take a family day | |
| - do something fun and unrelated to real estate. Taking your mind off the process will help you move forward when you go back to it.. |
Realtor Laura Belvedere offers tips to
homeowners trying to sell:
homeowners trying to sell: