Home Improvement for Women

Everyone knows the real estate market is soft these days. As I mentioned in my last column, (July 31st, Soaking up the Bubble Bargains), this means it’s a good time for buyers to bargain. But you can do a lote more than make a lowball offer.

Here’s what you should know:

If you’re financially strong enough to buy a co-op (which means you will need to be able to put at least 20 percent down and still have significant money in the bank), many co-op sellers are willing to cut deals becaue they’re dealing with a limited buyer pool compared to condos. Don’t be shy to ask a seller to cover closing costs, for example.

 As for pre-construction units, prices are fixed and approved by the attorney general  but you can still wheel and deal with the builder’s brokers. First, you can ask them to cover closing costs and also reduce the commission that they make, which will reduce your costs. They might even be willing to amend the offering plan and get a lower pre-construction price approved if they’re having trouble moving units. These days, every request is fair game.

 The most motivated sellers of all might be those handling foreclosures. I recommend calling banks directly and asking for a list of properties – they’re usually happy to talk to consumers directly which was not always true during the boom times. They’re often willing to bargain on their asking prices, too, because they don’t want a huge backlog of properties on their books.

 Finally, consider building. Now is an excellent time to start a construction project. Even though material costs have risen, building has slowed to some degree, and some contractors might be willing to slash their overhead (and their profits) just to have business and keep their staff working.

So, if your finances look good and you’ve always wanted to get into the market, now might be the perfect time.

If I can do it, so can you!

Even if they aren’t from Tiffany’s, showerheads, towel rods and faucets can be thought of as the jewelry in your bathroom. Replacing an old, leaky “compression” faucet with a modern washer-less version is one expensive way to bring some bling to your bath and add value to your home.

And you really can do it yourself – all you need is a snazzy new faucet, penetrating oil, a towel, silicon caulk and an 8-inch adjustable wrench. Before any water work begins, be sure to turn off the local valves under the faucet you’re replacing. Remember: left to open, right to close (lefty, loosey; righty:tighty). Then, open the faucet and allow it to drain and release any pressure. Using a wrench, disconnect the water-supply lines found underneath the sink, attached to the faucet.

Remove the faucet unit (it’s held in place by nuts underneath the sink, which you can loosen with pliers or a wrench) It it’s an old fixture and the nuts are corroded, apply penetrating oil and allow it to work according to the manufacturer’s instructions before trying to remove the nuts.

Once the faucet has been removed, you’ll most likely see a lot of gunk in the area where the faucet was attached. Dissolve the buildup with a 50-50 solution of vinegar and water. Rinse and dry off the area with a clean rag.

Follow the fixture manufacturer’s installation instructions. Basically, if your new faucet has a rubber or plastic gasket for the base, as most do, place the faucet over the holes, fitting the tailpieces through openings in the sink. If it doesn’t come with a gasket, run a bead of plumber’s putty or silicon caulk around the faucet base and press the fixture against it to assure a good seal.

Get under the sink again and install the washers and mounting nuts on the fixture’s tailpieces. Tighten the nuts by hand. Align the faucet with the back of the sink and tighten the mounting nuts with pliers or a wrench. If necessary, use a clean rag to wipe away excess caulk from around the base. Hook up the supply lines and turn on the water from the valves.

Now pat yourself on the back for mastering a plumbing skill. If I can do it, so can you!

I know you’ve been reading a lot of bad news about the market these days, but if you have a good credit rating, some cash on hand and a hankering to become a homeowner, now is the time to do it.

The days of having competing buyers in front and in back of you, bidding crazy sums for mediocre fixer uppers, are over. And there are incredible deals to be had. I just helped a couple of my friends buy a prime piece of the Hamptons – a move-in-ready house on a pristine 1-acre lot – for more than $200,000 less than the asking price.

The strategy I used to score my friends their little piece of paradise was completely unconventional. I advised them to do everything you are not supposed to do when making an offer.

I had my friends start very low, offering a price that was a whopping 30 percent off the reduced price. Then we sat back and waited for a response while my friends got pre-approved for a mortgage. Silence can really be golden in real estate these days.

At first, the sellers didn’t want to counter the lowball offer, but eventually, when no other offers surfaced, they came back with an offer of 5 percent off the asking price.

It’s common to basically split the difference at this point and agree on a number in the middle. Instead, I told my friends to sit on their hands and say nothing.

After two weeks, passed, my friends offered $10,000 over the original low bid. Again, the sellers didn’t want to counter. And again, we waited. Time and inventory were on our sides.

If it didn’t work out with this house, we knew there would be another. We also knew from the amount of time the house was on the market, and the reductions the owners were willing to make, that there was a lot more wiggle room in the price. The sellers just needed time to come to grips with the fact that they had to get serious if they wanted to unload their house.

Finally, they did, and my friends wound up with a house that easily could have fetched more than $1 million in the boom market for just $875,000.

So, if you’re looking to buy, be patient. Don’t rush into offers, and don’t be afraid to bid low. Then go off and meditate or take a bubble bath – anything to get your mind off the offer.

Give the sellers as much time as they need to respond. They’re the ones who are desperate. If they are serious, they won’t walk away from any reasonable offer. They’ll play the game.

If I can do it, so can you!