April 24, 2024
Search
Close this search box.
Search
Close this search box.
April 24, 2024
Search
Close this search box.

Linking Northern and Central NJ, Bronx, Manhattan, Westchester and CT

This week I found myself on the hunt for new car tires. I have not needed to replace tires in quite some time and recalled how inconvenient the process was last time. That said, I didn’t anticipate too much difficulty as I assumed the market had only gotten more efficient over the years.

After my google searches didn’t help much in terms of getting a “real” price, I started to make some calls. The first place had me on hold indefinitely, so I hung up. The second place was having what seemed to be three conversations at the same time, but I was able to get some basic – and confusing – information.

I thought I would get better clarity by visiting some shops in person. For starters, there was the cost of the tire – which in itself is overwhelming given all of the available manufacturers and models. Once you decide on the tire, there are all the ancillary fees such as a new tire balance fee, a New Jersey tire fee, a rubber valve stem, a scrap tire recycling fee, wheel alignment – and of course, installation and labor. Some places disclosed these, while others didn’t.

After my research, I still couldn’t entirely determine what was mandatory and what wasn’t. What I soon came to realize, however, was that the highest and best use of my time was not necessarily worthwhile to save a few dollars aggressively researching tires. While I was trying to compare “apples to apples effectively,” I realized that I mostly got caught up in the pursuit of “a deal.”

It also made me realize how overwhelming the home buying and mortgage financing process might be for some buyers and applicants. We are in an environment where home buyers are facing the most fierce competition ever. Most homes have multiple offers, and final numbers often exceed the asking price. It is not uncommon for a last call from the listing agent requesting “highest and best” offers so the seller can pick from the myriad of buyers, each with a unique bid.

I have even heard stories of anxious buyers doing their own door-knocking and cold-calling in an effort to find off-market homes to save the commissions. Experts will tell you that it is often a frustrating and futile endeavor. Rarely does one come out ahead when they circumvent the real professionals and take matters into their own hands.

If you are a homeowner looking to sell, it’s not much less frustrating for you. A recent real estate report revealed that 66% of accepted offers have some kind of change to the terms and conditions that were initially accepted. If you aren’t working with top professionals, is dealing with contract re-negotiations really the highest and best use of your time?

I write these observations not to discourage consumers from doing the necessary research to make an informed decision. Nor am I looking to deter a buyer from shopping around for the lowest mortgage rates and fees. I am trying to caution everyone, however, to place a realistic value on your efforts and conclusions, realizing that you will most often always come out ahead using a trustworthy professional.

There is an old saying, “if you want something done, give it to a busy person!” The lesson here is that top real estate experts get things done without the busy work and without the heartache and frustration. In the end, you will come out ahead and attain the highest and best use of your time and money.

Shout out and happy birthday to Dov Faivish, Mark Feld, Jennifer Friedman, Alyssa Ginsberg, Zev Halstuch, Eddie Izso, Laura Kastner, Michael Lang, Aviva Lebowitz, Ephie Mandel, Josh Nadel, Erwin Schiowitz, Adam Schulhof, and Steven Yaros.


Shmuel Shayowitz (NMLS#19871) is President and Chief Lending Officer at Approved Funding, a privately held local mortgage banker and direct lender. Approved Funding is a mortgage company offering competitive interest rates as well as specialty niche programs on all types of Residential and Commercial properties. Shmuel has over 20 years of industry experience, including licenses and certifications as a certified mortgage underwriter, residential review appraiser, licensed real estate agent, and direct FHA specialized underwriter. He can be reached via email at [email protected].

Leave a Comment

Most Popular Articles