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sounds to me like the seller agent was doing their job. when i sold my co-op in forest hills, i saw the prospective buyers credit report, bank statements and pay stubs prior to accepting the offer. not only did did i want to make sure she had the income, down payment money and credit to qualify for a mortgage, but I wanted to make sure she wouldnt have any issues getting past the board. coop boards have their own income and reserve requirements. just because you can get a mortgage doesnt mean the have income the board requires.
if this was an issue with you, wait until you start filling out the coop application. you aint seen nothin' yet....
How true!
Just went through this with a buyer!
In my case, the Board approved the buyer, but at the last minute, the Board attorney nixed the deal!!
This buyer is not looking at another co-op ever .
He told me, "even if I can buy one, when it's time to sell, who knows when I can find a buyer that'll pass all the hurdles"...
The agent did her duty. She had multiple offers that were similar, and she wanted your information. It's common to submit proof of funds and credit scores when you submit an offer.
An appraisal clause was for the sellers benefit. In case the property wasn't worth what you offered, you'd still have to purchase the home.
This is why I recommend buyers get a buyers agent. You might have to pay 1% commission (sellers now-a-days pay 2%) they get 3% these days-but you'll save yourself a headache or two in the long run.
Having sold a co-op recently, I don't think your agent was unnecessarily out of line. He/she wants that sale and tried to make it happen. I lost a sale from a buyer who had his pre-approval because the same bank didn't give him a mortgage. If I had a choice of 2 close offers, I'd go with the person with the stronger financials. BTW, this may be a blessing in disguise. Co-ops are aweful to sell. Just rent until you have the money to buy something you can live out your life in. Nothing like trying to start a family but being stuck in a tiny co-op that you can't sell!!!!
The agent did her duty. She had multiple offers that were similar, and she wanted your information. It's common to submit proof of funds and credit scores when you submit an offer.
An appraisal clause was for the sellers benefit. In case the property wasn't worth what you offered, you'd still have to purchase the home.
This is why I recommend buyers get a buyers agent. You might have to pay 1% commission (sellers now-a-days pay 2%) they get 3% these days-but you'll save yourself a headache or two in the long run.
How is that okay though?? If I submitted an offer and handed over all of my financials and the seller's agent saw that I was person of means and could actually afford to pay more than what was asking, what's to say that they wouldn't try to pull something on me or throw another condition in my face to get me to bid more than asking. That's absurd.
How is that okay though?? If I submitted an offer and handed over all of my financials and the seller's agent saw that I was person of means and could actually afford to pay more than what was asking, what's to say that they wouldn't try to pull something on me or throw another condition in my face to get me to bid more than asking. That's absurd.
I could understand if and when my offer was ACCEPTED that the sellers would request to see my finances, but how could I hand that information over while still negotiating. That would be shooting myself in the foot and that could potentially lead the sellers Agent to tell me that all of a sudden "there's another offer on the table for more money now than what you're asking" etc. or some kind of crock like that. You can't trust, so why would I hand everything over like that hand over fist?
For co-ops generally sellers ask to see all financials up front so they can determine if the board will approve you or not. It doesn't make sense to move forward with someone that will get denied at the interview. This is common place for co-ops and you will have to fill out a board package and show all your financials to the board also. If this is something you aren't comfortable with you shouldn't look at co-ops.
This is why I recommend buyers get a buyers agent. You might have to pay 1% commission (sellers now-a-days pay 2%) they get 3% these days-but you'll save yourself a headache or two in the long run.
actually most listings offer commission (paid by the sellers) to the buyer's agent also. so you shouldn't have to pay a buyer's agent ANYTHING, they are paid through the proceeds of the sale.
The RE agent probably has the right to ask, but you were smart not to give it. There's plenty of fish (apartments) in the sea (market).
When I was looking for an apartment in the city, the agent wanted us to give 3 month's rent cash up front when submitting our "application" for the apartment. She would not take a check. I asked what would happen if our "application" was rejected? She said "oh, don't worry, you'll get your money back." Yeah, real reassuring. We wound up passing on the apartment. I was really upset and filed a complaint with the State, but the agent really didn't do anything "wrong." We ultimately found another apartment and lived there for 5 years.
Seriously? Why are you sending a deposit without an accepted offer?
And second seriously... why are you writing a check to a Realtor and not a lawyer's escrow account?
Double whammy.
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