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Old 06-24-2008, 09:21 AM
 
Location: No Sleep Til Brooklyn
1,413 posts, read 3,127,833 times
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You have to look at what other apartments of similar size/condition have sold for in the building and in comparable buildings. That is the only way that you can know if your offer is reasonable. If you do not have the time/inclination to do this, you should hire a buyer's broker for a flat fee to run the comps for you since you found the space on your own. But make sure that you have a contract stating that the broker is working for YOU and YOUR interests. You can check recent sales in the NYTimes and through the city's ACRIS system. You can also use Streeteasy, but it is not as reliable.
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Old 06-24-2008, 09:43 AM
 
Location: New York City
1,836 posts, read 1,937,886 times
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this is a buyers market, offfer whatever you want. At least try to find out how long the apt has been on the market. Is it a sponsor sale or resale? If resale, current owner may be desperate.

Play with it and don't worry about the sellers feelings.
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Old 06-24-2008, 10:17 AM
 
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UpsonDowns, Thanks for the tip. I've never used ACRIS system before. How do I go about, or NYTimes for that matter.
thanks.
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Old 06-24-2008, 10:29 AM
 
16 posts, read 27,958 times
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Quote:
Originally Posted by BK2Westchester View Post
this is a buyers market, offfer whatever you want. At least try to find out how long the apt has been on the market. Is it a sponsor sale or resale? If resale, current owner may be desperate.

Play with it and don't worry about the sellers feelings.

so if something is listed at 475k, will a bid of 440k to too low? (where they'll laugh at me?)
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Old 06-24-2008, 10:47 AM
 
Location: New York City
1,836 posts, read 1,937,886 times
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Quote:
Originally Posted by ToXicChiLL View Post
so if something is listed at 475k, will a bid of 440k to too low? (where they'll laugh at me?)
I just purchased a coop in kew gardens $28,000 less than the original asking price. I cut the price and included thousands in concession for points, prepaids, etc... essentially i said i'll give you x amount but we will go to contract for x (higher amount) and the lender refunds to me excess post-closing. closing costs on coops are not as high as "real" property.

THEY WENT FOR IT.

It all depends on the seller. I work at a title company and lately we've experienced sellers writing checks to their lenders at closing making up for payoff shortfalls. It's ugly out there for some people.

I do agree that you can check ACRIS and see if you can find the filed RPT forms for the particular apt you are looking at. I guess that can give you a starting point. Realtor comps for coops are a difficult as prices change from bldg to bldg depending on many factors. Comps WITHIN the building you are purchasing are usually provided to appraisers through a Coop questionnaire.

You can access ACRIS at the nyc department of finance website. just google NYC ACRIS. Find the block and lot for the bldg you are looking at using "find addresses and parcels" search by block and lot, and scan the printout (you'll have to view documment) look at UCC's and RPT's for your unit. If you have the sellers name that makes it much easier. Just "search by name". Make sure you are in the county the bldg is in and start looking at the returns.

Good luck.
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