Originally Posted by ToXicChiLL
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.