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Old Yesterday, 09:37 AM
 
Location: Former LI'er Now a Rehoboth Beach Bunny
6,768 posts, read 8,581,666 times
Reputation: 6164

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I am not a realtor, so I could be all wet but I did own a coop and DH was on the board. So I will give you another perspective on it NOT being the realtors fault. The same thing just happened to a family member within the last month on LI with a coop they owned.

First a co-op board can turn you down and not have to disclose the reason. Several years ago Madonna was turned down by the Dakota with no reason given and obviously not for lack of money.

In the case of my family, The coop sale was an all cash deal - young man was to be the apartment dweller, and Mom was the purchaser. Turned down by the board due to fear that the dweller might not pay the monthly dues. Family member got this from a friend on the board. Timing on the sale was similar to your recent problem. The board meetings may not have met in a timely manner thus the time lag on decision til Jan. They already purchased in another state and are now stuck with 2 properties.

If you have a written contract and your lawyer reviewed it, the only variable left is the board and they don't have to say why they are turning you down. It stinks but that is the way they fly.
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Old Yesterday, 09:37 AM
 
Location: southwest TN
8,021 posts, read 13,437,852 times
Reputation: 14203
Do not sign anything without your lawyer reviewing the documents. Oh, and that includes sending via email.


Period.
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Old Yesterday, 09:42 AM
Status: "Online" (set 1 day ago)
 
7 posts, read 1,053 times
Reputation: 20
Quote:
Originally Posted by markjames68 View Post
If he/she is a good one, yes. They will look through a contract and point out any gotchas. What they wonít do is an inspection of the property, the neighborhood, the state of the co-opís finances, etc.
Quote:
Originally Posted by jackmichigan View Post
At this point, yes--as long as they're looking out for your interests and not just doing paperwork.
Quote:
Originally Posted by leaving queens View Post
New York's real estate market is somewhat unique; you might want to post in the NYC forum for more answers. But you should be fine with just your lawyer, assuming she or he is a good one. I didn't have my own agent when I purchased a co-op in Astoria, and at the time most of the other buyers I knew weren't using their own agents either. When I sold the place a few years ago only two or three of the people who came to look at it were working with their own agents.

Your lawyer should be looking closely at the contract and all of the building's documents and will let you know if there's anything to look out for. The most important role an agent would play at this point is helping with the preparation of your board package, but in my experience a good seller's agent will work with you on that as they don't get paid if you don't get approved by the board.

Contrary to what markjames68 says above, a competent NYC real estate lawyer will absolutely look at the state of the co-op's finances.
All of you guys that have replied - thanks so MUCH for your insight.
I'm more confident in moving forward unrepresented now.
I know a good lawyer my friend just worked with on a deal last December. I will use him.

BTW - just to confirm - I should just proceed without telling the listing agent that I will have my own representative as that will screw the deal right? I don't want to **** the listing agent off and potentially lose the deal.

The thing is, I just talked about this to one of my real estate agents this morning, he said he would gladly represent for me. He told me to let the listing agent know that 'my broker will hand you all of my paperwork' and that if the listing agent asks why I didn't tell him about my broker before, to tell him that 'I didn't know that I had to tell you about my broker.. He's the one who showed me the listing'

That sounds like starting a war to me.. Idk if I'm comfortable with that. Maybe I should just work with a good lawyer. Thoughts?

Thanks!
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Old Yesterday, 09:47 AM
Status: "Online" (set 1 day ago)
 
7 posts, read 1,053 times
Reputation: 20
Quote:
Originally Posted by nuts2uiam View Post
I am not a realtor, so I could be all wet but I did own a coop and DH was on the board. So I will give you another perspective on it NOT being the realtors fault. The same thing just happened to a family member within the last month on LI with a coop they owned.

First a co-op board can turn you down and not have to disclose the reason. Several years ago Madonna was turned down by the Dakota with no reason given and obviously not for lack of money.

In the case of my family, The coop sale was an all cash deal - young man was to be the apartment dweller, and Mom was the purchaser. Turned down by the board due to fear that the dweller might not pay the monthly dues. Family member got this from a friend on the board. Timing on the sale was similar to your recent problem. The board meetings may not have met in a timely manner thus the time lag on decision til Jan. They already purchased in another state and are now stuck with 2 properties.

If you have a written contract and your lawyer reviewed it, the only variable left is the board and they don't have to say why they are turning you down. It stinks but that is the way they fly.
Wow I see.. that sounds sucky..
I mean I don't know.. The listing agent was very confident in my package. I had a decent job, my dad makes less but our income together passed the DTI (28%), 30% DP (130K), perfect credit score, etc etc.
Like what else do you want?

It was traumatizing because we'd spent all the energy, time, and money investing in ONE property, only to get our hopes up and left MAJORLY disappointed.
It almost got me to ditch Coops all together.

If this one doesn't pan out, I'm just gonna invest for a condo lol.
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Old Yesterday, 09:48 AM
 
6,132 posts, read 6,553,678 times
Reputation: 10281
Quote:
Originally Posted by CoOpUpUp View Post
All of you guys that have replied - thanks so MUCH for your insight.
I'm more confident in moving forward unrepresented now.
I know a good lawyer my friend just worked with on a deal last December. I will use him.

BTW - just to confirm - I should just proceed without telling the listing agent that I will have my own representative as that will screw the deal right? I don't want to **** the listing agent off and potentially lose the deal.

The thing is, I just talked about this to one of my real estate agents this morning, he said he would gladly represent for me. He told me to let the listing agent know that 'my broker will hand you all of my paperwork' and that if the listing agent asks why I didn't tell him about my broker before, to tell him that 'I didn't know that I had to tell you about my broker.. He's the one who showed me the listing'

That sounds like starting a war to me.. Idk if I'm comfortable with that. Maybe I should just work with a good lawyer. Thoughts?

Thanks!
What would the agent do for you? Did he really show you the property...or even the listing?
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Old Yesterday, 10:22 AM
 
Location: The Triad (NC)
24,668 posts, read 52,997,259 times
Reputation: 25099
Quote:
Originally Posted by CoOpUpUp View Post

BTW - just to confirm - I should ...
You should do NOTHING until that attorney has reviewed the contract and advised you.
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Old Yesterday, 10:27 AM
Status: "Online" (set 1 day ago)
 
7 posts, read 1,053 times
Reputation: 20
Quote:
Originally Posted by jackmichigan View Post
What would the agent do for you? Did he really show you the property...or even the listing?
Good question.
No.
He's actually my friend and I was the one who asked if he should.
I know it sounds stupid but I just wanted to make sure if I absolutely need a representative at this point.

He's been giving me good advice and showed me comparables/sellers info/etc. Though
It's just been informational. But we found this listing our own
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Old Yesterday, 10:46 AM
 
1,029 posts, read 390,187 times
Reputation: 1625
Quote:
Originally Posted by CoOpUpUp View Post
All of you guys that have replied - thanks so MUCH for your insight.
I'm more confident in moving forward unrepresented now.
I know a good lawyer my friend just worked with on a deal last December. I will use him.

BTW - just to confirm - I should just proceed without telling the listing agent that I will have my own representative as that will screw the deal right? I don't want to **** the listing agent off and potentially lose the deal.

The thing is, I just talked about this to one of my real estate agents this morning, he said he would gladly represent for me. He told me to let the listing agent know that 'my broker will hand you all of my paperwork' and that if the listing agent asks why I didn't tell him about my broker before, to tell him that 'I didn't know that I had to tell you about my broker.. He's the one who showed me the listing'

That sounds like starting a war to me.. Idk if I'm comfortable with that. Maybe I should just work with a good lawyer. Thoughts?

Thanks!

I suggest that you think first before you do anything with that agent who is trying to latch on to the deal. He's trying to establish a basis for getting commission on this deal. The more he does for you or the more you start talking about him as 'your agent' the harder it will be to detach him if that's what you decide. I'd be surprised if he didn't offer to help you and discuss it with him, etc. Don't do it unless you want an agent and you want him for your agent.
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Old Yesterday, 10:50 AM
 
1,029 posts, read 390,187 times
Reputation: 1625
Quote:
Originally Posted by CoOpUpUp View Post
Good question.
No.
He's actually my friend and I was the one who asked if he should.
I know it sounds stupid but I just wanted to make sure if I absolutely need a representative at this point.

He's been giving me good advice and showed me comparables/sellers info/etc. Though
It's just been informational.
But we found this listing our own
Uh oh. I didn't see this until after my post.

If he's your friend hopefully you there won't be a problem but him doing work for you without clarity on whether he's getting the deal or not is a recipe for problems. it's pretty clear that he expects to be your agent and get paid. There might be a tough conversation coming up if i'm understanding this situation correctly.

There was a recent thread about something like this. The one I got beat up on for saying that people should be careful working with an agent before actively deciding to use them.

Last edited by just_because; Yesterday at 10:59 AM..
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Old Yesterday, 11:01 AM
 
59 posts, read 144,385 times
Reputation: 75
Quote:
The thing is, I just talked about this to one of my real estate agents this morning, he said he would gladly represent for me. He told me to let the listing agent know that 'my broker will hand you all of my paperwork' and that if the listing agent asks why I didn't tell him about my broker before, to tell him that 'I didn't know that I had to tell you about my broker.. He's the one who showed me the listing'
This sounds like a bad idea to me. The seller's agent will likely see right through it, since your offer(s) were not presented by your agent, and now you're adding an element of distrust to the transaction. If you decide to use you friend, there's no reason not to be honest about it -- just tell the seller's agent that you decided you wanted representation.

Did your agent friend give you any compelling reasons to use his services? Personally I'd just proceed with only your lawyer.

The buyer of my co-op brought in her own agent after we already had a deal, and while it didn't derail anything it definitely bothered my agent. He's a very nice and easy-going guy so he just shrugged his shoulders and dealt with it, but I felt bad for him because he still ended up doing so much for the buyer -- answering her questions about the building and the buying process, coordinating an inspection visit, etc.
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