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Old 02-08-2018, 10:13 AM
 
Location: Raleigh NC
6,534 posts, read 5,285,128 times
Reputation: 5632

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Quote:
Originally Posted by CoOpUpUp View Post
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!
Who actually showed you the home? And don't agents there have to schedule appointments where the info gets captured?

The idea that someone sees a home, writes an offer (in theory you actually wrote an offer), negotiates an offer, and then suddenly a broker that they've been working with - not for any of those 3 very important steps, just appears is ludicrous.
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Old 02-08-2018, 10:15 AM
 
Location: Raleigh NC
6,534 posts, read 5,285,128 times
Reputation: 5632
Quote:
Originally Posted by just_because View Post
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.
I very seriously doubt this is what you got "beat up" for, but feel free to revive that thread and point out where this idea was beat up
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Old 02-08-2018, 10:36 AM
 
6,288 posts, read 6,780,477 times
Reputation: 10626
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
In that case I would advise sticking with your lawyer. If still unsure, at least talk with your lawyer first to see if they think it would be a good idea to have other "representation". An agent trying to come in after a deal has been struck is usually not favorably received, although sometimes it can work out okay. You'll need to be clear on what he really brings to the table. My guess would be not much.
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Old 02-08-2018, 11:08 AM
 
4,540 posts, read 4,290,859 times
Reputation: 5209
Quote:
Originally Posted by CoOpUpUp View Post
Hi guys,

First time buyer here . A bit background about me:

I'm a 26 yo guy working in marketing/technology. I've been looking for a 1 Bedroom Coop in Rego Park/Forest Hills, NYC since August 2017.

I'd worked with 2 buying agents before. Each time we made an offer, it either fell through (other buyers got it) or it ended up more than the asking price.

I stopped using a buyers agent and went directly to the sellers/listing agent in October 2017. I made an offer for a 2 Bedroom coop directly from the listing agent. From 417.5K to 410K. We got it. I co-purchased with my father.
Took the board 2 months to review, and just last month (Jan 2018), the board rejected our package even before interviewing us. Needless to say I got fked BIG time

Who's to blame? I don't know. Everyone's saying the seller agent sucked. I kind of agree.

Anyways moving on..

I found this gorgeous 1 bedroom coop in FH (700-750SQFT). Beautiful location, lobby, building, apartment. Fully renovated and furniture included.
Asking price was 330K but I asked for 310K. Seller agent came back and said the seller wants no lower than 320K no matter how hard I try to negotiate. After a whole day of thinking, I accepted the offer.

That was 2 hours ago.

Then a sudden adrenaline rush kicked in. I was traumatized by the previous board rejection. I don't want it to happen again. Then I googled "should I buy directly from listing agent" - 90% of the internet seems to be against it, with the occasional "just bought a property straight from the listing agent and it was the best decision" posts.

Most of my friends are saying that I should have my own representative.
Price aside, they can protect you from the 'shady' stuff that might be happening in the apartment that you're not aware of.

I know that the seller's agent always has the seller's best interest, but can I trust him on this deal?
He has 20 years of experience around the area and has 5 stars Zillow rating (which I know doesn't really mean sh1t cause most of them are fake..)

WHAT WOULD YOU DO IF YOU WERE ME?
Should I:
1. Tell him tomorrow that I'll have my own representative and risk losing the apartment due to his rage OR getting the price higher
2. Just go for it?

Anyone's ever purchased a property unrepresented?

PLEASE help me internet . I'm a newbie and I don't want to make a fatal mistake I'll regret forever.

The house is in great condition - the owner passed away and so the family is selling it now.

THANK YOU in advance.
A few things:

1. Never invest your heart into a coop wholeheartedly until you actually get approved. You could have been rejected for who knows how many reasons that had nothing to do with the agent. Make sure everything about you looks fantastic financially before you put in an offer.

2. I bought a coop and only worked with a listing agent. The price was low and the seller was motivated. I studied the market in my neighborhood for 1-2 years before I bought, so I knew what was selling and how much it was selling for---I knew it was lower than anything else that had sold even in the building recently. They really came down on price too because the owner was desperate to get rid of it. Anyway, she was very helpful, in that she actually told us to prepare a packet for the board. It seemed stupid at the time, but when we went to the board meeting, we had all of our financials ready, including bank statements, references, etc. And I think they liked the packet, as corny as it seemed.

3. I had my own attorney.

4. Back to point two---have you researched the area thoroughly and looked at comps? This is VERY important if you do not have your own agent.
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Old 02-08-2018, 11:16 AM
 
Location: Rochester, WA
2,796 posts, read 1,363,207 times
Reputation: 7413
OP.... It would have been ~better~ to have a good representative ~before~ you negotiated the terms of your contract... but since you have a lawyer, don't panic! ...just have your lawyer look over the contract and advise from here on out.
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Old 02-08-2018, 11:17 AM
 
Location: Saint John, IN
9,437 posts, read 2,559,697 times
Reputation: 10584
If you already signed the contract with the listing agent then they are representing YOU and the seller. I personally would not change that now as you already put in the offer and you might **** off the agent and the seller! Have your RE lawyer review and if it all falls through I suggest finding a good buying agent and stick with them! It will make things a whole lot easier especially since you're a first time buyer.


BTW....I'm not an agent but have bought and sold many homes over the years! GOOD LUCK!!
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Old 02-08-2018, 11:29 AM
 
Location: Portland, Oregon
9,556 posts, read 15,233,904 times
Reputation: 6045
The issue here is that it is a co-op. It might be that the Board (who makes the decision about who can buy the shares) did not find that you had a strong enough financials, remember that your father is helping you buy. Maybe your attorney can suss out the basis for rejection.

Most co-ops require lots of financial information and references. Likely it was your financials that are the issue.

Do not disclose that your father is helping finance the deal and do not put his name as co-owner of the shares. Maybe set up a revocable living trust and put the shares in the name of the trust with your father being the trustee.
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Old 02-08-2018, 11:52 AM
 
6,288 posts, read 6,780,477 times
Reputation: 10626
Quote:
Originally Posted by CGab View Post
If you already signed the contract with the listing agent then they are representing YOU and the seller. I personally would not change that now as you already put in the offer and you might **** off the agent and the seller! Have your RE lawyer review and if it all falls through I suggest finding a good buying agent and stick with them! It will make things a whole lot easier especially since you're a first time buyer.

BTW....I'm not an agent but have bought and sold many homes over the years! GOOD LUCK!!
That's simply not true. A listing agent still represents the Seller. The only exception would be if all signed an agreement for the agent to act as a Dual Agent (or even a Transaction Coordinator), in which case the agent would essentially represent no one. Dual Agency is a misnomer.
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Old 02-08-2018, 11:58 AM
 
1,451 posts, read 543,288 times
Reputation: 2002
Quote:
Originally Posted by city living View Post
A few things:

1. Never invest your heart into a coop wholeheartedly until you actually get approved. You could have been rejected for who knows how many reasons that had nothing to do with the agent. Make sure everything about you looks fantastic financially before you put in an offer.

2. I bought a coop and only worked with a listing agent. The price was low and the seller was motivated. I studied the market in my neighborhood for 1-2 years before I bought, so I knew what was selling and how much it was selling for---I knew it was lower than anything else that had sold even in the building recently. They really came down on price too because the owner was desperate to get rid of it. Anyway, she was very helpful, in that she actually told us to prepare a packet for the board. It seemed stupid at the time, but when we went to the board meeting, we had all of our financials ready, including bank statements, references, etc. And I think they liked the packet, as corny as it seemed.

3. I had my own attorney.

4. Back to point two---have you researched the area thoroughly and looked at comps? This is VERY important if you do not have your own agent.
I've been through this and it's not a corny or crazy idea. That's how it works. I had graphs, charts, supporting evidence, summary views, virtual reality for a "day in the life" of me, and results and images from my last 3 colonoscopies (kidding on the last 2 of course).

Yes, you do need to be organized and think about how you present yourself. Having all the info may not be enough. You need to make it as easy as possible for them.
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Old 02-08-2018, 12:23 PM
Status: "awaiting spring" (set 28 days ago)
 
Location: under the beautiful Carolina blue
14,732 posts, read 22,391,276 times
Reputation: 10646
You're not going to be unrepresented you're going to get a RE attorney, which is what 100% of people who buy a housing unit n the NYC metro area do, and that attorney is going to review the contract drawn up by the seller. In NY, agents have precious little to do from here on out.

But the real question is why you're blaming the agent for your failure to get past the co-op board? Are your financials in stellar shape? You really need to find out what the problem was last time before you go forward again. My guess is they don't want a single 26 year old living in their building - period.
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