First Time Buyer Emergency - Please Advice - Buying Directly from Listing Agent. (contingency, documents)

[CoOpUpUp]

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.

[petsandgardens]

I used to have friends in Forest Hills. Nice place. Still visit around there.

Wiser ones than I will come on as the sun comes up. I will say...in NY I thought lawyers were involved when it comes time to write an actual contract. Do you have one of your own?

Also...there's the thing about the agent you worked with who is going back and forth with the offer/counteroffer. If the lawyer still eventually writes up the contract in NY....I hadn't thought till now but at some point there must be an obligation to the agent already going back and forth with your offer and counteroffer.

[jackmichigan]

At this point, I'd suggest that you get a real estate lawyer. It's my understanding that in NY you'll need a lawyer to handle the closing anyway. I'm not familiar with practices in NY, so I'm not sure if a lawyer needs to be involved in approving a final contract--that's where a Buyer's agent could have been helpful.

Generally, I wouldn't necessarily trust anything that a listing agent might say--especially in regards to price. Even if they're basically honest, they can still slant things or even bluff. I have no idea of the market in that area but estates, especially, are often more flexible on price because they need to sell. However, if you're satisfied with the price--and apparently you are (although a Buyer's agent could have helped there, too)--there's not too much to be concerned about provided you get a good real estate lawyer to look out for your interests. Good luck.

[MrRational]

Originally Posted by CoOpUpUp

Anyone's ever purchased a property unrepresented?

NEVER I've always had an attorney at least.
EVERY buyer needs an attorney.

WHAT WOULD YOU DO IF YOU WERE ME?

I'd have my lawyer read the contract and advise me.
Then let the lawyer handle the a-hole agent.

[Schmooky]

Yes, you should have representation. Call a real estate attorney to look over your documents and help with the process and paperwork. You didn’t majorly screw up, but you’ll have an easier time going forward with this process with someone skilled in the local laws assisting you.

[SmartMoney]

NY is an attorney state. You (everyone, including the bank) has an attorney. Share with your attorney the situation about using the same Realtor and he/she will advise you accordingly. If you want this place, continue on with the attorney's assistance. I am assuming your contract has an attorney review period, a home inspection period, financing contingency, and coop review of buyer.

Take a deep breath. Lean on your selected attorney. Sometimes things do work out right.

[CoOpUpUp]

EDIT*: For anyone thats asking - yes I DO have my own lawyer of course, just not my own representative/agent. Should having a RE lawyer suffice?

[markjames68]

Originally Posted by CoOpUpUp

EDIT*: For anyone thats asking - yes I DO have my own lawyer of course, just not my own representative/agent. Should having a RE lawyer suffice?

If he/she is a good one, yes. They will look through a contract and point out any gotchas. What they won’t do is an inspection of the property, the neighborhood, the state of the co-op’s finances, etc.

[jackmichigan]

Originally Posted by CoOpUpUp

EDIT*: For anyone thats asking - yes I DO have my own lawyer of course, just not my own representative/agent. Should having a RE lawyer suffice?

At this point, yes--as long as they're looking out for your interests and not just doing paperwork.

[leaving queens]

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.