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i believe this is common for the area. minimum down payments, min price per sq feet, minimum income requirements. a good real estate agent should have told you all this from the beginning. i bought a coop in forest hills and i knew the board requirements before i made the offer. when i sold, the buyer proved income/employment and credit before i even accepted the offer. way before they got anywhere near the board.
there is a coop development around the corner from where i live now that refuses to let people sell at market value (according to the board however its below market value people get creative and work around it.
Same thing happen to me many years ago. I bought a place that was in dumps as the owner pretty much abandoned it and just want to get rid of it. I paid a price that was 20% lower than the same units in the building as I was going to upgrade it myself.
Everything check out with no issue and i was more than qualified as i was only spending half my saving for the 20% down payment, I did the interview and they rejected me. I was so mad i want to get lawyer up and sue them. Luckily, i got vindicated as the apartment end up selling even lower than i sign for when recession hit a year later.
Unless they really stupid, they will never give you a reason just like one of the poster said. I think coop boards are the worst part of NY. I will never buy in one ever again.
There are no public records for coop sales. From a legal standpoint, it isn't considered a property transaction. There's no transfer of a deed. It's a stock sale, and the transfer of a lease.
The real estate agencies keep their own records. That how they get comps on coops.
Quote:
Originally Posted by rubygreta
Hello -
Could you tell me how to access the public record for coop sales in NYC? Thanks.
There are no public records for coop sales. From a legal standpoint, it isn't considered a property transaction. There's no transfer of a deed. It's a stock sale, and the transfer of a lease.
The real estate agencies keep their own records. That how they get comps on coops.
This isn't true. Coop sales are recorded in ACRIS and anyone can look them up. This has been true for the past 8-10 years. I think before 2004 they weren't recorded.
I just looked. You are correct. I never heard about this till now.
Quote:
Originally Posted by Henna
This isn't true. Coop sales are recorded in ACRIS and anyone can look them up. This has been true for the past 8-10 years. I think before 2004 they weren't recorded.
Fill out the address field,press find BBL.On the following page press "document search".On the next page ,press "search".
Everything is there…..for every building in NYC.
Question - there is a recent sale in my building I really want to look up. I saw the listing a few months ago and was surprised at the very high price they were asking for a one bedroom (about $50 to $75K higher than most other recent one bedroom sales). I figured it would languish on the market or else come way down in price.
Well, lo and behold, the other day I met a new person in the laundry room and she mentioned she had just moved into said apartment. I went back to the online listing and it shows "in contract" and I checked ACRIS and there is only an initial coop UCC1 for $0 around May 15. There is no sign that it closed and what the closing amount was. Do these things just take time or are there times the closing price never makes it into ACRIS?
Question - there is a recent sale in my building I really want to look up. I saw the listing a few months ago and was surprised at the very high price they were asking for a one bedroom (about $50 to $75K higher than most other recent one bedroom sales). I figured it would languish on the market or else come way down in price.
Well, lo and behold, the other day I met a new person in the laundry room and she mentioned she had just moved into said apartment. I went back to the online listing and it shows "in contract" and I checked ACRIS and there is only an initial coop UCC1 for $0 around May 15. There is no sign that it closed and what the closing amount was. Do these things just take time or are there times the closing price never makes it into ACRIS?
You usually see the mortgage price in ACRIS - which gives you an idea of how much it sold for but doesn't reflect the downpayment.
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Question - there is a recent sale in my building I really want to look up. I saw the listing a few months ago and was surprised at the very high price they were asking for a one bedroom (about $50 to $75K higher than most other recent one bedroom sales). I figured it would languish on the market or else come way down in price.
Well, lo and behold, the other day I met a new person in the laundry room and she mentioned she had just moved into said apartment. I went back to the online listing and it shows "in contract" and I checked ACRIS and there is only an initial coop UCC1 for $0 around May 15. There is no sign that it closed and what the closing amount was. Do these things just take time or are there times the closing price never makes it into ACRIS?
There is often a lag of anywhere from a week to a few months between the recording of initial UCC's and the recording of the transfer tax info.
The number that eventually shows up on ACRIS as "both RPTT and RETT" will be the exact sale price of the unit.If it shows up designated as "NYC Real Property Transfer Tax" it is most likely the sale of a sponsor unit and the number that shows up will have the tax added to the sale price so it will be higher than what the buyer is actually paying by about 8.5%.It will also be a strange number like $264,756.
The final number could also be skewed or show up as zero if the transfer is within a family .
I have found that Redfin is better /faster at posting when apartments go into contract and at posting sale prices than zillow,street easy,property shark or trulia.
There is often a lag of anywhere from a week to a few months between the recording of initial UCC's and the recording of the transfer tax info.
The number that eventually shows up on ACRIS as "both RPTT and RETT" will be the exact sale price of the unit.If it shows up designated as "NYC Real Property Transfer Tax" it is most likely the sale of a sponsor unit and the number that shows up will have the tax added to the sale price so it will be higher than what the buyer is actually paying y about 8.5%.It will also be a stance number that $264,756.
The final number could also be skewed or show up as zero if the transfer is within a family .
I have found that Redfin is better /faster at posting when apartments go into contract and at posting sale prices than zillow,street easy,property shark or trulia.
Your apartment is only worth what the market is willing to pay. If it were worth more than is offered it would sell for higher.
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people get creative and work around it.
