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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.
1. Very true
2. Congratulations! So your listing agent wasn't shady at all? Mine is aggressive. Honest, but aggressive. He did get me -10K off from asking price tho.
3. I will have that too.
4. I've been looking since May 2017. I know the price range in Rego park/Forest hills very well (I was actually thinking about studying real estate cause I found it entertaining..lol). I studied these neighborhoods for 6 months. I think I'm getting a good deal out of this. The other 1 BRs around 300-320K are either: not renovated, not really good location, not really good building, high maintenance, ugly lobby, no light, etc. It's very rare to find a GOOD 1 BR apartment for 300-320k in this neighborhood. I've only found like 2-3 of them within the past 2 months (one of them was the same building I got rejected on LOL).
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.
Well said!
The RE attorney will supervise the salespeople and represent you, not their commission.
Proceed right to that RE attorneys office with a copy of every document you have on this deal.
Nothing else gets done until your attorney tells you to do it.
How many times and how many ways do you need to be told this?
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.
No, in NY lawyers are not involved in the contract. Lawyers are required for the closing. We have standard real estate contracts for each regions realtor association. All are approved by the state.
Are you clear that you are the customer, and that you are bringing the money?
If you feel that you can look after your own interests, by asking questions until you understand each and every clause in the purchase contract, then go ahead. If you don't feel like you can look after your own interests, then get an agent.
I have bought multiple houses and have never used a buyer's agent; have always dealt directly with the listing agent. I read every word in every contract, and ask questions until I am satisfied I understand all the provisions. Honestly, it's not all that complicated.
Keep in mind that if you bring a buyer's agent, the commission gets split in half, but if you deal directly with the listing agent, they get the whole commission. This is an incentive to them to make your deal go forward.
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?
In that case, don’t pull another RE agent into the mix. Yes, I would have recommended using your own agent prior to getting an accepted contract but since you do have your own attorney just go with it. I have, in fact, used the buyers’ agents to work the whole deal (called dual agency in Texas) and it was ok. If you love this property, hang in there and listen to your lawyer’s advice and move ahead.
Thank you guys so much!
I’ve proceeded w/o an agent.
I talked to the listing agent today and he said he’s a dual agent - he only likes to work directly with the buyers and sellers. I didn’t even bring up about the agent I was going to get lol.
Seller has accepted 310K and I’ve submitted all the paperwork he asked.
Just need to find a mortgage bank now.
Thank you guys so much!
I’ve proceeded w/o an agent. I talked to the listing agent today and he said he’s a dual agent - he only likes to work directly with the buyers and sellers. I didn’t even bring up about the agent I was going to get lol.
Seller has accepted 310K and I’ve submitted all the paperwork he asked.
Just need to find a mortgage bank now.
I’ll keep ya’ll updated
He's also a dumb agent.
Not to muddy the waters for you, but what the agent has done appears to be contrary to New York licensing law.
He cannot simply pronounce himself as a Dual Agent--he needs to get the informed consent of both parties in writing prior to acting as a Dual Agent. This is also the way it is in Michigan and many other states. In some states Dual Agency is simply prohibited altogether.
Here are a few quotes from the link I have provided from the New York Department of State, Office of General Counsel:
"A real estate broker is strictly limited in his or her ability to act as a dual agent: As a fiduciary, a real estate broker is prohibited from serving as a dual agent representing parties with conflicting interests in the same transaction without the informed consent of the principals."
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‘Therefore, a real estate agent must prove that prior to undertaking to act either as a dual agent or for an adverse interest, the agent made full and complete disclosure to all parties as a predicate for obtaining the consent of the principals to proceed in the undertaking."
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"In a purchaser/seller transaction in which dual agency arises, the agent must not only clearly explain the existence of the dual agency issue and its implications to the parties, the agent must also obtain a written acknowledgment from the prospective purchaser and seller to dual agency."
It is obvious that you didn't understand any of this prior to him becoming a "Dual Agent", even if you happened to sign something hidden in a document. This is not to say that your purchase can't work out. I'm simply pointing out that you need to be wary of this agent. The agent should also go back to basic real estate school. I suspect that he could be severely reprimanded by state authorities if they knew of his practices.
Last edited by jackmichigan; 02-09-2018 at 05:11 AM..
No, in NY lawyers are not involved in the contract. Lawyers are required for the closing. We have standard real estate contracts for each regions realtor association. All are approved by the state.
In NY areas of Long Island, NYC, Westchester, Rockland etc.. REal Estate lawyers most definitely do draw up and negotiate the contract. Upstate areas use the realtor contract. That is not the practice downstate. I am a real estate paralegal for a law firm down here and in my 20 years have never had an agent draw up the contract, that's the Sellers attys job.
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