Runaway Sellers - are there values in Real Estate in NY?

did you offer to match the new price tag? would you let go of 30K? it is easier not to keep your word to someone you have never met or knew.

The answer is absolutely no values.

Was the contract signed by both parties? Until then you don't have a deal.

No deal until signed, kiddo. Your broker should have explained New York State law to you sooner. (Sometimes when people seem sophisticated we forget that we need to explain these things. But we do.)

This is the law in THIS state. You come from somewhere else where the law and customs are different.

So do I. But we live here, not there. So we have to do things the way they do them here.

And neither of us has any moral right to think that the customs of where we come from should operate in the place where we are now. At least, not regarding something like real estate--human rights issues aside, in other words.

The people you are dealing with probably have "VALUES!!!" and most likely are honest, reasonable, and are operating in good faith. Odds are they are totally fine upstanding people.

It's not a matter of "VALUES!!!," it's a matter of local business custom and law, which vary from place to place worldwide.

We are not a "your word" based culture here. We also do not chop off the hands of thieves. For real estate we put things in writing and we sign them and THEN the force of law comes into play.

The reality is, you would be grateful beyond belief for New York's law if your situation was different, for example: The seller's attorney writes up the contract. This takes seven days. You finally get the contract, ready for your signature, in your mailbox. That same day, you lose your job. You decide not to sign.

{Manhattan real estate agent.}

Values? A deal is a signed contract. If someone offered you $30k more for your place and all you had to do was hurt a strangers feelings, what would you do? If it makes you feel better, they probably felt bad about it for at least a few minutes.

This is a bad sign for 50% off...............

this happened to me many years ago after my lawyer was reviewing the contract(i paid him 750 bucks)....the seller sold to someone else..and i lost out on the apt and the money paid to lawyer...no recourse whatsover.....doesnt seem right...welcome to ny:)

sellers get screwed all the time too. someone doesn't reveal everything, board rejects candidate, seller has to relist during down market. it's rough out there.

JM, how simplistic. would really depend on price, no? and comps?

What Fluter said. A handshake works only in small insular industries where both parties have a reputation to uphold. Even there you get the occasional bad apple.

"JM, how simplistic. would really depend on price, no? and comps?"

Yes

007-they did not have the right attitude to offer a "right to match"?

sorry , no "?" at the end

Sorry, when you are slow you blow. If you wait ten days to sign a contract, any broker would be looking to sell to someone else. Yes, I am a real estate broker, and I try to do the right thing each and everytime. What is right is getting your seller a signed contract with the most qualified buyer.
Many buyers put in a bid and never follow through, finding a better deal and leaving the seller humming. Be fast, have your lawyer and down payment ready to go, and you'll get the next deal.

Amen, snookie.

TIME KILLS DEALS.

{Manhattan real estate agent.}

You verbally agree to buy an apt on the 35th floor of Millenium Towers but before your lawyer, completes due diligence you find out the identical apartment on the 32nd floor will sell for $300,000 less. I can't imagine any buyer who would insist on paying the higher price due to values and verbal commitment.

what do you mean that an apt. "will sell" for $300k less? Nobody knows in the future what an apt. will sell for. Either the apt. is sold or it's not sold.

You just learned the value of a New York handshake...
In this town, close your eyes and throw a rock, bet you will hit a lawyer.
No acccident.
Better luck next time!

It's cheap education! Your lawyer or broker should have told you you have nothing until both sides sign the contract.

You can not make an oral commitment to buy a property.