want to buy condo - need good lawyer - any recommendations?
Started by 153
over 18 years ago
Posts: 127
Member since: Dec 2006
Discussion about
Hi, I'm an international buyer looking to buy a studio or 1BR condo on UWS (my son will go to college there). After a few weeks of searching over the internet I picked one broker and decided to stick with her exclusively to not make her work for nothing. She sent me some listings and went to 1 open house for me and urged me to buy buy buy this condo right away and bid at least 25% above asking... [more]
Hi, I'm an international buyer looking to buy a studio or 1BR condo on UWS (my son will go to college there). After a few weeks of searching over the internet I picked one broker and decided to stick with her exclusively to not make her work for nothing. She sent me some listings and went to 1 open house for me and urged me to buy buy buy this condo right away and bid at least 25% above asking price cause there was a lot of interest and it would still be a real bargain (apartment is on the market for 1 year already). I hesitated and did some research on my own and found out about the bad financials and bad condition of the building, the lobby, etc. and that the apartment wasn't all that fabulous. I informed my agent about that and she replied she thought I wouldn't mind the condition of the building. She put a lot of pressure on me, calling all the time, sending URGENT e-mails to act fast, the market is heating up etc. although she knew that I couldn't even see the place myself for another few weeks - she just told me to trust her... question: do I have to tell her I don't want to work with her anymore? question 2: tax abatement for new developements - does this apply for U.S. citizens only? question 3: as I knew every listing the broker sent me well in advance from the internet and my own research I figured that I need a good lawyer rather than a broker. (I won't need a mortgage, condo-deal should not be too complicated) thanks in advance for any recommendations! [less]
Just tell her to go f herself
that's the worst kind of broker out there....asking you to bid 25% above asking so she can earn a huge commission...and earn it quick! if i were you, i'd blacklist her, and just move on to someone else.
re q1 : u can just ignore her. no need to tell her u're no longer using here.
re q2 : tough question, but as a foreign investor, chances are u're least-entitled to any kind of tax program
re q3 : u just need a good lawyer. who needs a buyer broker anyway ?
and regarding the asking price, since it's already May... no need to bid over the asking... HECK, no need to even bid the asking. try 5-10% below asking, and wait for a counter-offer.
I agree with #3 - this broker has to be let go.
I'm neither a broker nor a lawyer, but have been buying and selling Manhattan residential real estate for the past 20 years. There are many good (and awful!) brokers out there, and trying to do what you're doing over the phone from another country is all but impossible.
At the risk of sounding like a shill, I'll name names to try and be helpful. For an UWS one bedroom, you need a midlevel broker who's tireless, and not so busy closing massive multi million dollar deals that they won't focus on your one bedroom request. I would contact Gregory Roache and his wife Emily Cho Roache at Brown Harris Stevens - you can find their number on the BHS website. Greg and Emily know that area well and I think they'd be a good match for what you require. They're hard working, honest, trustworthy, and discreet.
As for lawyers, the best I know of is Richard Cohen. I've worked with him for years and he knows Manhattan cold. He's a consumate professional in the field, and all the contracts and closing with him that I've done both as buyer and seller have been efficient, smooth, and trouble free. The firm is Friedberg Cohen Coleman Pinkas, LLP.
Hope that helps.
I think it's quite possible that you found the worst broker ever to walk to the face of the earth! How dare she pressure you and, on top of that, ask you to bid 25% OVER asking price! You need to drop her immediately and call her supervisior and explain to them exactly how she is handling clients, completely unethical! You have absolutely NO obligation to her and, you know something else, she probably never went to any open house, just found something that she wanted to sell and told you about it. Stay far away from her and report her to the Realtors Board, she is scum. I hope she is reading this right now, you ******.
thank you so much for your comments and recommendations! it is good to hear that my experience is not that common for buyer/broker interactions. I actually tried to behave very ethical and to tell every other broker that I had decided to work with the one exclusively. I was determined (and told her so) to involve her also in case I would find a FSBO - if she would assist in the process - and give her the 3% fee from my pocket. So when she started to almost force me into the deal I was deeply disappointed.
#4:thanks in particular for the very helpful
hints.
#3: what's meant by: since it's already May... no need to bid over the asking.
Is there a coherence between month and prices?
(sorry if the question sounds amateurish - it comes from a european..)
Wow, you really don't need her for a FSBO, you need a lawyer, she is absolutely useless in a FSBO process. That would be like buying a used car directly from the seller but calling a friend and paying them to come with you when you buy it. Seriously, what the hell are you thinking? I really want to help you not make a huge mistake and I don't charge a dime!
#12: That sounds funny, I'm aware of that. My idea was to motivate her and also to get her professional and possibly very helpful advice..and to establish a trustful buyer/broker-relationship.
(thank you for your free advice:-)
I'm midway through the sale of my condo, and so far my attorney's been really great. Although she cannot (by law) serve both roles for the same client, she also happens to be a real estate broker. Errika Kalomiris, 718-543-2302.
ok let's get first thing out yes I am a broker even some people don't like to hear from them but I am not here to get your business.
Tax abatement - it doesn't matter where you come from you pay the same as anybody else here. So you do benefit from new development with tax abatements because it many cases buyers from overseas don't have income here and not much to deduct from. So the lower the taxes the better for you.
I work with many international buyers (I am from Europe myself) and hate to hear those stories. Can't stand when people get screwed like this.
You can do it without the broker and with a hands on attorney. But be careful because many big time real estate attorneys do lot's of deals at once and they don't give you always all their attention.
Try Christine Bell 212-239-4001. I had many closing with her and she finds lot's of stuff other attorneys don't read into. But don't only take my word. Call her and see if you click. I am sure you get the impression very quickly once you ask her a couple of questions.
Good luck!!! Always go with your gut feeling. Oh and never go into a bidding war with a property that sits on the market for very long time ;-). Not here in New York
#14 and #16 thank you so much, very useful information. and #16: good to know people like you exist.
I reread my e-mail-conversation with my ex-broker and in retrospect it is very obvious to me how she used my frankness and confidence for her purpose - e.g. I informed her that my father was diagnosed cancer and the night after his emergency operation she knew I had to rush to the hospital because he was fighting for his life, the night I asked her to give me at least 24 hours to make up my mind about the deal she maximized the pressure to an almost blackmail-level. (She is a former psychotherapist and probably knows to spot a vulnerable phase..) btw. for anyone concerned about a possible business-encounter with her please write to 153153 at mail.com for more information.
Anyway - living is learning and thanks to this experience and to the information you folks gave me I'm on a higher standard of knowledge now.
The connection between the month and the amount you bid is this: The peak time in real estate in NYC is January through April...this is when the big bonuses come out on Wall St. It becomes a buyers market heading into the summer because everyone is out of the hot sticky city (read: in the hamptons). The summer is when you start to see more 'reasonable' prices.
You should check out www.urbandigs.com.... really great NYC we site that will keep you current on the market.
thanks
#18, that's good to know.
#19:just spent 2 hours on urbandigs - very informative.
#19 nice subtle self promotion
Sheldon Kronen, Riverdale, NY
40 yewars experience in NYC, personable and VERY reasonable fees.