Broker changed terms of accepted offer
Started by AptHunter2
almost 16 years ago
Posts: 1
Member since: Mar 2010
Discussion about
Just made an offer on a no fee apt and the owners accepted. Went through credit check - passed beautifully. Filling out condo board agreement when I get an email from the owners broker... he wants a full 15% broker fee, an early move by one month and increase in rent! Is this usual to get a complete change of terms after the offer has been accepted? Has this happened to anyone else and what did you do about it?
You tell them the original deal stands or they can go f themselves. Plenty of other apartments to rent
Also suggest you plan to file a complaint with the New York Department of State broker licensing department for unethical and untrustworthy behavior on the part of a licensed broker. Certainly sounds like this broker deserves that particular remedy.
You accept what they say, and then you drag your feet. Have them draft the lease, tell then to fix their mistakes on the spelling of your name. Then, say you need your attorney to looknover it. Reply in 2 days and say your lawyer is actually in Aruba, will be back in a few days. Then say you need to see the apartment again, just to be sure. See it the next day. Then say you need to wait until you get your next paycheck since you weren't planning to pay a 15% fee, it'll only be a couple of days. Then say that Apr 1 has already passed, so you don't want a month early any more, and that you've changed your mind on the 15% fee after all.
Meanwhile, go find something else. These are not people you want to deal with, even if you get your terms.
concur with marco,mjs and inon - and yes, go ahead and break cajones on the original deal while you are finding your new place. effin shameful. care to reveal the broker's firm?
if you still want to make a deal call his/her manager and explain, then you can report both the agent and the company to the DOS and Rebny and you can also have your attorney sending a letter to the property owner...
This sucks, but the owner has something to do with this along with the broker. The owner could have decided he didn't want to pay the OP fee. The early move doesn't benefit the broker at all, it's an owner thing.
In any case, you don't want to continue dealing with these folks, consider this an early warning on dealing with the owner that enabled you to get out of a lease with a problem person before it started. So bad luck you found a bad owner, good luck that you found it before a lease is signed for a 1 or 2 year relationship.
So ultimately I disagree with marco - don't say the original deal stands. Use this as your opportunity walk. I also disagree with mjsalisb and highend00, because while the broker is a problem, the owner is the bigger problem. When you are driving and some ass*@%e cuts your off, do you go chasing after the person to prove a point? I'd rather just get to where I'm going, safely.
I likey inonada's idea. Two can play that game.
Brokers are state licenced professionals.
The state is UNDER OBLIGATION in investigate ALL complaints that indicate that a licencee is operating outside the standard of their profession. You have a ligitamate complaint. In fact don't forget to mention you complaint to the Broker.
I don't see how the broker is operating outside the required standards. If the owner wants to renege on negotiated terms prior to a signed contract, then the owner is acting legally, though arguably unethically. Regardless, the broker has a legal requirement to convey the reneged terms.
Complaining to / about the broker and their "unethical" behavior is incorrect and a waste of time. My solution will serve the complaint to the correct party.
the "licenced" broker is operating outside of the required standards by falcogold1, the arbiter of all things "ligitamate" who happens to know what the State of New York is required to do during these days when we are about to lose our 2nd governor in a row to scandal. The state should focus on this complaint.
Aboutready, how does that sit with you as a use of our government resources?
it sounds to me as if you were being shown an apartment without the owners brokers being aware. if he/she has a signed exlusive agreement with the owner (likely in the event of a condo rental) then he/she is entitled at least to a co-broke commission split. you should be asking your broker why you made they made the mistake.
jim_hones10
4 minutes ago
ignore this person
report abuse it sounds to me as if you were being shown an apartment without the owners brokers being aware. if he/she has a signed exlusive agreement with the owner (likely in the event of a condo rental) then he/she is entitled at least to a co-broke commission split. you should be asking your broker why you made they made the mistake.
jim, what does that have to do with aboutready being a toilet whore?
Dear inonada: Please stop reading my mind?
Dear 30yrs: May I suggest encasing your head in aluminum foil? Keeps out the SE copycats as well as the government spies.
At some point I dealt with a broker that was being very wishy-washy about a place I was interested in. At first she was all hot for us, but then it was clear that multiple offers were being considered (this was a rental). Suited us fine, as we started considering this as a backup as we were negotiating other things. At some point during the secod viewing, my wife very upfront said that it seemed like the owner wasn't that interested really in sealing the deal with the specified terms. The broker, who was a very nice and attempting-to-be-honest lady, discretely conveyed that she has to do what her client asks, and on a personal level, she was very apologetic.
Obviously a broker can be a slimeball themselves, but they are often required legally to represent slimeballs as the slimeball requests. Lawyers are in a similar role, frequently with slimier slimeballs, but at least they have the cover of "zealot representation" and the social understanding of what that entails.
Folks, I have a signed lease on a coop and I pass the board but the owner unable to provide a letter from morgage bank approving the sublease and refuse then to satisfy the alternate requirement to put 12 mo. maintenance in escrow. The owner/agent call the deal is off. Can they do that? Though I offer to pay the escrow money as part of my rent and they still say deal is off. Is this a similar case?
glendy seems like she has a different question from the rest of this thread however, the answer is that on all mortgage commitments it states that if the borrower decides to rent out the premises he has to notify the bank. most people do not bother and in fact I had one owner who attempted to comply but when she called the bank they didn't know how to process the request. In this case it looks like the board is insisting
klara madlin
Glendy, let me see if I'm understanding this correctly. The coop is requiring tht the mortgage bank either approve the sublease, or alternatively for the owner to put 12 months of maintenance in escrow. The owner cannot get the former and is refusing to do the latter. To help with the situation, you've offered to take care of the escrow upfront in lieu of later rent. The owner has refused that as well.
Your case is different in that you have a signed lease. This key difference spells out legal obligations that must be met, rather than just negotiated terms that have not yet been consumated.
Standard lease contracts I know of have a coop approval contingency. I.e., if the coop does not approve, the lease is off. In this case, it's a tough call as to say whether or not it's the coop approval that's holding things back. E.g., if you went to the coop board and told them that you'll put the money in escrow, and they're fine with it, then arguably they are not holding back approval. On the other hand, the coop board probably doesn't have a right to determine how your rent needs to be paid to the owner (e.g., through escrow).
It seems that you should simply move on. I don't think you want to force yourself onto someone who doesn't want to rent to you: it's not like you have some below-market lease that you cannot replicate elsewhere. You might have a legal claim here, but it doesn't seem that clear-cut, and hence probably not worth pursuing IMO. If you go through the details of the language in your lease and how things have played out, you might find differently.
glendy, now that you've hijacked AH2s thread, did you read the lease and know all these puts:takes prior to signing? again this is not petticoat junction - pretty sure you could find another less encumbered sitch if you tried. next time start a new thread.
Sorry folks, saw this thread after created (or so I thought, as I cannot find it since) a new thread and thought AH2 situation is comparable in the sense of owner/broker changing terms (different is negotiated vs. signed). Inonada's description is exactly right. Want to hear what the owner/broker is accountable for. Here's the link to my thread.
http://streeteasy.com/nyc/talk/discussion/19419-owner-reneges-on-coop-board-rental-contract-help
AH2 - sorry to hear about your situation. Good luck and hope you find something better