huge asssement before closing

what is in your contract that protects you for pre existing conditions that were disclosed. What sort of out did you leave yourself if any assessment was put in place? You went into contract knowing they were doing the roof and management gave there good faith that no additional costs would be incurred, but then when they went to do the job something came up that is causing more money to be needed, nothing can really be done.

My question is you say it just went into effect, when are you closing? I would assume if it is 3 months then the seller is paying until you close.

no-- assements won't start untli after my closing--they are just giving advce notice.

Oh f'k, $770 for 3 months, oh my lord... what to do? what to do?

Oh crap, got cookies in the oven, be back w/ some popcorn... this should get interesting....

hi-- someone posted that it is "just " 700 for 3 months-- yes-- care to pay it? however, it is realy the anticipated increase in maintence that i am concerned about also--the assesmment and what they take out of reserve still does not cover the cost of the repair--

You can specifically address certain future assesments in the contract.

Hey w67thstreet.

Money doesn't grow on trees.. Some people need to budget thier expenses. Regardless the person is just asking about their options. If you don't think it is a big deal why dont you offer to pay the assement for rfgs.

hey man, don't be pissy with me... when I bought a Hummer H2, no one told me about global warming, gas would hit $8/gallon, oil may leak from the gulf, girls no longer put out for hummers, I'd have no dealers to service it and those 44inch rims would require $500/tire........

yes, but have a signed contract all ready, so that won't work -- we are just waiting for the morgage commimtent letter from the bank

Oh, i converted the H2 to full electric, but with the weight of the batteries, I can no longer go over the Henry Hudson bridge.... making my commute 3 hrs one way and further necessitating add'l batteries, this time I Checked, and the George Washington bridge will support my car, but only on the lower level.... funny, the electric car conversion dude won't return my phone calls anymorez...

when we were doing the contract, we wanted to put in that any future asssements between contract and closing wwould allow us to back out, but they refused-- mkaes you wonder--

I agree with w67thstreet (not as colorful as 67thstreet) because these things happen...are you happy with the apartment, is everything else going well..take a deep breath and let your lawyer handle it.

an assessment is part of co-op/condo ownership... it's part of home"owning" like filling up gas is to a car... think bf you pull the trigger.

PV= present value of all future income/expenses... sorry dude, damn thing about economics... you can teach the concept... but only the real smart ones can apply it in real life....

boy67th street-- we really have hostility issues, don't we--i didn't make this seem like life- threatening but was merely asking a question that has a real financial impact on me-- please take your rantings elsewhere--im sure there are intellectual participnts on your level elsewhere who will aprreciate them--

It sounds as if you have not yet had a board interview since you generally need financing in place before such interview. At the interview, you can raise your frustration with the fact that you feel mislead by the building on this specific point, that you would not have purchased if this had been known to you, that you have not budgeted for the assessment, and that the anticipated maintenance increase will strain your finances to the point that you don't know how you will pay the unit's monthly expenses. That oughta do it.

I would do nothing, however, without legal counsel. Your attorney should be advising you on your options.

Rfgs, my 5yo son lost a piece to his $50 Lego set. The ocean octopus one. He asked 'me to buy the entire set to get that one piece. I did.

Flash forward, he buys a coop when he is 25 yo and asks 'me for $2300 cause of an assessment, I didn't do my job as a parent.

As to your legal obligations. You need to close. You had a chance to stick any 'unknown' assessment btwn contract and closing and even a tail rider on any future assessment into an escrow Acct for one year. If you are tightrope walking that dangerously, maybe you should have bid lower, no? And please tell 'me you didn't get into a bidding war and pushed someone who was better able to handle this 'news'.

thanks klylewest

And in 10 years, this is what happens between w67 and his son:
w67thstreet http://streeteasy.com/nyc/talk/discussion/11853
about 14 months ago
the proverbial silver spoon! HA!
thxs for reminding me to keep a dora spoon for my daughter :)
For my son's 15th birthday gift I plan on giving him a diaper w/ a snickers bar in it :) and the keys to a beater porsche that he's gotta fix up with the old man :) Like it or not.

The last mile is always tough in any deal. This probably isn't as much about $2K (which I grant you is a decent amount of money) as it is about issues of equity and trust.

A really tight-&*** buyer's attorney would have already addressed the situation in the purchaser's rider -- you mention that an attempt was made and it was batted away by the seller, so there's your answer as to how this is probably going to play out, you're probably not going to get satisfaction from the seller.

However, I would feint towards it anyway as a matter of form. You can argue that the building's agent made a representation that you counted on when you signed the contract, and that representation turned out to be inaccurate, and the seller should split these unanticipated charges with you to clean up the mess.

Note that I am a real estate agent, not a lawyer, and that this shouldn't be construed as legal advice, but that's a solution that would work for most sellers, and could be put into place in advance of the more serious remedy of raising the issue at the board interview -- and presumably throwing the board interview -- just to get out of the contract.

ali r.
DG Neary Realty

Oh crap. Forgot, take it out of the brokers fees.

Age 5, lego set
Age 15, snickers bar in a diaper
Age 25, co-op maintenance payment

w67thstreet http://streeteasy.com/nyc/talk/discussion/11853
about 14 months ago
ignore this person
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For my son's 15th birthday gift I plan on giving him a diaper w/ a snickers bar in it :) and the keys to a beater porsche that he's gotta fix up with the old man :) Like it or not. ...