I found a 1 bed last week for 900 k, made an offer and they accepted the full price offer. I did not have a broker so the sellers broker was the dual broker, sent her the Rebny, 30 % down and remove bank contigency and i have 100k after closing, she said offer is accepted and they would love to move with us and would like to close Nov 15, i gave her my bank letter on Friday and my attorney got a... [more]
I found a 1 bed last week for 900 k, made an offer and they accepted the full price offer.
I did not have a broker so the sellers broker was the dual broker, sent her the Rebny, 30 % down and remove bank contigency and i have 100k after closing, she said offer is accepted and they would love to move with us and would like to close Nov 15, i gave her my bank letter on Friday and my attorney got a contract and reviewed and send it back.
She calls today and says if there was any way i could up my liquidity to $450k and if not then they have another offer?? is this normal? real?
My attorney just closed another apt in that building and said the person had nothing after closing and they just asked for 2 years of maintenance in escrow . That i can believe and can do.
What should i do? Shall i try to pursue or has she already gone with some else?
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Response by liren88
over 12 years ago
Posts: 4
Member since: Aug 2013
It's possible that the seller got another sweeter offer perhaps more than the listing price. If you signed the contract but the seller has not yet, then the seller can still change his/her mind.
Another possibility is that the seller got an all cash offer. Applying for mortgage runs the risk of getting rejected plus it takes longer to have the closing.
It's better to have your own agent. The buyer's agent will watch out for your benefit. The seller's agent is more loyal to the seller. Try to talk to the agent and see if she will share with you the real reason about the request. Good luck!
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Response by crescent22
over 12 years ago
Posts: 953
Member since: Apr 2008
Sorry they want 450k down instead of 270k or they want 450k in liquidity for you post-closing? Seems odd if it's the latter. if the former, sounds like you can't do it if you have 100k left on the 270k down and they want another 180k.
Post-offer flinches by the Seller because of better bids are becoming more common- there was a nytimes article on this a few wks ago. Me, I don't respond to threats- I'd tell them to f off and find another place.
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Response by Miamia
over 12 years ago
Posts: 19
Member since: Feb 2013
They are expecting 450k after closing.
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Response by unsure
over 12 years ago
Posts: 79
Member since: Dec 2009
What a moron. Is she suggesting you just magically conjure up another 350 thousand dollars?
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Response by Miamia
over 12 years ago
Posts: 19
Member since: Feb 2013
She had my rebny and knew i had 100 k in liquid after closing and the offer was accepted , so why this change now?
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Response by jim_hones10
over 12 years ago
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crescent22
18 minutes ago
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Sorry they want 450k down instead of 270k or they want 450k in liquidity for you post-closing? Seems odd if it's the latter. if the former, sounds like you can't do it if you have 100k left on the 270k down and they want another 180k.
Post-offer flinches by the Seller because of better bids are becoming more common- there was a nytimes article on this a few wks ago. Me, I don't respond to threats- I'd tell them to f off and find another place.'
easy to take the tough guy i don't take shit approach when you aren't the one who is looking for a place to live.
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Response by unsure
over 12 years ago
Posts: 79
Member since: Dec 2009
Going forward, call Keith Burkhardt. He's a participant on these boards and he will represent you buy side and then give you a rebate from the commission he is paid off the sale. Don't let the seller's broker rep you. They have zero investment in your best interest.
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Response by jim_hones10
over 12 years ago
Posts: 3413
Member since: Jan 2010
OP, sounds like a buyer's broker would have been the smart play here. professionals like dealing with other professionals
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Response by Miamia
over 12 years ago
Posts: 19
Member since: Feb 2013
and my attorney just closed in that building 3 days ago with someone who had less than 20k left after closing. I really don'
t get it.
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Response by crescent22
over 12 years ago
Posts: 953
Member since: Apr 2008
If you really want the place, you can add $10,000 if you believe what they are implying that the other bid is the same just with a greater chance of passing the board on liquidity.
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Response by crescent22
over 12 years ago
Posts: 953
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That person had a 95% chance of closing and it went through. You have a 97% chance, but if you believe them, they have a bid with a 99% chance and are in the market where it is increasingly acceptable do pull out the rug from under a Buyer.
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Response by Miamia
over 12 years ago
Posts: 19
Member since: Feb 2013
I can up it by 10K, but if the other guy has all the liquidity then he can up it too? If that would help i could increase it but i dont hink thats the issue here.
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Response by unsure
over 12 years ago
Posts: 79
Member since: Dec 2009
I'd respond and say exactly that: "My attorney recently representing a closing in this building wherein the buyer had post-close liquidity of 20k. As such, I feel comfortable with my offer as it stands and will keep it that way."
Did that buyer have a mortgage?
Keep in mind that what they expect you to have after closing is relative to the cost of the apartment/maintenance. So, if that person bought a significantly cheaper/smaller unit, their cash requirement would be lower that yours.
Some buildings have very strict monetary policies. 20k is very very low post-close reserve. I'm surprised that passed. But to each coop their own, and based on the other things you've said, this doesn't sound to be a strict one.
Either way, does it matter? You have the amount of cash you have. Period. Her wanting more doesn't change your bank balance. She can ask all she wants. Where's that 350k coming from?
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Response by Miamia
over 12 years ago
Posts: 19
Member since: Feb 2013
I hav heard it is a tough board, she bought a similar size unit, same price and had a mortgage, maintenance in this building is low $1500, i make close to 400 k and good credit no debt . Guess i am not liquid gold.
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Response by unsure
over 12 years ago
Posts: 79
Member since: Dec 2009
Okay. How on earth did she get away with having so little liquidity on an apartment that expensive??? Something is fishy here. No way, no way, no way would a tough board approve a buyer with a 500-700k mortgage and only 20 thousand to spare after close.
I'm not an authority on anything--but that sounds very odd.
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Response by crescent22
over 12 years ago
Posts: 953
Member since: Apr 2008
i don't think maintenance is low for a 1BR at 1500- this better be a big one.
The issue in raising your offer is not that they care about your liquidity and you can or cannot address their demands. it is about making your offer higher in number than the other guy's so they ignore your supposed inadequacy elsewhere.
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Response by front_porch
over 12 years ago
Posts: 5316
Member since: Mar 2008
I don't see how you're in a position to do anything here -- whether the next move comes from you, or your attorney -- you don't have an executed contract and are being ask to fulfill a condition that you can't. Even if you had a buyer's broker, he/she would have the same limitations on the next move that you have.
IMHO, your only response can be to counter with your strengths: "No, you've seen my financials, so you know that I can't compete with that potential buyer on post-close liquidity, but I do have X, Y, and Z (one of these being an attorney who has experience with the building) that make me a great board candidate -- please remind seller of that, and ask him/her to sign and return the contract by ---."
Then you wait and see if it comes back.
I do buy crescent's analysis that they are trying to prompt you to raise your bid, but it's not the kind of game I'd want to play unless you think that this one is the only apartment for you in New York.
ali r.
DG Neary Realty
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Response by Sonya_D
over 12 years ago
Posts: 547
Member since: Jan 2013
I agree with Ali -- simply put, sounds like scare tactics to get a higher bid from you (especially this: "i could up my liquidity to $450k and if not then they have another offer??" So does that mean if you don't have more liquidity, they DO have another offer, and if you do, then there is no other offer?? Almost sounds like they're making up fictional people here...)
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Response by gcondo
over 12 years ago
Posts: 1111
Member since: Feb 2009
walk away.
and f brokers.
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Response by huntersburg
over 12 years ago
Posts: 11329
Member since: Nov 2010
What do you mean walk away? The OP wants the apartment? Why "f brokers" out of spite when that means the OP doesn't get what s/he wants either?
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Response by gcondo
over 12 years ago
Posts: 1111
Member since: Feb 2009
the best way to handle being played is to walk away. If they are full of it, they will beg you to come back and will not mess with you anymore. If they are juggling bids after an accepted offer where all information was disclosed, then why be a part of it. Sorry, the best move is to walk away. If they want the apartment that bad, ok, pay more for something you already agreed to buy at a certain price... yeah, that's nice.
And, the F brokers part was a result of the accepted offer, games being played, dishonesty that is what being a broker appears to be all about. Play games during the negotiation if you want, but not after an offer is accepted with all information provided. F brokers.
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Response by gcondo
over 12 years ago
Posts: 1111
Member since: Feb 2009
furthermore, a 1BR for 900K... I think the OP can find another lovely apartment and not get the runaround at the same time.
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Response by w67thstreet
over 12 years ago
Posts: 9003
Member since: Dec 2008
My broker for apple only charges me $9.99
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Response by Miamia
over 12 years ago
Posts: 19
Member since: Feb 2013
She came back saying she has a higher off and if i would match it, i said ok lets up the price by 5 k, after an hour she says the other offer is 50% cash down and good liquidity post close, Can you match that?
The audacity of these people to twist your arm after saying the seller really wants to stay with you since you acted so fast but hey can you match this and that.
I am DONE with this person and how everything is normal and legal i cant believe, open market gambling.
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Response by Miamia
over 12 years ago
Posts: 19
Member since: Feb 2013
Just need a large one bed i convert to two bed in ps 6 west of lex, i did see another one today and the maintenance on a 1 bed 950 sq ft is $2800 , it is a relatively easy board but i don't think i would ever be able to sell a 1 bed with such high maintenance.
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Response by jim_hones10
over 12 years ago
Posts: 3413
Member since: Jan 2010
Miamia
22 minutes ago
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Member since: Feb 2013
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She came back saying she has a higher off and if i would match it, i said ok lets up the price by 5 k, after an hour she says the other offer is 50% cash down and good liquidity post close, Can you match that?
The audacity of these people to twist your arm after saying the seller really wants to stay with you since you acted so fast but hey can you match this and that.
I am DONE with this person and how everything is normal and legal i cant believe, open market gambling.
Why? Wouldn't you feel like you had a right to change your mind after a seller accepted your offer, if say, another unit came on the market that met your criteria but you liked more after? Bet you wouldn't even think twice about it.
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Response by gcondo
over 12 years ago
Posts: 1111
Member since: Feb 2009
its called integrity
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Response by sandradginzburg
over 12 years ago
Posts: 0
Member since: Aug 2013
I had a similar experience with a broker telling me they had another higher offer after an accepted bid and I should match etc. I walked. Politely, but firmly. If the contract goes through then it wasn't meant to be and if it doesn't they will come back to me and I'll get the apt at my price instead of being played. The other bid was too high and I'm not going to be left holding the bag.
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Response by jim_hones10
over 12 years ago
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gcondo
19 minutes ago
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its called integrity
You can lie to yourself and everyone else here asshole, but you KNOW that if a better unit at a better price came on the market, and you had an accepted offer (but no contract) you and everyone else would be backing out of that deal. integrity has nothing to do with it. of course, no one thinks about it that way.
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Response by jim_hones10
over 12 years ago
Posts: 3413
Member since: Jan 2010
douchebag. you hate brokers, but you can't even be honest with strangers on a discussion board. what a loser.
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Response by columbiacounty
over 12 years ago
Posts: 12708
Member since: Jan 2009
honest?
how long can you keep going with this bullshit pretend persona?
big deal, successful broker who bothers to come here anonymously to curse and trash everyone?
Yes , It is called integrity and this is a discussion and not a bashing ground.
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Response by jim_hones10
over 12 years ago
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columbiacounty
13 minutes ago
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stop ignoring this person
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honest?
how long can you keep going with this bullshit pretend persona?
big deal, successful broker who bothers to come here anonymously to curse and trash everyone?
makes no sense, anymore.
well, the thing is, the market has been favorable. and one thing you idiots are correct about, it's a pretty easy job. i seem to have a knack for it. honestly, given my income, i dont really have to work that hard. next year or so, given overrides on other peoples business, etc, i should only have to work 4 days a week. mind you, my income goes up exponentially every year, but the effort i put in goes down. you can blame idiots like the op for the situation.
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Response by columbiacounty
over 12 years ago
Posts: 12708
Member since: Jan 2009
why do you feel the need to endlessly post this information over and over again?
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Response by jim_hones10
over 12 years ago
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Miamia
4 minutes ago
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Member since: Feb 2013
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Yes , It is called integrity and this is a discussion and not a bashing ground.
OK op. if the same exact apartment came on the market but was $100,000 less than the one you had made an accepted offer on, and there was no contract, would you still move ahead? or would you try and purchase the less expensive unit.
you can lie now, to us. you most likely will. but i know you are lying.
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Response by jim_hones10
over 12 years ago
Posts: 3413
Member since: Jan 2010
and what in hell does the title of this thread mean exactly?
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Response by columbiacounty
over 12 years ago
Posts: 12708
Member since: Jan 2009
why, jimbo?
why?
if you were actually who you pretend to be, why?
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Response by jim_hones10
over 12 years ago
Posts: 3413
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columbiacounty
1 minute ago
Posts: 12235
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stop ignoring this person
report abuse
why do you feel the need to endlessly post this information over and over again?
when was the last time i posted anything similar to the above?
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Response by columbiacounty
over 12 years ago
Posts: 12708
Member since: Jan 2009
endlessly.
under jim boner 10....3,334 times.
can't speak to all you other names.
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Response by jim_hones10
over 12 years ago
Posts: 3413
Member since: Jan 2010
OP, you are sad (and rightfully so) to have lost out on the apt you wanted. but you are playing in the deep end of the pool (ps6!) with limited resources. chalk this up that way, get a good nights sleep, and plan your move to the burbs. or just rent in the school district you like and buy an investment property elsewhere and rent it out.
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Response by columbiacounty
over 12 years ago
Posts: 12708
Member since: Jan 2009
keep trying.
keep dodging.
keep lying.
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Response by jim_hones10
over 12 years ago
Posts: 3413
Member since: Jan 2010
why, colombiacounty, WHY?
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Response by jim_hones10
over 12 years ago
Posts: 3413
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yes, many many other names. like jim_hones09
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Response by columbiacounty
over 12 years ago
Posts: 12708
Member since: Jan 2009
why, what?
why do i call you out as a liar?
why do i call you out as an obvious fraud?
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Response by jim_hones10
over 12 years ago
Posts: 3413
Member since: Jan 2010
OP is english your primero lingua?
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Response by columbiacounty
over 12 years ago
Posts: 12708
Member since: Jan 2009
the mister reasonable persona is a refreshing change.
keep it up.
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Response by huntersburg
over 12 years ago
Posts: 11329
Member since: Nov 2010
Who has cheated more people? Is it C0C0, or Jim_Hores? Oh wait ...
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Response by columbiacounty
over 12 years ago
Posts: 12708
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oh look...you waited as long as you could, but then you switched.
what a surprise.
goodnite, jim boner.
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Response by huntersburg
over 12 years ago
Posts: 11329
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Oh wait, now there will be a reply from C0lumbia_Hores
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Response by columbiacounty
over 12 years ago
Posts: 12708
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really?
lame, lame, lame.
you shouldn't have switched so quickly.
seems like you're losing it.
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Response by huntersburg
over 12 years ago
Posts: 11329
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Or Jim_C0unty.
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Response by columbiacounty
over 12 years ago
Posts: 12708
Member since: Jan 2009
stupid, stupid and stupider.
own your problem.
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Response by huntersburg
over 12 years ago
Posts: 11329
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Hi C0C0, what year did you receive your degree?
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Response by columbiacounty
over 12 years ago
Posts: 12708
Member since: Jan 2009
no one cares.
least of all me.
what did you do to jim boner?
do you even realize that you're the same person?
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Response by Miamia
over 12 years ago
Posts: 19
Member since: Feb 2013
Hey cool it and keep your pissy attitude to your self don't know what your issue is , do you even understand the Discussion?
I dont have a problem when when there is negotiation but when everything is discussed and i have already asked her what does the board expect post closing before making my offer and the person says 2 x maintenance + mortgage and in my mind i know i can make that happen.
I make an offer the contracts are out and then she says btw i just checked, you need to have 450k in your account, can you up the offer, can you put 60% down, so yes to me this is an idiot making a ton of money and unfortunately thats the truth.
YES Either it it Stupidity of world class level or lack of Integrity, which i think is a very big word for some people cause it was never there.
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Response by huntersburg
over 12 years ago
Posts: 11329
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You don't care but then you have two more questions to ask?
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Response by columbiacounty
over 12 years ago
Posts: 12708
Member since: Jan 2009
where is jumbo?
how did you make him disappear?
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Response by huntersburg
over 12 years ago
Posts: 11329
Member since: Nov 2010
Unfortunately Miamia, as evidenced by Jim_Hores and C0lumbiaC0unty, the law, not ethics, is what prevails in NYS real estate. Further, when there's a co-op board involved, it's more than just a 1 on 1 straightforward negotiation.
It sucks, and as a reader of this thread, I'm sorry to read about your difficulties.
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Response by columbiacounty
over 12 years ago
Posts: 12708
Member since: Jan 2009
poor, poor jumbo.
you killed him.
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Response by huntersburg
over 12 years ago
Posts: 11329
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>poor, poor jumbo.
you killed him.
A little bit less C0lumbia C0unty.
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Response by columbiacounty
over 12 years ago
Posts: 12708
Member since: Jan 2009
so...you agree?
well, the good news is that no one cares.
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Response by jim_hones10
over 12 years ago
Posts: 3413
Member since: Jan 2010
Hey cool it and keep your pissy attitude to your self don't know what your issue is , do you even understand the Discussion?
I dont have a problem when when there is negotiation but when everything is discussed and i have already asked her what does the board expect post closing before making my offer and the person says 2 x maintenance + mortgage and in my mind i know i can make that happen.
I make an offer the contracts are out and then she says btw i just checked, you need to have 450k in your account, can you up the offer, can you put 60% down, so yes to me this is an idiot making a ton of money and unfortunately thats the truth.
YES Either it it Stupidity of world class level or lack of Integrity, which i think is a very big word for some people cause it was never there.
perhaps if you had used an agent to help you pose your offer in english that was properly written and easy to understand (unlike your written word here) you would have fared better.
regardless, i pose the same question: let's just pretend that there was another apartment that came on the market (post your placing an offer on this apartment) that was 10% less expensive and met every other requirement. are you saying you would ignore that apartment because you have so much integrity? w/o a signed contract?
do you understand the question, or are you just ignoring it?
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Response by columbiacounty
over 12 years ago
Posts: 12708
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whew....huntersburger got smart.
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Response by huntersburg
over 12 years ago
Posts: 11329
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oh look
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Response by columbiacounty
over 12 years ago
Posts: 12708
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3 card monti time.
watch the stone.
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Response by huntersburg
over 12 years ago
Posts: 11329
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Do you understand the words that are coming out of my mouth?
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Response by columbiacounty
over 12 years ago
Posts: 12708
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i'm trying to get a fix on how many mouths you have.
4?
5?
15?
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Response by jim_hones10
over 12 years ago
Posts: 3413
Member since: Jan 2010
you two douche bags are playing the same game, year after year. "you are so and so" "no, you are" tiring.
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Response by huntersburg
over 12 years ago
Posts: 11329
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?
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Response by columbiacounty
over 12 years ago
Posts: 12708
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nice work.
keep it going.
lie.
lie.
and lie again.
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Response by huntersburg
over 12 years ago
Posts: 11329
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C0lumbia C0unty, when will you come clean about the many friends, family and business acquaintances you've personally harmed throughout your life?
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Response by columbiacounty
over 12 years ago
Posts: 12708
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the best defense is a good offense?
you certainly are offensive.
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Response by huntersburg
over 12 years ago
Posts: 11329
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And you smell. But your lousy hygiene doesn't make you right on other matters.
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Response by columbiacounty
over 12 years ago
Posts: 12708
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oh come on.
smell?
really?
how much lower can you go?
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Response by huntersburg
over 12 years ago
Posts: 11329
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I make no apologies for disliking people who smell.
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Response by columbiacounty
over 12 years ago
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10,889 posts to tell someone who you have never met and know nothing about that they smell?
wow.
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Response by jim_hones10
over 12 years ago
Posts: 3413
Member since: Jan 2010
look at how the two of you have ruined yet another thread. bravo.
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Response by huntersburg
over 12 years ago
Posts: 11329
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Yes, I've been leading up to this. It's all been a well choreographed charade just to say that you smell. I've even allowed you to exceed my postings: 12254+3340, just to make you feel you had the upper hand.
You finally got him C0C0, J_H is actually affiliated with Kabletown.
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Response by crescent22
over 12 years ago
Posts: 953
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at least mia decided what to do before her thread was brutally hijacked
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Response by sp21
over 12 years ago
Posts: 99
Member since: Feb 2013
In my opinion you situation really stinks and is relatively common - or at least something like, "Offer accepted! Wait, we have a better offer, can you give X more? Thanks, can you give Y more?" etc.
In my opinion, you may end up hating the sellers and the dual listing broker but it is also in your interest to think clearly. If you really want the apartment, then you should just put up what you can put up, and be prepared to walk away if they do not accept the offer. Acting like they are doing something unfair or unethical (of course they are), that is not going to help you. It will certainly induce guilt in the seller and convince them to sell to you, because obviously everyone there is out for their own wallet.
You have to treat it like an original offer. Make your best offer, if accepted (and contract executed), celebrate, and otherwise look to the next apartment.
As for the attitude that is, "Screw these people, I'll find another apartment." If you end up getting this apartment, all this BS will be behind you and you'll be happy... I wouldn't personally walk away on principal, because unless your current RE situation is great, I would assume you actually want this apartment.
Finally, next time go with a broker, they could potentially help you from getting screwed over by the dual agent.
Good luck.
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Response by ieb
over 12 years ago
Posts: 355
Member since: Apr 2009
I had a similar experience. There was an agreed price and before the contract was signed by both parties the seller's broker came back and said that there was a new and better offer.
I told them that I felt that we had a deal and I gave them 24 hours to sign or I would walk. Guess what they signed and we did the deal.
There is one wrinkle here that I think helped a great deal. I was not represented by a buyer's broker and so could talk directly to the seller's broker and the negotiation was not filtered through another (idiot) broker.
My search for an apt started out by using a buyer's broker but I really didn't like the way that they can make you try to committed or owe them something and then I found Streeteasy and did it all on my own.
Streeteasy rules!!!!
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Response by jim_hones10
over 12 years ago
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eb
about 2 hours ago
Posts: 332
Member since: Apr 2009
ignore this person
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I had a similar experience. There was an agreed price and before the contract was signed by both parties the seller's broker came back and said that there was a new and better offer.
I told them that I felt that we had a deal and I gave them 24 hours to sign or I would walk. Guess what they signed and we did the deal.
There is one wrinkle here that I think helped a great deal. I was not represented by a buyer's broker and so could talk directly to the seller's broker and the negotiation was not filtered through another (idiot) broker.
My search for an apt started out by using a buyer's broker but I really didn't like the way that they can make you try to committed or owe them something and then I found Streeteasy and did it all on my own.
Streeteasy rules!!!!
Did you just make that up? First you said contracts signed, then you say they reneged and you gave them 24 hours to sign?
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Response by jim_hones10
over 12 years ago
Posts: 3413
Member since: Jan 2010
OK op. if the same exact apartment came on the market but was $100,000 less than the one you had made an accepted offer on, and there was no contract, would you still move ahead? or would you try and purchase the less expensive unit.
you can lie now, to us. you most likely will. but i know you are lying.
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Response by huntersburg
over 12 years ago
Posts: 11329
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>Did you just make that up? First you said contracts signed, then you say they reneged and you gave them 24 hours to sign?
No, you didn't read what ieb wrote, "There was an agreed price and BEFORE the contract was signed by both parties..." (emphasis mine)
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Response by huntersburg
over 12 years ago
Posts: 11329
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Jim, when is the divorce scheduled for?
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Response by ieb
over 12 years ago
Posts: 355
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Mr. Bones, What nightmarish freakin' meds are you on?
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Response by gcondo
over 12 years ago
Posts: 1111
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I think we can all look at this thread and the brokers who are responding on it, and make a determination here. Do you really want people with this kind of attitude, and yes, lack of integrity, to get 6% or even 3% of your money? It's not that hard folks. Even the broker admits that he makes more and more money and does less and less work. He could at least try to seem a little grateful for his good fortune. oh well. Integrity is worth something. Remember that.
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Response by jim_hones10
over 12 years ago
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gcondo, answer the below TRUTHFULLY (if you are able)
if the same exact apartment came on the market but was $100,000 less than the one you had made an accepted offer on, and there was no contract, would you still move ahead? or would you try and purchase the less expensive unit.
I know enough about how scummy most people are by having dealt with them for years to know the answer, regardless of whatever you may write. remember who agents owe fiduciary responsibility to, and who benefits most from increasing prices.
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over 12 years ago
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ieb
about 1 hour ago
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Mr. Bones, What nightmarish freakin' meds are you on?
why not clarify your bullshit story.
ieb
about 4 hours ago
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I had a similar experience. There was an agreed price and before the contract was signed by both parties the seller's broker came back and said that there was a new and better offer.
I told them that I felt that we had a deal and I gave them 24 hours to sign or I would walk. Guess what they signed and we did the deal.
There is one wrinkle here that I think helped a great deal. I was not represented by a buyer's broker and so could talk directly to the seller's broker and the negotiation was not filtered through another (idiot) broker.
My search for an apt started out by using a buyer's broker but I really didn't like the way that they can make you try to committed or owe them something and then I found Streeteasy and did it all on my own.
Streeteasy rules!!!!
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Response by NYCNovice
over 12 years ago
Posts: 1006
Member since: Jan 2012
I don't understand why everyone is blaming the broker; the broker is merely taking direction from the seller. The broker is actually doing a great job for the seller, and it is the seller who is the one making the decision to go back on the deal.
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Response by jim_hones10
over 12 years ago
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NYCNovice
1 minute ago
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I don't understand why everyone is blaming the broker; the broker is merely taking direction from the seller. The broker is actually doing a great job for the seller, and it is the seller who is the one making the decision to go back on the deal.
exactly. and again, though no one ever thinks about buyers placing an offer and then retracting it prior to contract for a better deal.
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Response by front_porch
over 12 years ago
Posts: 5316
Member since: Mar 2008
gcondo, how is my response "don't raise your bid unless you think this is the only apartment for you in New York" displaying an attitude? Or lacking integrity?
I can understand that you've had lousy experiences with brokers in the past, but we're not all cut from the same cloth any more than all finance people are or all attorneys are.
ali r.
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Response by w67thstreet
over 12 years ago
Posts: 9003
Member since: Dec 2008
Someone raise their bid on apple bf it hits $500. Flmaozz.
Up $600k. Plus dividends. Gonna get a fat one on August 16th.
Go Team RE!
$2mm on sprint. $600k on apple. 2 yrs. laughing at all the re borkers.
PRICELESS!
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Response by ieb
over 12 years ago
Posts: 355
Member since: Apr 2009
Hey W67, You could "cherry pick" high value nyc real estate in the '09-'11 period and based on current valuations, probably do as well as your stock claim, so we'll see how things stack up in a couple more years.
'/%3e%3c/g%3e%3c/svg%3e)
It's possible that the seller got another sweeter offer perhaps more than the listing price. If you signed the contract but the seller has not yet, then the seller can still change his/her mind.
Another possibility is that the seller got an all cash offer. Applying for mortgage runs the risk of getting rejected plus it takes longer to have the closing.
It's better to have your own agent. The buyer's agent will watch out for your benefit. The seller's agent is more loyal to the seller. Try to talk to the agent and see if she will share with you the real reason about the request. Good luck!
Sorry they want 450k down instead of 270k or they want 450k in liquidity for you post-closing? Seems odd if it's the latter. if the former, sounds like you can't do it if you have 100k left on the 270k down and they want another 180k.
Post-offer flinches by the Seller because of better bids are becoming more common- there was a nytimes article on this a few wks ago. Me, I don't respond to threats- I'd tell them to f off and find another place.
They are expecting 450k after closing.
What a moron. Is she suggesting you just magically conjure up another 350 thousand dollars?
She had my rebny and knew i had 100 k in liquid after closing and the offer was accepted , so why this change now?
crescent22
18 minutes ago
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Sorry they want 450k down instead of 270k or they want 450k in liquidity for you post-closing? Seems odd if it's the latter. if the former, sounds like you can't do it if you have 100k left on the 270k down and they want another 180k.
Post-offer flinches by the Seller because of better bids are becoming more common- there was a nytimes article on this a few wks ago. Me, I don't respond to threats- I'd tell them to f off and find another place.'
easy to take the tough guy i don't take shit approach when you aren't the one who is looking for a place to live.
Going forward, call Keith Burkhardt. He's a participant on these boards and he will represent you buy side and then give you a rebate from the commission he is paid off the sale. Don't let the seller's broker rep you. They have zero investment in your best interest.
OP, sounds like a buyer's broker would have been the smart play here. professionals like dealing with other professionals
and my attorney just closed in that building 3 days ago with someone who had less than 20k left after closing. I really don'
t get it.
If you really want the place, you can add $10,000 if you believe what they are implying that the other bid is the same just with a greater chance of passing the board on liquidity.
That person had a 95% chance of closing and it went through. You have a 97% chance, but if you believe them, they have a bid with a 99% chance and are in the market where it is increasingly acceptable do pull out the rug from under a Buyer.
I can up it by 10K, but if the other guy has all the liquidity then he can up it too? If that would help i could increase it but i dont hink thats the issue here.
I'd respond and say exactly that: "My attorney recently representing a closing in this building wherein the buyer had post-close liquidity of 20k. As such, I feel comfortable with my offer as it stands and will keep it that way."
Did that buyer have a mortgage?
Keep in mind that what they expect you to have after closing is relative to the cost of the apartment/maintenance. So, if that person bought a significantly cheaper/smaller unit, their cash requirement would be lower that yours.
Some buildings have very strict monetary policies. 20k is very very low post-close reserve. I'm surprised that passed. But to each coop their own, and based on the other things you've said, this doesn't sound to be a strict one.
Either way, does it matter? You have the amount of cash you have. Period. Her wanting more doesn't change your bank balance. She can ask all she wants. Where's that 350k coming from?
I hav heard it is a tough board, she bought a similar size unit, same price and had a mortgage, maintenance in this building is low $1500, i make close to 400 k and good credit no debt . Guess i am not liquid gold.
Okay. How on earth did she get away with having so little liquidity on an apartment that expensive??? Something is fishy here. No way, no way, no way would a tough board approve a buyer with a 500-700k mortgage and only 20 thousand to spare after close.
I'm not an authority on anything--but that sounds very odd.
i don't think maintenance is low for a 1BR at 1500- this better be a big one.
The issue in raising your offer is not that they care about your liquidity and you can or cannot address their demands. it is about making your offer higher in number than the other guy's so they ignore your supposed inadequacy elsewhere.
I don't see how you're in a position to do anything here -- whether the next move comes from you, or your attorney -- you don't have an executed contract and are being ask to fulfill a condition that you can't. Even if you had a buyer's broker, he/she would have the same limitations on the next move that you have.
IMHO, your only response can be to counter with your strengths: "No, you've seen my financials, so you know that I can't compete with that potential buyer on post-close liquidity, but I do have X, Y, and Z (one of these being an attorney who has experience with the building) that make me a great board candidate -- please remind seller of that, and ask him/her to sign and return the contract by ---."
Then you wait and see if it comes back.
I do buy crescent's analysis that they are trying to prompt you to raise your bid, but it's not the kind of game I'd want to play unless you think that this one is the only apartment for you in New York.
ali r.
DG Neary Realty
I agree with Ali -- simply put, sounds like scare tactics to get a higher bid from you (especially this: "i could up my liquidity to $450k and if not then they have another offer??" So does that mean if you don't have more liquidity, they DO have another offer, and if you do, then there is no other offer?? Almost sounds like they're making up fictional people here...)
walk away.
and f brokers.
What do you mean walk away? The OP wants the apartment? Why "f brokers" out of spite when that means the OP doesn't get what s/he wants either?
the best way to handle being played is to walk away. If they are full of it, they will beg you to come back and will not mess with you anymore. If they are juggling bids after an accepted offer where all information was disclosed, then why be a part of it. Sorry, the best move is to walk away. If they want the apartment that bad, ok, pay more for something you already agreed to buy at a certain price... yeah, that's nice.
And, the F brokers part was a result of the accepted offer, games being played, dishonesty that is what being a broker appears to be all about. Play games during the negotiation if you want, but not after an offer is accepted with all information provided. F brokers.
furthermore, a 1BR for 900K... I think the OP can find another lovely apartment and not get the runaround at the same time.
My broker for apple only charges me $9.99
She came back saying she has a higher off and if i would match it, i said ok lets up the price by 5 k, after an hour she says the other offer is 50% cash down and good liquidity post close, Can you match that?
The audacity of these people to twist your arm after saying the seller really wants to stay with you since you acted so fast but hey can you match this and that.
I am DONE with this person and how everything is normal and legal i cant believe, open market gambling.
Just need a large one bed i convert to two bed in ps 6 west of lex, i did see another one today and the maintenance on a 1 bed 950 sq ft is $2800 , it is a relatively easy board but i don't think i would ever be able to sell a 1 bed with such high maintenance.
Miamia
22 minutes ago
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She came back saying she has a higher off and if i would match it, i said ok lets up the price by 5 k, after an hour she says the other offer is 50% cash down and good liquidity post close, Can you match that?
The audacity of these people to twist your arm after saying the seller really wants to stay with you since you acted so fast but hey can you match this and that.
I am DONE with this person and how everything is normal and legal i cant believe, open market gambling.
Why? Wouldn't you feel like you had a right to change your mind after a seller accepted your offer, if say, another unit came on the market that met your criteria but you liked more after? Bet you wouldn't even think twice about it.
its called integrity
I had a similar experience with a broker telling me they had another higher offer after an accepted bid and I should match etc. I walked. Politely, but firmly. If the contract goes through then it wasn't meant to be and if it doesn't they will come back to me and I'll get the apt at my price instead of being played. The other bid was too high and I'm not going to be left holding the bag.
gcondo
19 minutes ago
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its called integrity
You can lie to yourself and everyone else here asshole, but you KNOW that if a better unit at a better price came on the market, and you had an accepted offer (but no contract) you and everyone else would be backing out of that deal. integrity has nothing to do with it. of course, no one thinks about it that way.
douchebag. you hate brokers, but you can't even be honest with strangers on a discussion board. what a loser.
honest?
how long can you keep going with this bullshit pretend persona?
big deal, successful broker who bothers to come here anonymously to curse and trash everyone?
makes no sense, anymore.
Hi C0C0! How was your weekend?
http://streeteasy.com/nyc/talk/discussion/36051-broker-is-claiming-theres-a-fee-for-no-fee-apt
Yes , It is called integrity and this is a discussion and not a bashing ground.
columbiacounty
13 minutes ago
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honest?
how long can you keep going with this bullshit pretend persona?
big deal, successful broker who bothers to come here anonymously to curse and trash everyone?
makes no sense, anymore.
well, the thing is, the market has been favorable. and one thing you idiots are correct about, it's a pretty easy job. i seem to have a knack for it. honestly, given my income, i dont really have to work that hard. next year or so, given overrides on other peoples business, etc, i should only have to work 4 days a week. mind you, my income goes up exponentially every year, but the effort i put in goes down. you can blame idiots like the op for the situation.
why do you feel the need to endlessly post this information over and over again?
Miamia
4 minutes ago
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Yes , It is called integrity and this is a discussion and not a bashing ground.
OK op. if the same exact apartment came on the market but was $100,000 less than the one you had made an accepted offer on, and there was no contract, would you still move ahead? or would you try and purchase the less expensive unit.
you can lie now, to us. you most likely will. but i know you are lying.
and what in hell does the title of this thread mean exactly?
why, jimbo?
why?
if you were actually who you pretend to be, why?
columbiacounty
1 minute ago
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why do you feel the need to endlessly post this information over and over again?
when was the last time i posted anything similar to the above?
endlessly.
under jim boner 10....3,334 times.
can't speak to all you other names.
OP, you are sad (and rightfully so) to have lost out on the apt you wanted. but you are playing in the deep end of the pool (ps6!) with limited resources. chalk this up that way, get a good nights sleep, and plan your move to the burbs. or just rent in the school district you like and buy an investment property elsewhere and rent it out.
keep trying.
keep dodging.
keep lying.
why, colombiacounty, WHY?
yes, many many other names. like jim_hones09
why, what?
why do i call you out as a liar?
why do i call you out as an obvious fraud?
OP is english your primero lingua?
the mister reasonable persona is a refreshing change.
keep it up.
Who has cheated more people? Is it C0C0, or Jim_Hores? Oh wait ...
oh look...you waited as long as you could, but then you switched.
what a surprise.
goodnite, jim boner.
Oh wait, now there will be a reply from C0lumbia_Hores
really?
lame, lame, lame.
you shouldn't have switched so quickly.
seems like you're losing it.
Or Jim_C0unty.
stupid, stupid and stupider.
own your problem.
Hi C0C0, what year did you receive your degree?
no one cares.
least of all me.
what did you do to jim boner?
do you even realize that you're the same person?
Hey cool it and keep your pissy attitude to your self don't know what your issue is , do you even understand the Discussion?
I dont have a problem when when there is negotiation but when everything is discussed and i have already asked her what does the board expect post closing before making my offer and the person says 2 x maintenance + mortgage and in my mind i know i can make that happen.
I make an offer the contracts are out and then she says btw i just checked, you need to have 450k in your account, can you up the offer, can you put 60% down, so yes to me this is an idiot making a ton of money and unfortunately thats the truth.
YES Either it it Stupidity of world class level or lack of Integrity, which i think is a very big word for some people cause it was never there.
You don't care but then you have two more questions to ask?
where is jumbo?
how did you make him disappear?
Unfortunately Miamia, as evidenced by Jim_Hores and C0lumbiaC0unty, the law, not ethics, is what prevails in NYS real estate. Further, when there's a co-op board involved, it's more than just a 1 on 1 straightforward negotiation.
It sucks, and as a reader of this thread, I'm sorry to read about your difficulties.
poor, poor jumbo.
you killed him.
>poor, poor jumbo.
you killed him.
A little bit less C0lumbia C0unty.
so...you agree?
well, the good news is that no one cares.
Hey cool it and keep your pissy attitude to your self don't know what your issue is , do you even understand the Discussion?
I dont have a problem when when there is negotiation but when everything is discussed and i have already asked her what does the board expect post closing before making my offer and the person says 2 x maintenance + mortgage and in my mind i know i can make that happen.
I make an offer the contracts are out and then she says btw i just checked, you need to have 450k in your account, can you up the offer, can you put 60% down, so yes to me this is an idiot making a ton of money and unfortunately thats the truth.
YES Either it it Stupidity of world class level or lack of Integrity, which i think is a very big word for some people cause it was never there.
perhaps if you had used an agent to help you pose your offer in english that was properly written and easy to understand (unlike your written word here) you would have fared better.
regardless, i pose the same question: let's just pretend that there was another apartment that came on the market (post your placing an offer on this apartment) that was 10% less expensive and met every other requirement. are you saying you would ignore that apartment because you have so much integrity? w/o a signed contract?
do you understand the question, or are you just ignoring it?
whew....huntersburger got smart.
oh look
3 card monti time.
watch the stone.
Do you understand the words that are coming out of my mouth?
i'm trying to get a fix on how many mouths you have.
4?
5?
15?
you two douche bags are playing the same game, year after year. "you are so and so" "no, you are" tiring.
?
nice work.
keep it going.
lie.
lie.
and lie again.
C0lumbia C0unty, when will you come clean about the many friends, family and business acquaintances you've personally harmed throughout your life?
the best defense is a good offense?
you certainly are offensive.
And you smell. But your lousy hygiene doesn't make you right on other matters.
oh come on.
smell?
really?
how much lower can you go?
I make no apologies for disliking people who smell.
10,889 posts to tell someone who you have never met and know nothing about that they smell?
wow.
look at how the two of you have ruined yet another thread. bravo.
Yes, I've been leading up to this. It's all been a well choreographed charade just to say that you smell. I've even allowed you to exceed my postings: 12254+3340, just to make you feel you had the upper hand.
For poor, poor Jim boner
http://twccustomerservice.com/Don_t_Make_Fun_of_TWC.html
You finally got him C0C0, J_H is actually affiliated with Kabletown.
at least mia decided what to do before her thread was brutally hijacked
In my opinion you situation really stinks and is relatively common - or at least something like, "Offer accepted! Wait, we have a better offer, can you give X more? Thanks, can you give Y more?" etc.
In my opinion, you may end up hating the sellers and the dual listing broker but it is also in your interest to think clearly. If you really want the apartment, then you should just put up what you can put up, and be prepared to walk away if they do not accept the offer. Acting like they are doing something unfair or unethical (of course they are), that is not going to help you. It will certainly induce guilt in the seller and convince them to sell to you, because obviously everyone there is out for their own wallet.
You have to treat it like an original offer. Make your best offer, if accepted (and contract executed), celebrate, and otherwise look to the next apartment.
As for the attitude that is, "Screw these people, I'll find another apartment." If you end up getting this apartment, all this BS will be behind you and you'll be happy... I wouldn't personally walk away on principal, because unless your current RE situation is great, I would assume you actually want this apartment.
Finally, next time go with a broker, they could potentially help you from getting screwed over by the dual agent.
Good luck.
I had a similar experience. There was an agreed price and before the contract was signed by both parties the seller's broker came back and said that there was a new and better offer.
I told them that I felt that we had a deal and I gave them 24 hours to sign or I would walk. Guess what they signed and we did the deal.
There is one wrinkle here that I think helped a great deal. I was not represented by a buyer's broker and so could talk directly to the seller's broker and the negotiation was not filtered through another (idiot) broker.
My search for an apt started out by using a buyer's broker but I really didn't like the way that they can make you try to committed or owe them something and then I found Streeteasy and did it all on my own.
Streeteasy rules!!!!
eb
about 2 hours ago
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I had a similar experience. There was an agreed price and before the contract was signed by both parties the seller's broker came back and said that there was a new and better offer.
I told them that I felt that we had a deal and I gave them 24 hours to sign or I would walk. Guess what they signed and we did the deal.
There is one wrinkle here that I think helped a great deal. I was not represented by a buyer's broker and so could talk directly to the seller's broker and the negotiation was not filtered through another (idiot) broker.
My search for an apt started out by using a buyer's broker but I really didn't like the way that they can make you try to committed or owe them something and then I found Streeteasy and did it all on my own.
Streeteasy rules!!!!
Did you just make that up? First you said contracts signed, then you say they reneged and you gave them 24 hours to sign?
OK op. if the same exact apartment came on the market but was $100,000 less than the one you had made an accepted offer on, and there was no contract, would you still move ahead? or would you try and purchase the less expensive unit.
you can lie now, to us. you most likely will. but i know you are lying.
>Did you just make that up? First you said contracts signed, then you say they reneged and you gave them 24 hours to sign?
No, you didn't read what ieb wrote, "There was an agreed price and BEFORE the contract was signed by both parties..." (emphasis mine)
Jim, when is the divorce scheduled for?
Mr. Bones, What nightmarish freakin' meds are you on?
I think we can all look at this thread and the brokers who are responding on it, and make a determination here. Do you really want people with this kind of attitude, and yes, lack of integrity, to get 6% or even 3% of your money? It's not that hard folks. Even the broker admits that he makes more and more money and does less and less work. He could at least try to seem a little grateful for his good fortune. oh well. Integrity is worth something. Remember that.
gcondo, answer the below TRUTHFULLY (if you are able)
if the same exact apartment came on the market but was $100,000 less than the one you had made an accepted offer on, and there was no contract, would you still move ahead? or would you try and purchase the less expensive unit.
I know enough about how scummy most people are by having dealt with them for years to know the answer, regardless of whatever you may write. remember who agents owe fiduciary responsibility to, and who benefits most from increasing prices.
ieb
about 1 hour ago
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Mr. Bones, What nightmarish freakin' meds are you on?
why not clarify your bullshit story.
ieb
about 4 hours ago
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I had a similar experience. There was an agreed price and before the contract was signed by both parties the seller's broker came back and said that there was a new and better offer.
I told them that I felt that we had a deal and I gave them 24 hours to sign or I would walk. Guess what they signed and we did the deal.
There is one wrinkle here that I think helped a great deal. I was not represented by a buyer's broker and so could talk directly to the seller's broker and the negotiation was not filtered through another (idiot) broker.
My search for an apt started out by using a buyer's broker but I really didn't like the way that they can make you try to committed or owe them something and then I found Streeteasy and did it all on my own.
Streeteasy rules!!!!
I don't understand why everyone is blaming the broker; the broker is merely taking direction from the seller. The broker is actually doing a great job for the seller, and it is the seller who is the one making the decision to go back on the deal.
NYCNovice
1 minute ago
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I don't understand why everyone is blaming the broker; the broker is merely taking direction from the seller. The broker is actually doing a great job for the seller, and it is the seller who is the one making the decision to go back on the deal.
exactly. and again, though no one ever thinks about buyers placing an offer and then retracting it prior to contract for a better deal.
gcondo, how is my response "don't raise your bid unless you think this is the only apartment for you in New York" displaying an attitude? Or lacking integrity?
I can understand that you've had lousy experiences with brokers in the past, but we're not all cut from the same cloth any more than all finance people are or all attorneys are.
ali r.
Someone raise their bid on apple bf it hits $500. Flmaozz.
Up $600k. Plus dividends. Gonna get a fat one on August 16th.
Go Team RE!
$2mm on sprint. $600k on apple. 2 yrs. laughing at all the re borkers.
PRICELESS!
Hey W67, You could "cherry pick" high value nyc real estate in the '09-'11 period and based on current valuations, probably do as well as your stock claim, so we'll see how things stack up in a couple more years.
Only broker I trust is Fredrik.
>Only broker I trust is Fredrik.
The guy who does hair?
the homosexual swedish pornographer