my wife and i found 2 apartments we love, both are the same price about, however 1 is 50% larger and their coop board has already turned down 2 potential buyers. our offer for the 2nd apt was accepted, but we have not gone into contract, now the broker for the 1st apt calls and tells me that the 3rd potential buyer may not be accepted by the board and if we want to go ahead and submit a board... [more]
my wife and i found 2 apartments we love,
both are the same price about, however 1 is 50% larger and their coop board has already turned down 2 potential buyers.
our offer for the 2nd apt was accepted, but we have not gone into contract, now the broker for the 1st apt calls and tells me that the 3rd potential buyer may not be accepted by the board and if we want to go ahead and submit a board package in case they are declined.
if the board has already declined 3 potential buyers, i'm quite sure our chances are not that great, but who knows?
by the time we would find out if the board approves us or not we might very well lose our sure-shot on the apartment we can get.
so i'm really stressed, part of me wants to stall but i feel that may antogonize the seller and broker of the sure shot apartment...
or should i come clean and be honest with them and tell them we are waiting to see if we get approved by the board of the 1st apartment?
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Response by anonymous
over 19 years ago
Posts: 8501
Member since: Feb 2006
well consider when you are selling the co-op board appartment that is difficult that when you go to sell they will do the same and you greatly reduce your amount of buyers in the pool. why did they reject the buyers - you know some buyers are unqualified. however if you don't mind about difficult boards then go for the one you want the most and will make you the most happy. It seems since you don't mention price per square foot that getting the apartment you want is most important., go with your gut.
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Response by anonymous
over 19 years ago
Posts: 8501
Member since: Feb 2006
i can't really find out why the buyers were refused, the seller broker cant even give me a slight clue...
as far as reselling, i hope to be there for awhile, but that is a good point.~
my real dilemma, how can i stall the buying process of the apartment i know i can get?
if i "come clean" to the seller broker and explain the another apartment became available is that necessarily better than just stalling?
thanks!
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Response by anonymous
over 19 years ago
Posts: 8501
Member since: Feb 2006
Are you working with an agent? If so, he/she should find out why the board rejected the other buyers and would be able to tell you if you have a shot. These decisions are usually based on finances...either this board is tough, has quirky rules or these other folks have week finances.
If not, the seller's agent should be able to tell you this info, be able to screen out potential buyers. Sounds like the seller broker's not doing a good job...why else would he/she be wasting the client's time not doing proper screening?
Is the other apt you're buying a coop or condo? If it's a coop the buying process is longer and the closing is determine by the attorneys after the board's approval, so don't worry about it at this point.
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Response by anonymous
over 19 years ago
Posts: 8501
Member since: Feb 2006
both apts are coops, and i dont have a buyer broker the point you made about the selling agent not screening is possible~but maybe there is something else entirely
besides finances that the board is considering~
any ideas on the "best' way to "stall" the signing of a contract or should i just tell the seller broker of the apt i can get that i need time to see if we get approval from the 2nd?
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Response by anonymous
over 19 years ago
Posts: 8501
Member since: Feb 2006
It just seems strange that the seller's broker can't even give you an inkling as to why the other buyers were rejected. I'd take this as a red flag...if the reasons are unquantifiable then perhaps it's just as well. The last thing you'd want is to find yourself in a bind not being able to sell your place because the board 'just didn't like' someone.
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Response by anonymous
over 19 years ago
Posts: 8501
Member since: Feb 2006
thanks for the advice, yes it does seem very strange the broker cant give an inkling or hint about the situation.
the apt is fantastic for the price, but has been on the mkt for a long time, 6 months about~oh well:)
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Response by anonymous
over 19 years ago
Posts: 8501
Member since: Feb 2006
that's probably why it's not selling...as a new buyer in this market I'm finding there's a reason for everything. And if it's not meant to be it isn't. good luck!
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Response by anonymous
over 19 years ago
Posts: 8501
Member since: Feb 2006
There are just some buildings that are difficult to get into. Usually it is financial but 2-3 board rejections is ridiculus. Either the listing broker is incompetent or the building is unusually difficult or on Fifth Avenue. You have 2 choices. Either make your move on this apartment and hope for the best when your application goes before the board (you will be incurring expenses whether you pass or not). If you do this get involved with the board and try and change things before you sell. Your other choice is to walk away which is what I would do. There are too many properties on the market to take a chance on a building like that.
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Response by anonymous
over 19 years ago
Posts: 8501
Member since: Feb 2006
thanks for the input, the apartment is in Harlem, but is really below mkt and the bldg is a gem.
the listing broker is really not that helpful, they are asking for 120.00 to pay for my credit check and the board review.
is this usually the case? that i must pay for the board review?
well consider when you are selling the co-op board appartment that is difficult that when you go to sell they will do the same and you greatly reduce your amount of buyers in the pool. why did they reject the buyers - you know some buyers are unqualified. however if you don't mind about difficult boards then go for the one you want the most and will make you the most happy. It seems since you don't mention price per square foot that getting the apartment you want is most important., go with your gut.
i can't really find out why the buyers were refused, the seller broker cant even give me a slight clue...
as far as reselling, i hope to be there for awhile, but that is a good point.~
my real dilemma, how can i stall the buying process of the apartment i know i can get?
if i "come clean" to the seller broker and explain the another apartment became available is that necessarily better than just stalling?
thanks!
Are you working with an agent? If so, he/she should find out why the board rejected the other buyers and would be able to tell you if you have a shot. These decisions are usually based on finances...either this board is tough, has quirky rules or these other folks have week finances.
If not, the seller's agent should be able to tell you this info, be able to screen out potential buyers. Sounds like the seller broker's not doing a good job...why else would he/she be wasting the client's time not doing proper screening?
Is the other apt you're buying a coop or condo? If it's a coop the buying process is longer and the closing is determine by the attorneys after the board's approval, so don't worry about it at this point.
both apts are coops, and i dont have a buyer broker the point you made about the selling agent not screening is possible~but maybe there is something else entirely
besides finances that the board is considering~
any ideas on the "best' way to "stall" the signing of a contract or should i just tell the seller broker of the apt i can get that i need time to see if we get approval from the 2nd?
It just seems strange that the seller's broker can't even give you an inkling as to why the other buyers were rejected. I'd take this as a red flag...if the reasons are unquantifiable then perhaps it's just as well. The last thing you'd want is to find yourself in a bind not being able to sell your place because the board 'just didn't like' someone.
thanks for the advice, yes it does seem very strange the broker cant give an inkling or hint about the situation.
the apt is fantastic for the price, but has been on the mkt for a long time, 6 months about~oh well:)
that's probably why it's not selling...as a new buyer in this market I'm finding there's a reason for everything. And if it's not meant to be it isn't. good luck!
There are just some buildings that are difficult to get into. Usually it is financial but 2-3 board rejections is ridiculus. Either the listing broker is incompetent or the building is unusually difficult or on Fifth Avenue. You have 2 choices. Either make your move on this apartment and hope for the best when your application goes before the board (you will be incurring expenses whether you pass or not). If you do this get involved with the board and try and change things before you sell. Your other choice is to walk away which is what I would do. There are too many properties on the market to take a chance on a building like that.
thanks for the input, the apartment is in Harlem, but is really below mkt and the bldg is a gem.
the listing broker is really not that helpful, they are asking for 120.00 to pay for my credit check and the board review.
is this usually the case? that i must pay for the board review?