I'm very interested in a co-op and have been working directly with the seller's agent. After a few counter-offers, the seller's agent told me that the seller "liked my offer" and we had come to an agreement on a price. However the agent fell short of providing a formal offer acceptance. He said that the they have to find out if a bank would be willing to underwrite the mortgage on the co-op before... [more]
I'm very interested in a co-op and have been working directly with the seller's agent. After a few counter-offers, the seller's agent told me that the seller "liked my offer" and we had come to an agreement on a price. However the agent fell short of providing a formal offer acceptance. He said that the they have to find out if a bank would be willing to underwrite the mortgage on the co-op before they could move forward in the process. Meanwhile they are continuing to show the apartment.
Is this common? Why couldn't they provide a formal offer acceptance subject to the financing, but continue to take backup offers? Is the seller's agent just buying time to field more offers? This is my first real estate purchase, so I'm beginning to wonder if it's time to find an agent to represent me?
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Response by fieldschester
over 12 years ago
Posts: 3525
Member since: Jul 2013
how have you fared in the past two weeks?
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Response by chocolatelover
over 12 years ago
Posts: 14
Member since: Oct 2013
If you dont have a working kitchen or BR they wont write a mortgage
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Response by chocolatelover
over 12 years ago
Posts: 14
Member since: Oct 2013
they want all cash offer
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Response by chocolatelover
over 12 years ago
Posts: 14
Member since: Oct 2013
And the bank will undervalue apt and not give you a mortgage
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Response by vslse65
over 12 years ago
Posts: 226
Member since: Feb 2011
Try Keith Burkhardt as he runs a progressive business model. If not a good fit, ask for referrals and get a broker. As it's your first purchase, I wouldn't recc doing this on your own. If you personally know a competent real estate attorney, they could help immensely and you may not need a broker.
The short answer to your question though is that nothing in RE is a done deal until the closing is completed imo.
Good luck.
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Response by WestSideHwy
over 12 years ago
Posts: 19
Member since: Jul 2011
Did you provide them with a pre-approval form a bank? - Or, at the very least a pre-qualification from a bank?
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Response by Flutistic
over 12 years ago
Posts: 516
Member since: Apr 2007
Any buyer in this market who stops looking is crazy. We are looking and we are not stopping looking until we have 2 signatures on a purchase and sale contract.
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Response by front_porch
over 12 years ago
Posts: 5322
Member since: Mar 2008
This is either a) lousy seller's brokerage (because it's not that hard to ask a board member who the recent lenders to the building have been) or b) a red flag, because they know there's something about the building that's not going to pass muster in underwriting.
Have they gotten back to you yet? If not, give them a deadline and then walk.
ali r.
DG Neary Realty
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Response by akarpf
over 12 years ago
Posts: 3
Member since: Mar 2013
All you need to do is ask your mortgage broker if this building is on the approved list. If it is, then financing shouldn't be a problem.
Did they get back to you? I would be happy to help if you decide to work with a broker.
Kind Regards,
Ashley Karpf
Douglas Elliman
akarpf@elliman.com
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Response by streetsmart
over 12 years ago
Posts: 883
Member since: Apr 2009
I would think that the broker would have known if a bank would finance the coop before placing it on the market. Even if I was an all cash buyer I would not want to buy into a building that a bank won't finance.
Ellen Silverman
Licensed real EstateBroker since 1987
Licensed mortgage broker since 1990
Esfundingco@ aol.com
NMLS#60631°
how have you fared in the past two weeks?
If you dont have a working kitchen or BR they wont write a mortgage
they want all cash offer
And the bank will undervalue apt and not give you a mortgage
Try Keith Burkhardt as he runs a progressive business model. If not a good fit, ask for referrals and get a broker. As it's your first purchase, I wouldn't recc doing this on your own. If you personally know a competent real estate attorney, they could help immensely and you may not need a broker.
The short answer to your question though is that nothing in RE is a done deal until the closing is completed imo.
Good luck.
Did you provide them with a pre-approval form a bank? - Or, at the very least a pre-qualification from a bank?
Any buyer in this market who stops looking is crazy. We are looking and we are not stopping looking until we have 2 signatures on a purchase and sale contract.
This is either a) lousy seller's brokerage (because it's not that hard to ask a board member who the recent lenders to the building have been) or b) a red flag, because they know there's something about the building that's not going to pass muster in underwriting.
Have they gotten back to you yet? If not, give them a deadline and then walk.
ali r.
DG Neary Realty
All you need to do is ask your mortgage broker if this building is on the approved list. If it is, then financing shouldn't be a problem.
Did they get back to you? I would be happy to help if you decide to work with a broker.
Kind Regards,
Ashley Karpf
Douglas Elliman
akarpf@elliman.com
I would think that the broker would have known if a bank would finance the coop before placing it on the market. Even if I was an all cash buyer I would not want to buy into a building that a bank won't finance.
Ellen Silverman
Licensed real EstateBroker since 1987
Licensed mortgage broker since 1990
Esfundingco@ aol.com
NMLS#60631°