Selling... What to Expect?

Depending on the apartment condition, building, and neighborhood, do not expect to sell immediately.

Do not expect the process to go from offer to closing in less than 30 days.

Do not expect the sale of your old apartment will coincide with the purchase of your new home with flawless coordination; most often it doesn't.

Start looking for a good mover and storage facility now (in case you need to move out before you can move into your new home), and be prepared to be ready to carry two mortgages if you close on your new place before the old place sells.

You should know your financials of the building. Where is your co-op? That said I know some people on this thread think brokers are not necessary in selling an apt. but that is not the case. First having someone doing your negotiating removes an element of emotion in the process. And a well seasoned broker knows how to negotiate a better deal for you.
I'm an independent broker , also a mortgage broker . Knowing what kind of financing is available is important in selling. Would be happy to talk to you about selling your apartment .

Ellen Silverman
Licensed Real Estate Broker. Since 1987
Licensed Mortgage Broker Since 1990, NMLS # 60632

P.S. email: esfundingco@ aol.com

You should expect that unless you bought your current place significantly below market that any replacement of comparable size, condition, and neighborhood will not ultimately result in net lots of money in the bank. Is your sole reason for selling 'make lots of money'? If so, you need to think about your net result, not the gross. Educate yourself on both the comparables, and the general trends. I'm partial to the Miller Samuel analyses. Agree with streetsmart, that you should know the financials of your building, and, just as important, get an informal understanding from the board what they are looking for in a buyer.

streetsmart says..."And a well seasoned broker knows how to negotiate a better deal for you."... a well seasoned broker knows how to not get the best deal for you but to "close" the deal as quickly as possible so as to be able to move onto the next listing. The well seasoned broker does not care about getting you an extra 25k because it only means an extra $375 in their pocket. The well seasoned brokers clear objective is to convince the seller into listing their apt for the lowest possible price and accepting the first offer. The best brokers are able to wear the seller down to get their price.

Sell yourself without an agent (we really ought to stop calling these people brokers) if you can. It doesn't hurt to offer it for 30-60 days yourself and see what happens.

Be very knowledgeable about what the board requires. Get a copy of the application from the managing agent as a first step. Be prepared to show it to prospective purchasers.

If you can talk to somebody on the board, that would be great. Find out if any change of direction is in the winds.

Expect selling to take longer than you might think. Coops are real estate but the saying, "real estate is easy to get in to, hard to get out of" still applies.

Best wishes!

I meant to say, coops are NOT real estate.

Mr_LP,

Do a keyword search for "FSBO". There's a lot of good info here on SE.

If you don't have the time, then I suggest finding a good broker. Now I know many here will say a broker is useless, clueless, over-paid etc... but like any industry, there are some good ones (Ali aka "front_porch" comes to mind for one). Also find a damn good RE attorney (a must).

For me in the end, time is my most valuable asset. If you have the time, by all means go FSBO. If you don't, consider what your opportunity cost is (not just $$$, but all that goes into selling a coop). You say you're looking for "top dollar"? Do a simple cost/benefit analysis of FSBO vs. broker. I don't know what you do for a living, but it's just a numbers game.

Whatever you choose, good luck and don't let anyone fool you....if it was THAT easy, all listings would be FSBO. Again, I'm NOT saying go with a broker, just saying you should consider your situation and make the best call.

-justmy2

vslse, thanks for the kind words.

ali r.
Broker, Upstairs Realty

An advantage of getting a broker that is familiar with your coop should be very important if you go that way. These coop packages that have to be submitted can be real killers and could be the difference of getting the buyer approved or rejected.

Or at least the right AGENT could make the difference between your getting approved within two weeks or four months, if the package isn't thorough and complete.

Why would you NOT go with a broker? That makes no sense. Find one that is familiar with your building and your board as well as your neighborhood. You'll be much better off

Kudos to vslse65 and csn for the wise words. I'm a real estate agent and I can tell you a co-op transaction is complicated and time-consuming. By all means, go with your gut regarding the sale of your apt, but I think you should invite an agent or two over to at least get a good idea of the state of the market and price opinions as part of your decision-making process. Ask them directly what they can offer that makes their services of value to you. The transaction is intricate to maneuver and buyers today are highly educated as to what to "look for" when considering a purchase. They will have questions regarding every aspect of your building. Be well prepared with answers to queries that run the gamut -- from amenities to zoo animals kept as pets. As other have mentioned earlier, a seasoned co-op attorney is a must. So is a thick skin and the ability look at this sale as strictly a business transaction.

Disclosure:

Some of you know me as a photographer but most of you don't know I'm also a licensed agent.

However, I got my license out of necessity , not because I wanted to be a real estate agent. When I took over my family's RE portfolio, I fired every broker/agent because they were terrible and brought nothing to the table. If an agent can't bring something of value, what's the point?

OTOH, there are those who believe only agents are clueless, that "The client is always right". I beg to differ. There are owners I refuse to work with because they are just as bad as many agents.

Bottom line is that real estate is a huge investment. This isn't buying/selling a TV on Craigslist. I understand why an owner wants to go FSBO (who wouldn't want to save 4-6%?). But again, I value my time more than anything (especially since I'm 50 yrs old). I'd rather shoot a gorgeous sunrise in Montauk than deal with a nightmare real estate transaction.

Good Luck with your sale Mr_LP. Hope you have a smooth, low stress experience.

Best,
Vincent

I would add that there can be damage done by listing for 30-60 days and not getting to contract, especially in this fast moving market. Perhaps a cliche, but the term "stale listing" is relevant and powerful. If you price incorrectly, don't reach your market and essentially stumble out of the gate; the world will know, it will be visible to all on SE. If you do go it alone, make sure you get it right!

Keith Burkhardt
TBG

Best of luck . Hope you receive a great price and you close quickly