Time frame on going to contract?

I don't know about other people, but I've purchased 4 coop/condo apartments over my lifetime and never sent anything to the seller's broker or the seller before getting the contract. My broker had the information needed to determine whether we could afford the apartment. (As a buyer's broker, it was a waste of his time if he showed us apartments we couldn't possible get.) He spoke to the seller's broker about the building's financial requirements (mainly how much down and how large a mortgage). We had already been pre-approved for a mortgage. AFTER we signed the contract, I started filling out the building's application form. Both brokers reviewed our application and documents to double check it met the guidelines for the board, etc.

Stick_man, do you at least have an attorney who is experienced with NYC co-op transactions?

This would be a good time to talk to him or her. There should be dialogue between your attorney and the seller's attorney.

If your attorney does not do NYC real estate for a living, find somebody who does.

Sounds like you don't even have a deal sheet yet. Have your broker send over everything for the deal sheet, and request that it be prepared by end of day.

Ali r.
{downtown broker}

I have a lawyer, But the paralegal says they don't do anything till the seller sends them the contract. There's nothing in writing so what can he do anyway?

That's why Ali is right that you need a deal sheet. The odd thing about your OP is that they should have been looking at your financials (since it's a co-op) before accepting. Anyway, you can ferret out their intentions by asking for that deal sheet and/or intimating the deal is off without their attentive cooperation from here.

your paralegal is correct: there is nothing for anyone at your attorney's office to do yet. However, IMHO, your broker should be generating his half of the deal sheet, and demanding that the other side add their half and issue it. Right. Now.

She wont do it till application and background is done

It took me 13 business days to get into contract after getting a verbal agreement. However, the deal sheet was generated and sent to my lawyer within a day. The rest was the hand wringing between the lawyers.

What is this application business? Either way, deal sheet can be exchanged while it happens so attornies can get going. Tell your broker to do it or be fired and you go dual agent.

how do you go dual agent?

its really the seller agent who is holding everything up with all these stipulations.

my broker thinks she's retarded but says she insists so what can you do

Can he go dual agent?

Ah. I see. So now the question you have to ask yourself is: "does the application duplicate the information they already have?" (in which case they're just stalling) or "is there info on the application they might want to know before putting me before a co-op board?" ( I can think of many possibilities there -- two easy ones are that they might want your authorization so they can run your credit, and they might ask you whether you are involved in any lawsuits as suer or sued. )

If it's the second, that's a pain in the tail, but in that case I'd probably fill it out and try to move forward with them.

She is saying it's fact to run the credit and to verify income. Even though I provided 2 paystubs. But perhaps the seller agent is too dumb or lazy to actually do the math from the paystubs...either is a good possibility. They probably just looked at what income I wrote on the application and figure as long as they are verifying one they might as well do the other.

Maybe the seller agent just does not want to deal with me. I actually did not have a pleasant outing a couple of months ago with the same seller agent and a ridiculous seller who wouldn't budge on a way overpriced apartment ...maybe she remembers me.

They will do the contract Monday if income is verified

why not the same day though?

I can't see the cards in their hand, so this is pure speculation, but contract is coming over on Monday because 1) their attorney is either already committed to being at a closing today or 2) their attorney is out of the office on vacation today or 3) they want in good conscience to get in one more Sunday of showings while keeping you warm.

OTOH, running an income verification on you even though they already have your paystubs isn't cray. It means either they are careful or they believe their board is going to exhibit a high level of scrutiny, but remember, both sides want you to pass.

They just want to make sure that your income is not only as stated but has been continuous -- I once had a potential buyer tell me he made $500K, and then his taxes showed he made only $400K because he'd been on an extended medical leave from his job. Seller is just trying to avoid a situation like that.

ali

Stick, they can do this if they want . It's unusual as they should have been doing verification before accepting your offer, but they hold the cards.

That all said, you can say in furtherance of your own interests (and keeping within diplomatic protocol)- these actions are unusual- I have patience until Monday and then will require a deal sheet sent to my broker by noon or else will consider my offer not accepted.

If it's not done in 10 days . . . . cancel the deal . walk away