2 months after signing contract, still waiting~what to do?
Started by anonymous
almost 19 years ago
Posts: 8501
Member since: Feb 2006
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It has been 2 months since we signed the contract and forked over the 10% into escrow on a co-op. At this time we are still waiting for the coop board to hand over all the paperwork requested by my mortgage consultant. I call the seller broker and I'm told that they do not understand the hold up, I call back later and I get the same response, it just goes around and around. My lawyer told me the... [more]
It has been 2 months since we signed the contract and forked over the 10% into escrow on a co-op.
At this time we are still waiting for the coop board to hand over all the paperwork requested by my mortgage consultant.
I call the seller broker and I'm told that they do not understand the hold up, I call back later and I get the same response, it just goes around and around.
My lawyer told me the seller lawyer is also trying to get the paperwork for me. But after 2 months same story, we are still waiting,
Also the roof of the building needs to be fixed as there is water damge in the apartment, again no word yet on when it will be fixed. Needless to say, I am depressed and anxious.
So what are my options other than walking away from the apt. Iove? try and contact the board directly? since the only communication I have is 2nd hand from the broker,
Do I contact the seller brokers manager? what exactly can he do anyway?
thanks
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Response by anonymous
almost 19 years ago
Posts: 8501
Member since: Feb 2006
contact seller directly, brokers just want commission
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Response by anonymous
almost 19 years ago
Posts: 8501
Member since: Feb 2006
As far as I know, the seller is trying to mve this along as well.
It appears the hang up is the board itself~
contacting the seller directly does look like a good idea, I need my lawyer to get the contact info.
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Response by anonymous
almost 19 years ago
Posts: 8501
Member since: Feb 2006
Not sure if you can do this, but if you get a buyer broker the seller broker will have to split the commission
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Response by anonymous
almost 19 years ago
Posts: 8501
Member since: Feb 2006
the roof issue should be addressed in your contract, negotiated by your lawyer. Something like, the roof should be fixed by closing or else a price consession, etc.....
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Response by anonymous
almost 19 years ago
Posts: 8501
Member since: Feb 2006
The seller's broker will not allow a buyer's broker to step in now. The contract is signed, so I think they just do not have to do it. Too bad because it sounds like a buyer's broker could at least help a little bit. Unfortunately co-op boards often don't really care about your time concerns.
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Response by anonymous
almost 19 years ago
Posts: 8501
Member since: Feb 2006
We found out about the roof AFTER signing the contract, however our lawyer told us it is the law that roof must be fixed before we close.
This entire process is a bizarre journey, hopefully he is correct
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Response by anonymous
almost 19 years ago
Posts: 8501
Member since: Feb 2006
I would reach out to the Property Manager. They are essentially the business agent for the board and are the ones who are in regular contact with the coop board. They should also have an understanding of the status of the roof and its scheduled repair.
Be persistent, but polite in reaching out to the Property Manager. In addition to handling your prospective property they probably oversee a lot of other properties.
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Response by tscott
almost 19 years ago
Posts: 1
Member since: Feb 2007
have you submitted your board package and received an approval from them?
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Response by anonymous
almost 19 years ago
Posts: 8501
Member since: Feb 2006
Thanks for the help and input :)
yes, we were approved from the board, before we signed the contract and signed the check
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Response by anonymous
almost 19 years ago
Posts: 8501
Member since: Feb 2006
"We found out about the roof AFTER signing the contract, however our lawyer told us it is the law that roof must be fixed before we close."
Whatever happened to the inspection the day before sigining the contract?
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Response by anonymous
almost 19 years ago
Posts: 8501
Member since: Feb 2006
yeah, we missed in that regard, we did a walk-through, but not a full inspection of the building
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Response by anonymous
almost 19 years ago
Posts: 8501
Member since: Feb 2006
We waited 3 months for the board to schedule our interview. It should have been a warning to us on how the building was run. A very slow acting and dysfunctional board and managing agent that didn't have their act together for years. Co-op's are a trip all on their own. Go read the minutes of the board of dirctors meetings to see what the problems are with the roof and if they are addressing the repair. If you can't get acess to the minutes..... don't walk, run away.
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Response by anonymous
almost 19 years ago
Posts: 8501
Member since: Feb 2006
OP here, reading the minutes sounds like an excellent idea, i should have brought this up before.
I will call my attorney about this on monday, as far as the seller broker is concerned i cannot count on them to help with this
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Response by anonymous
almost 19 years ago
Posts: 8501
Member since: Feb 2006
here's my honest opinion... your broker, buyer's broker is earning a commission to represent you until the closing date. He/She should take full responsibility to make all contacts for you ; thus, it is not your responsibility to take initiatives with direct handling of this matter with the seller's broker/attorney. Your attorney is hired to do one thing and that is to ensure your legal rights as stated in your contract. All real estate contracts ensure the buyer's safety in which you, as the buyer, have the legal right to perform a detailed inspection of the property prior to closing; even if you've already signed a contract. You must retain a licensed property appraiser/inspector to provide you with a detailed report. Then, you can have a "sit-down" with your attorney to re-negotiate the contract. At most, you will either have options:
1. the seller is to fix the property's damage and to satisfy it with a re-inspection of the property
2. or, you have the right to re-negotiate the value of the property in which you agree to fix the problem yourself after closing
3. or, you may signed a contract waiving your legal rights to pursue this matter... "sold as is" in its current condition. However, there are new laws rejecting the idea of "sold as is" meaning... you must have an excellent real estate lawyer to take on this matter.
Again, it is meaningless for you to approach the seller's broker. Both the seller and buyer's broker earn a split commission for the sale of the property - usually 4-6% depending on the negotiations set forth and agreed upon by the exclusive seller's agent and the seller. Just think about it in this way.. why pay your broker (buyer's broker) a commission if he/she is sitting on their lazy ass. You may also want to approach the management of your broker's company and state that you will file a complaint against both the agent and his/her company to the Department of State. Trust me... there are over 26,000 brokers in New York City alone... once their name and reputation are tarnished due to their negligence... they will not have future business transactions. Therefore, most, not all, will take immediate action for your safety.
Again, if your attorney is a loser... go get another one! and if you feel that he/she is not doing their job... you can always file a complaint for an investigation of your attorney by the new york state bar.
Hopefully, this helps. The watchdog lawyer ... woof woof
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Response by anonymous
almost 19 years ago
Posts: 8501
Member since: Feb 2006
Hello, thank you #15 for the in-depth reply.
We did not use a buyer broker in the deal.
As far as I know, the damage is the exterior of the building (roof) and since its a coop I believe it must be the board/building that repairs it.
Finding a new lawyer is definitely on the table, thank you for the help.
Is there any litmus test you can advise on as far as finding out if my current lawyer is actually worthwhile?
Sounds stupid I know, but this is all new to me.
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Response by anonymous
almost 19 years ago
Posts: 8501
Member since: Feb 2006
Hello, thank you #15 for the in-depth reply.
We did not use a buyer broker in the deal.
As far as I know, the damage is the exterior of the building (roof) and since its a coop I believe it must be the board/building that repairs it.
Finding a new lawyer is definitely on the table, thank you for the help.
Is there any litmus test you can advise on as far as finding out if my current lawyer is actually worthwhile?
Sounds stupid I know, but this is all new to me.
contact seller directly, brokers just want commission
As far as I know, the seller is trying to mve this along as well.
It appears the hang up is the board itself~
contacting the seller directly does look like a good idea, I need my lawyer to get the contact info.
Not sure if you can do this, but if you get a buyer broker the seller broker will have to split the commission
the roof issue should be addressed in your contract, negotiated by your lawyer. Something like, the roof should be fixed by closing or else a price consession, etc.....
The seller's broker will not allow a buyer's broker to step in now. The contract is signed, so I think they just do not have to do it. Too bad because it sounds like a buyer's broker could at least help a little bit. Unfortunately co-op boards often don't really care about your time concerns.
We found out about the roof AFTER signing the contract, however our lawyer told us it is the law that roof must be fixed before we close.
This entire process is a bizarre journey, hopefully he is correct
I would reach out to the Property Manager. They are essentially the business agent for the board and are the ones who are in regular contact with the coop board. They should also have an understanding of the status of the roof and its scheduled repair.
Be persistent, but polite in reaching out to the Property Manager. In addition to handling your prospective property they probably oversee a lot of other properties.
have you submitted your board package and received an approval from them?
Thanks for the help and input :)
yes, we were approved from the board, before we signed the contract and signed the check
"We found out about the roof AFTER signing the contract, however our lawyer told us it is the law that roof must be fixed before we close."
Whatever happened to the inspection the day before sigining the contract?
yeah, we missed in that regard, we did a walk-through, but not a full inspection of the building
We waited 3 months for the board to schedule our interview. It should have been a warning to us on how the building was run. A very slow acting and dysfunctional board and managing agent that didn't have their act together for years. Co-op's are a trip all on their own. Go read the minutes of the board of dirctors meetings to see what the problems are with the roof and if they are addressing the repair. If you can't get acess to the minutes..... don't walk, run away.
OP here, reading the minutes sounds like an excellent idea, i should have brought this up before.
I will call my attorney about this on monday, as far as the seller broker is concerned i cannot count on them to help with this
here's my honest opinion... your broker, buyer's broker is earning a commission to represent you until the closing date. He/She should take full responsibility to make all contacts for you ; thus, it is not your responsibility to take initiatives with direct handling of this matter with the seller's broker/attorney. Your attorney is hired to do one thing and that is to ensure your legal rights as stated in your contract. All real estate contracts ensure the buyer's safety in which you, as the buyer, have the legal right to perform a detailed inspection of the property prior to closing; even if you've already signed a contract. You must retain a licensed property appraiser/inspector to provide you with a detailed report. Then, you can have a "sit-down" with your attorney to re-negotiate the contract. At most, you will either have options:
1. the seller is to fix the property's damage and to satisfy it with a re-inspection of the property
2. or, you have the right to re-negotiate the value of the property in which you agree to fix the problem yourself after closing
3. or, you may signed a contract waiving your legal rights to pursue this matter... "sold as is" in its current condition. However, there are new laws rejecting the idea of "sold as is" meaning... you must have an excellent real estate lawyer to take on this matter.
Again, it is meaningless for you to approach the seller's broker. Both the seller and buyer's broker earn a split commission for the sale of the property - usually 4-6% depending on the negotiations set forth and agreed upon by the exclusive seller's agent and the seller. Just think about it in this way.. why pay your broker (buyer's broker) a commission if he/she is sitting on their lazy ass. You may also want to approach the management of your broker's company and state that you will file a complaint against both the agent and his/her company to the Department of State. Trust me... there are over 26,000 brokers in New York City alone... once their name and reputation are tarnished due to their negligence... they will not have future business transactions. Therefore, most, not all, will take immediate action for your safety.
Again, if your attorney is a loser... go get another one! and if you feel that he/she is not doing their job... you can always file a complaint for an investigation of your attorney by the new york state bar.
Hopefully, this helps. The watchdog lawyer ... woof woof
Hello, thank you #15 for the in-depth reply.
We did not use a buyer broker in the deal.
As far as I know, the damage is the exterior of the building (roof) and since its a coop I believe it must be the board/building that repairs it.
Finding a new lawyer is definitely on the table, thank you for the help.
Is there any litmus test you can advise on as far as finding out if my current lawyer is actually worthwhile?
Sounds stupid I know, but this is all new to me.
Hello, thank you #15 for the in-depth reply.
We did not use a buyer broker in the deal.
As far as I know, the damage is the exterior of the building (roof) and since its a coop I believe it must be the board/building that repairs it.
Finding a new lawyer is definitely on the table, thank you for the help.
Is there any litmus test you can advise on as far as finding out if my current lawyer is actually worthwhile?
Sounds stupid I know, but this is all new to me.