CoOp Offer Subject to Financing?


Forgive me if this is the dumbest question ever but I’m a complete babe in the woods…In making an offer on a co-op apartment, I wanted to make the offer subject to securing financing. I’m preapproved and have the requisite downpayment so I don’t expect any difficulties but I don’t want to lose any deposit should I not receive financing. The Prudential Elliman realtor insists that an offer contingent on financing is not standard and is not acceptable. Is she right?

Categories: Agent
By bitterlikehoney | 10/05/2009 10:25 AM | Comment

Help Price PLG Studio


Hi, I am a first-time homebuyer hoping to get a sense of what I should offer on an apartment. It is a 400 sq ft studio located in Lefferts Gardens, on Winthrop between Flatbush Avenue and Bedford Avenue. The area isn’t everyone’s cup of tea but here are the amenities: on-site laundry, short walk to Prospect Park and Q/B and 2/5 trains, walking to two nice coffee shops and a couple of nice restaurants. Cons are low buyer/tenant ratio in the building, not spectacular financials overall, and the area is up-and-coming but still rough. Buyer is asking $110K. Maintenance is $331. Here’s my dilemma. The early 2008 comps for the apartments in the same line went for $130K, $140K and $125K. However, a similarly sized apartment on a lower floor just sold in July for $80K. What’s the right number in your opinion? Thanks so much.

Categories: Appraisals
By bitterlikehoney | 10/01/2009 10:21 PM | Comment