I find it an unwelcome obstruction but then again, I'm a grump.

Posted by: bitterlikehoney at October 6, 2009 6:42 PM in response to Closing Bell: Flatbush of Yore

Denton,
You have a point. I think this is where I was confused too--I don't want to waste anyone's time. If in the end, the seller won't agree to waiting for mortgage approval and all that stuff, wouldn't it be better to hash all of this out in the beginning?

Apparently not.

Posted by: bitterlikehoney at October 5, 2009 11:10 PM in response to CoOp Offer Subject to Financing?

I'm also severely allergic to cat dander so I understand how you feel. But I think it's not really setting a precedent to eat this cost. This precise situation is not ever going to happen again and there's no need to begin a renting relationship with this level of conflict. I know, it's the principle of the thing, but escalating this means more difficulty in getting repairs done in a timely way, having her mediate conflict with other tenants, etc. It's just not worth it. And also, why fill a new home with bad memories? If you rented a $2600 apartment with old appliances and cat hair, there must be something you *really* liked about it because you certainly had other options. Enjoy your place and let it go.

Posted by: bitterlikehoney at October 5, 2009 2:38 PM in response to Does the landlord have to clean?

Thanks again everyone. I see where communication broke down now. Crowlfc, I'll just put it this way. I won't say what building I'm referring to, in order to avoid potentially upsetting the rather thin-skinned agent but more explanation and less pressure would have been a better tactic in speaking to me.

Posted by: bitterlikehoney at October 5, 2009 2:01 PM in response to CoOp Offer Subject to Financing?

Thank you SO much for your responses.

eFortGreene, thanks for the lawyer recco. I didn't want to use the attorney the agent referred me to but have been at a loss as to how to find someone.

Slopefarm, I really appreciate your distinction between including contingencies with the offer and with the contract because I honestly didn't know the difference. Just to be clear, an offer isn't binding, only a contract, correct?

Slopenick, let's just say I knew I was dealing with a snake after she told me that I wouldn't meed a mortgage contingency at all --not just in the offer but in the contract-- because there was 'no reason' I wouldn't be approved and that I 'couldn't believe everything people said' about how difficult it is to get financing.

Posted by: bitterlikehoney at October 5, 2009 11:36 AM in response to CoOp Offer Subject to Financing?

"How so?"

The seller is motivated to sell and since the (re)seller has a minimal investment in the place, I don't think she should be married to realizing a 500% profit. I may be naive in thinking that. Did some more research and discovered that in '08, the sponsor sold a remodeled unit for $223/sq. ft. studio so I think the max this place should go for is $90K and I'm going to offer accordingly.

Posted by: bitterlikehoney at October 3, 2009 4:53 PM in response to Help Price PLG Studio

Brief update. I just found out that the seller purchased in '04 for $22K. Needless to say, that changes things considerably.

Posted by: bitterlikehoney at October 2, 2009 8:32 PM in response to Help Price PLG Studio

Thanks very much everyone for your responses. The unit is a resale and while the higher comps were sponsor sales, I'm not sure of the condition of the $80K unit on the ground floor. You've given me a lot to think about and I think I probably need to understand more about the finances of the bldg and the reasonableness of the maintenance before I go any further. Honestly, $110 seemed like a bargain but I don't know.

Crownlfc, I do not wish to break your heart. I know those terms are loaded and I should have been more careful in my writing--I just wanted to paint a quick sketch for ppl who don't know the area since I have read comments on Brownstoner like "you'll get shot over there." I live in the area already and I like it. Still, I think 'rough' is fair for the area outside of Lefferts Manor; there were two fatal shootings this summer; the lobby glass of the building (which you correctly ID'd as 80 Winthrop) was smashed a few months ago; noise is an off-and-on problem as are new graffiti tags and things like public urination. And as far as 'up and coming', I was thinking of things like the new block association more than, say, developer-driven wholesale gentrification.

Posted by: bitterlikehoney at October 2, 2009 7:24 PM in response to Help Price PLG Studio

Brief update. I just found out that the seller purchased in '04 for $22K. Needless to say, that changes things considerably.

Posted by: bitterlikehoney at October 2, 2009 8:32 PM in response to Help Price PLG Studio

How so?

Posted by: Brooklynista at October 3, 2009 4:09 PM in response to Help Price PLG Studio

"How so?"

The seller is motivated to sell and since the (re)seller has a minimal investment in the place, I don't think she should be married to realizing a 500% profit. I may be naive in thinking that. Did some more research and discovered that in '08, the sponsor sold a remodeled unit for $223/sq. ft. studio so I think the max this place should go for is $90K and I'm going to offer accordingly.

Posted by: bitterlikehoney at October 3, 2009 4:53 PM in response to Help Price PLG Studio

Believe that's correct - contingency in contract, not offer. NEVER take RE agent's lawyer recommendation.

Good luck. Stressful process but prices and rates are low. Good will come from all of the heartache!

Posted by: Johnny at October 5, 2009 11:56 AM in response to CoOp Offer Subject to Financing?

I assume it is 80 Winthrop again. You can tell what's her name at Prudential that she doesn't know what she's talking about. It would sheer lunacy to not have a financing contingency in a NYS sales contract. THIS IS WHERE YOUR LAWYER HAS TO EARN THEIR FEE.

Posted by: Crownlfc at October 5, 2009 12:04 PM in response to CoOp Offer Subject to Financing?

Right, blh. Either can back out before contract, but talk to your lawyer frist if you are thinking of doing so. Contract is binding and has specififed provisions governing default.

Everyone else -- you are reading this as a seller's rejection of a mortgage contingency. That is not what is happening here, at least not yet. Chill out and don't confuse the OP. It goes in the contract, not the offer. The realtor is not involved.

Posted by: slopefarm at October 5, 2009 12:12 PM in response to CoOp Offer Subject to Financing?

Actually after reading your comments again, The agent is right - An OFFER contingent on financing is a waste of time, just make sure it's in the contract.

Posted by: Crownlfc at October 5, 2009 12:17 PM in response to CoOp Offer Subject to Financing?

Thanks again everyone. I see where communication broke down now. Crowlfc, I'll just put it this way. I won't say what building I'm referring to, in order to avoid potentially upsetting the rather thin-skinned agent but more explanation and less pressure would have been a better tactic in speaking to me.

Posted by: bitterlikehoney at October 5, 2009 2:01 PM in response to CoOp Offer Subject to Financing?

sorry, I disagree with the majority. Your offer should contain any number of things, including mortgage contingency, board approval contingency, amount of down payment, etc. you don,t want to waste atty time if the seller really won,t provide a mortgage contingency. What do the think it is, 2007? lol...

And then tell the effin broker to stfu and present your offer to the buyer.

Posted by: denton at October 5, 2009 7:14 PM in response to CoOp Offer Subject to Financing?

Denton,
You have a point. I think this is where I was confused too--I don't want to waste anyone's time. If in the end, the seller won't agree to waiting for mortgage approval and all that stuff, wouldn't it be better to hash all of this out in the beginning?

Apparently not.

Posted by: bitterlikehoney at October 5, 2009 11:10 PM in response to CoOp Offer Subject to Financing?