horrible closing experience, unethical attorney?
yesterday i closed, finally and 24 hours later i have nothing but absolute bitterness about how it went down. long story short….the coop attorney, (the attoney representing the coop i was buying into) pretty much extorted an extra 250.00 out of me, threatening me that unless i paid the money (because the closing went on…
yesterday i closed, finally and 24 hours later i have nothing but absolute bitterness about how it went down. long story short….the coop attorney, (the attoney representing the coop i was buying into) pretty much extorted an extra 250.00 out of me, threatening me that unless i paid the money (because the closing went on too long, it took 3 hours) they would not finalize the sale. this is after , AFTER i paid their fee.
my attorney was incredulous and the bank attorney looked at them like they were crazy.
in the end i wrote the check because wtf was i to do? i already paid so many fees and application fees to get to this point and in the last minute all of sudden their is an extra 250.00, it really is not about the money, but the principle.
i cannot believe this, i totally understand that in closing there will be so many charges and fees, but this was blatant extortion. if they told me going in that there was a time limit thats one thing, but this really made me upset and even though i have possesion, i’m still pretty heated about this.
just wanted to get some ideas what to do, i’m going to contact the NY Bar and will stop the check (hopefully) in any case. I will definitely share the name of this law practice soon.
Aside from all the negative issues…
The buyer ALWAYS tips the closer.. it’s referred to as the “pick-up” fee. It usually ranges from $75-150.
I’m a broker for 21 years, and I have seen that “tip” paid at every closing.
Just wanted to add my 2 cents.
Also, stop fighting… just discuss!
HW
I agree this is an issue to get angry and profane about. My blood boiled when the mortgage broker told us after close of business the day before closing that we would have to pay $3000 more because of some bullshit that THEY had overlooked. And the same hostage holding situation, pay it or we don’t close. I stewed over it for six months and then reported their ass to the Dept. of Banking. Nothing came of it, but they had to hire an attorney and prepare a detailed response to my complaint before it was closed. Miserable motherfuckers!
tipping the title guy is absolute and utter horsecrap.
i’m not saying it’s not “the way things are done”, but what a load of sh*t.
Having to knuckle under and pay unreasonable fees may be what you have to do, but it’s stupid to say you should feel ok (or that’s it’s childish to complain.) The reason all this happens here is that people put up with it because there’s no easy way to fight back. Good for 1:31 who did!
It clearly does not have to be this way. In all the Western states, there’s not even a closing (or, typically, an attorney). All happens through an escrow person (who does not ask for a tip.) Maybe if enough people did complain, changes could be made.
Check archives at this sire from January 2007:
You always tip the the title company representative. Depending on what additional services they are providing (Arranging title to an LLC, Second Mortgage Recordings, Closing out a mortgage, Deed Transfers, etc.) the typical gratuity is anything from $100-$300.
Posted by: Anonymous at January 24, 2007 8:13 AM
“Very standard. Grow up.”
OP, you really do need to chill… life’s way too short… wishing you the best in your newly acquired co-op.
I have to agree with the Gutter Mouthed Poster. This is good reason for profanity, it’s a profane situation.
I disagree that there is so very much to do about it. There is a shortage of housing in NYC, and this creates intense value.
In order to change these parasitic practices (I would argue starting with the total, outrageous corruptitude of realtors in Brooklyn), buyers would need to do two things:
1. Educate the crap out of themselves
2. And be able to walk away
Forums like this help. I wish that I was not so freaking naive when I bought my house because we got *so* scammed on some levels, and so I share my story whenever I can with folks who are at least smart enough to ask questions on an anonymous forum. I wasn’t smart enough to do that.
But buyers often are over a barrel. There’s a housing shortage in NYC–it’s why we all want to buy something. And once you as a buyer have invested a significant amount of time and money, and once you’ve seen how hard it is to find something else, it can be really difficult not to just pay the stupid parasitic fees and shut up.
Not drunk at all 4:28…just an issue I feel strongly about. Bren–are you a therapist? What up with the issues comment? This is a blog, not a dinner party or PTA meeting. And trust me, we’re not neighbors. If you have a few good years maybe one day we’ll be “neighbors”…till then, you can enjoy your peaceful coop and be glad you don’t have neighbors like me. Though, I suspect, it is people like me who drive your property values up and allow you to trade up in life.
Shaking down someone at a closing is total
nonsense and not to be accepted. I feel if we, as buyers, accept this it will continue. If we push back, it will stop. If lawyers want to shake you down because they have you over the emotional barrel–just say so. Don’t package it as some nonsense or pretend it is legit. Last year, my fund made several millions for our clients. If we had tried to bleed a DIME from them at the eleventh hour they would have probably had us killed. “Tipping the closer”….are you kidding me?? How about doing your job and the coop who employs you pays you…not some buyer getting smacked at the closing.
anon 1:31 are you drunk or do you always lace every statement with meaningless expletives?
gutter mouth adults