Skip to main content

NY—Closing nightmare, need advice

My fiancé and I found a coop unit on Zillow that we liked. We hired an agent who then began communication with the coop unit’s listing agent, about sales price. After minor negotiation, we got word (from the seller’s agent) that they accepted our asking price. However, since it’s a cooperative and not a condo, the coop’s rule for minimum sale price for units within the cooperative was $5,000 higher than what was accepted. Our realtor informed us that this happens all the time and we’d purchase the unit at the coop’s minimum sales price and the sellers would reimburse us the difference (without the coop finding out). The seller’s realtor told our realtor it would not be a problem.

I asked about a contract being written up but every time, I was told the lawyers would handle it. Being first time buyers, we foolishly went on with the buying process (this was dumb, I know). Fast forward to two weeks before closing, we find out that the seller’s realtor now doesn’t want to be involved with the $5,000 reimbursement and she insists that the lawyers handle it. This is fine, except we then found out that the lawyers can’t handle it because the sellers realtor did not inform the lawyers of any reimbursement and apparently the sellers are even unaware of the $5,000 reimbursement. Seems like the sellers realtor was lying the whole time.

What are my options?? Close on the unit, eat the $5,000 and have my ego hurt knowing I’m getting got by a shady realtor? Or pull out of the closing with fear that my 10% down payment ($30k) is lost. I’ve signed commitment letters, contracts, etc. up to this point. Closing date is for Wednesday. I feel very stupid, naive, and taken advantage of.

Does anyone have any advice?

submitted by /u/nomadicsnyc
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/sdzaes/nyclosing_nightmare_need_advice/

Comments

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear

Fast Rising HOA Fees on NYC Condo, No Budget Provided

My wife and I are first time homeowners and could use some advice on a situation we've been having with our management company and Board. We bought a condo in Brooklyn two years ago, and since then our HOA fees have climbed dramatically. In August of last year, our fees were increased by ~30% and just yesterday we received notice that this new figure would be increased by 16% as of June 1st. The by-laws for our building state that ten days before such a change goes into effect, the Board must provide unit owners with the itemized budget upon which the new numbers were based. This didn't happen last year, and when I asked the management company about it, they just kept vaguely insisting the Board had done due diligence. After I kept pressing, they finally sent a budget that was several years old, so obviously not the one that the new numbers were based on. When I asked the management company for contact information for the Board to get further clarification, I was told that th

How to create fidelity investments current bank statement for lender during escrow

I transferred a certain amount to my bank account to complete the minimum down payment required. The bank wants a current statement of the transaction. Unfortunately, fidelity only does quarterly statements so a December statement is not available and we are due to close next week. I called fidelity and they they can only provide a letter but the bank said that won’t suffice. Any way I can find or make one of my own that has my account number/name along with all the recent month’s activities? submitted by /u/bodaciousbeans [link] [comments] source https://www.reddit.com/r/RealEstate/comments/zmnnqo/how_to_create_fidelity_investments_current_bank/