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