brooklyn ny coops: After Nine Months Our Co-Op Finally Closes
- 06/12/09 10:28 AM
It was with a great deal of satisfaction that I approached the Empire State Building for the closing of a two bedroom co-op we had sold for an associate broker in our office. Our buyers had missed our Sunday afternoon open house but had noticed one of our flyers on a light pole in Coney Island on Sunday evening. They called and arranged a private showing the following weekend. They were happy with the 2 bedroom co-op and made a fair offer which the out of town seller immediately accepted. Within a week on so contracts were signed (August 2008). Little did we … (0 comments)
brooklyn ny coops: Making Sacrifices to Get the Deal Done
- 06/06/09 01:25 PM
It was approximately 3pm the day before the closing on a co-op we had listed and sold. The seller was being foreclosed by her hard money lender and her attorney called me with some bad news. After reviewing all the closing costs there was a cash shortfall of $1600.00. The seller had no ready cash to make up the deficit. It was going to be necessary for all parties to sacrifice to get the deal completed. The attorney was going to waive some of his fees, the management company would forgive the seller's late charges, the hard money lender was willing … (0 comments)
brooklyn ny coops: Co-op Pitfalls, and 4 rules to remember
- 04/25/09 01:47 PM
Experience with a number of Brooklyn co-op sales have taught us a number of lessons. Hopefully, we can save some of our fellow realtors (as well as buyers seeking co-ops) some heartache: 1. Expect the closing to take longer than anticipated. We have a sale in a large co-op development where the approval process is done in 2 phases. In Phase 1 the applicant fills out all financial and personal information without documentation and submits it to the Board for tentative approval. If approved, then the management company will provide a buyer's package to be filled out including tax returns, W-2s, personal/professional … (0 comments)
It was with a great deal of satisfaction that I approached the Empire State Building for the closing of a two bedroom co-op we had sold for an associate broker in our office.;)
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