I recently had a buyer who put a bid in on a co-op. A really lovely apartment walk to Hartsdale Village, the train to the city and shops. It was a tudor apartment with high ceilings and renovated beautifully. The owner has great taste and did a great job.
My buyer is relocating from out of the area. The listing state that this co-op was a certain square footage. When my buyer's and I first walked into the apartment we looked at each other and questioned that it was this amount of square feet. It just couldn't be I said. I have sold hundreds of apartments and know that this couldn't be true. My buyer put in an offer based on it being this amount of square feet because when they looked at the comparables this was one of the criteria they reviewed, 2 bedrooms, 2 baths and such and such square feet.
My buyer also needed a building where they can rent down the road. Job insecurities and other stuff made it more comfortable that renting is a possibility. So I called the listing agent who told me that renting is allowed after one year.
My buyer got an acceptance. We went back to the apartment to measure so they could decide which furniture they would bring with them. We measured every room, closet, bathroom and the kitchen. We sat down and computed the square footage and guess what, it was a little over 800 square feet. I then got the co-op board application which very clearly states that they will NOT consider renting any unit until after two years.
I called the listing agent and asked her where she got the square footage. She explains that she took it off an old listing and didn't verify it in any way and that my buyer and I must be wrong because it looks like such and such square feet to her. I say, but we did the measurements! No, no you are wrong. And what about the renting - oh I will look into it she says. I asked her why she didn't look into it before answering me and giving me the wrong answer!
My buyer has now signed a contract for a listing that is actually the square footaage it claims to be and where the other answers to the questions have been correct as well. The listing agent on this new co-op says I don't know, I will check for you.
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