I recently listed a co-op.  A really nice apartment.  The seller, who is a previous neighbor, called and asked me to list it.  I was really happy to hear from her.  We met, talked, looked at the current market to determine a price.  This particular seller did a lot of research and kept track of what was selling in the building, she went to some of the broker open houses in the complex to compare those prices and properties to hers.  She knew that mint condition would net her a higher price so she worked to clean the apartment and had it painted.  While the kitchen and bathroom are original the apartment is great. Sunny, with wood floors that sparkle. 

We put the apartment on the market and on the first day an agent calls, shows it and within a week we have an accepted offer.  The selling agent says to me "I never do co-ops and I am not sure how this works".  It has always been my belief that everyone should work together.  So, I thought to myself if she hasn't sold any co-op's I will be glad to help her and as long as we keep in touch and there is a dialogue I can make sure that things go smoothly.

Along the way several things happened that could have been avoided.  The process could have moved along quicker.  This agent doesn't communicate.  She doesn't answer emails or return phone calls. There is an attitute of "I am taking care of it, don't worry".  Huh? 

When the buyer first saw the apartment this agent calls and says that her buyer will be putting in an offer. I then don't hear from this agent for several days with no phone calls returned.  After a number of days she calls and says her daughter graduated and she was busy. Huh?  You are so busy you can't return a phone call and tell me that or drop me an email telling me that?

After we get the deal together and the contract is signed I am waiting to hear about the appraisal.  Again, no phone calls are returned.  No appraisal.  As a listing agent I know that the appraisal should be done fairly soon after the contract is signed, within a week or 10 days, and I was not hearing anything from this agent.  Eventually I get a phone call, sorry, I was on vacation and so the appraisal wasn't done we are going on Tuesday. Huh?  Why didn't you tell me you were going on vacation i would have been glad to let the appraisor in.

Now I am waiing for the committment, no committment.  Again no calls following up from this agent, no communication.  I decide to call the Mortgage Broker for the buyer.  She tells me she didn't get the contract from the seller's attorney for two weeks. Huh?  Where was the selling agent?

Now I need to know if the packet has been submitted to the co-op board? Again no answer so I call the managing agent.  No, it has not been submitted.  She tells me that if it is submitted early she can begin the process.  Did the selling agent call and find this out?  She is waiting for the mortgage committment. Since she doesn't do a lot of co-ops she may not realize that you don't have to wait for the committment. Did she call?  I finally reach her and she says to me "don't worry I am taking care of it"  Huh?  What are you dong and what is going on, what are you taking care of"

I did contact her broker as this complete lack of communication was truly not fair.  This week I found out, not through her, that there was a problem with the PMI insurance.  When I spoke to her she says "don't worry I am taking care of this" Huh?  Do you think the seller has a right to know what is going on? "I am taking care of it" Yikes.

I believe that we should be able to fire agents that don't do the job, or do the job poorly.  I keep telling this agent that if she is busy, or has a personal problem that I will be glad to take this over and help. This needs to be fixed.  We should be able to react to a really bad job or a bad attitude.

 

 

                                   

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5 Comments on The Story of a Co-Op Sale

JUL
12
2008
434,724 Points 70 Featured Posts Outside Blog

MB,

This is exactly why a person needs a Transaction Coordinator who can assist the Realtor in closing the transaction. 

6:28am • #1
347,526 Points 3 Featured Posts Outside Blog

  She must have gone to the same real estate school as they buyer's agent we have on a short sale..that whole "time is of the essence" thing must have been left out of their curriculum.  If only if only if only people would "know what you don't know" and let people who do...just DO IT !

6:29am • #2

It is very difficult when you have an agent on the other side of a transaction who will not do their jobs.  Even if they had a transaction co-ordinator, I doubt they would keep him/her informed.  You're either a conscientious Realtor and you do your job in a top notch manner, or you are a slacker who doesn't seem to care.

8:37am • #3

Hi Miriam,

Sometimes when I have a problem with the other agent I will contact the other attorney directly to expedite the process.

Good luck and stay patient.

All the best!

1:17pm • #4
173,447 Points 10 Featured Posts Localism Sponsor Outside Blog

Scott, we don'thave tranaction brokers, she is being paid for a job, she should do it.

Kevin, I try not to call the other attorney except in extreme circumstances, I prefer to call the Broker of the agent and let them deal with it.

Sally and David, the problem is when you dont know it, you dont know it.

8:50pm • #5

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Miriam Bernstein,Westchester County Real Estate

Scarsdale, NY

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RE/MAX Prime Properties

Address: 696R White Plains Road, Scarsdale, NY, 10583

Office Phone: (914) 723-1212 x 838

Cell Phone: (914) 907-1922

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