Home Buying in Brooklyn>Question Details

Peggy Smith, Home Buyer in Brooklyn, NY

Should I offer asking price in Kensington?

Asked by Peggy Smith, Brooklyn, NY Wed Jun 25, 2008

I'm a first-time home buyer looking at co-ops right now without a buyer's broker and have seen listings that are exactly what I am looking for but that are just out of my price range, around 215K. It would be great if I could look at slightly more expensive apartments and then make an offer that I can afford. Is that possible? Also, how low is too low? What would be considered insulting and what would be considered a decent offer? For example, if an apartment is $250K, can I offer $215K and not be laughed at?

Help the community by answering this question:

Answers

3
Hi Peggy,,

Kensington's a great neighborhood. I sold quite a few coop units along Cortelyou Road off Coney Island Avenue going west to Ocean Parkway.

It appears the unit is fairly priced on the surface without knowing anything else, such as:

1. How many bedrooms?
2. What floor?
3. How many units owned in the building?
4. What views/exposures the unit in question enjoys?
5. Amenities on premises?
6. Is the building Pet Friendly?

And the list could go on. Fact is, the best way to determine the unit's value is the motivation of
the seller and their agent, as well as available financing for mortgage money for the particular
building.

My colleagues gave some great answers, but I do think you should have an agent assist you in
this process.

Preparing for Board Interviews, as well as your board application/package could become an
expensive NO for you.

Buying a coop is nothing like buying a condo or townhouse.

If you have any further questions, just give me a call at (888) 360-5757 ext. 85 or email me at
mcorley@corleyre.com.

Michael Corley
V.P., Sales & Marketing
Corley Realty Group Inc.

http://www.CorleyRE.com
Web Reference: http://www.CorleyRE.com
0 votes Thank Flag Link Sun Jul 13, 2008
Hi Peggy.

That is an interesting question you posted there. You have seen Co-ops in Kensington around $215 and were priced out, now you want to look at something more expensive and offer $215k? What is your Maximum amount you can invest into a property? Keep in mind Peggy that you will still have to pay the closing costs, a lawyers fee, and depending on the coop they may want to see that you have cash in your bank AFTER closing on the apartment, just in case you default. New York is in it's bubble because of Coops and their strict regulations.
Can I ask what you were looking for, which types of properties? I know Kensington pretty well, and I also go to the Kensington Aerobics & Fitness on Caton and East 2nd.
I'd love to have a chat with you and see exactly what your situation is, and if I can help, I would love to. We can check what other similar apartments sold for in the area, and what was the first asking price and closing price. You can't always look at the asking price because we have no idea why the seller is selling. Are they motivated and MUST SELL, or are they testing out the waters and put up their apartment above market value to see if someone will bite?
My contact information is on my page, shoot me an email or a call Peggy.

Warmest Regards
~Alen, M.
0 votes Thank Flag Link Mon Jun 30, 2008
Dear Peggy,

Do you know what comparable units have sold for in the building or in the area? I wouldn't worry about being laughed at or being insulting. If you are making an offer in this market within 85-90% of the asking price I think a serious seller will consider and maybe counter your offer. It's worth a try!

Good Luck,
Debra
0 votes Thank Flag Link Wed Jun 25, 2008
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer