Home Buying in Long Island>Question Details

Liz, Home Buyer in Great Neck, NY

I m looking at a co-op that is listed at 265,000. The board has turned down 3 previous applicants and the

Asked by Liz, Great Neck, NY Mon Mar 24, 2008

owners are very eager to sell. The place is empty. My agent was repeatedly told how eager the owners are to sell. I know there is no perfect answer for this. But how low typically can I bid with out being laughed at. Especially considering how strongly the agent stressed that they wanted to sell.

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Liz: So what if someone laughs at your offer? So what?

What I might try to do is find out why the board turned down the 3 previous applicants. Then, if you're able to, make your offer as strong as possible--so that the owner will have a sense that your offer might be accepted by the board. The stronger that element is, the lower your offer to the owner can be.

I can't give you a magic number. I don't know what other units have been going for, or anything else. The hold-up at this point sounds like it's the co-op board, not the owner. If that's the case, consider making an offer for what the person owes on the unit (or what the person owes plus, say, 8% to cover real estate agent fees and other miscellaneous expenses).

Good luck.
1 vote Thank Flag Link Mon Mar 24, 2008
Don Tepper, Real Estate Pro in Burke, VA
MVP'08
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Thanks Don!
I know that the others were turned down for a variety of reasons. I believe someone lied on their application and the other had young adult children in the picture. I was told I should not have a problem. This board tends to like people of my age in in my profession (I'm a teacher)
0 votes Thank Flag Link Mon Mar 24, 2008
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