Need help with making an offer on a co-op

NIHA Posted: Nov 19, 2002 11:49 AM

Need help with making an offer on a co-op

We saw a 2BR co-op in a really nice location of Bayside that we really liked. It's for sale by the owner, so no agents are involved. They told us that the place was reduced from 144,500 to 139,000, but it's still negotiable. I think they are showing it to a couple of other people this week, so I don't want to lose it to seomeone else. How much lower should we make an offer for? I'm really nervous about this!

Fran M Posted: Nov 19, 2002 12:15 PM

Re: Need help with making an offer on a co-op

Co-op are still moving fast. The first person that saw my Little Neck Co-Op made an offer within a half hour. To find out what other apartments are going for in that complex talk to a local realtor. Dont be put off if the first one you speak to dosent want to give you any information - just call around until you find someone helpful. The realtors know all the complexes in the area. After doing some quick research go in with your best offer or close to it. Good Luck

NIHA Posted: Nov 19, 2002 12:43 PM

Re: Need help with making an offer on a co-op

We've been looking in Bayside for a couple of months and for the condition and location, the price seems good. It varies so much, many co-ops in bayside are more than $150 for 2BR. We're supposed to see another co-op in the same complex for $138K. However, we saw a 3rd one that needed a lot of work and it was $137K, but I think it's still on the market, so maybe they're asking too much.

Teri Posted: Nov 19, 2002 12:56 PM

Re: Need help with making an offer on a co-op

It's hard - Fran is right though, coops really do move fast! We went to see one last night, just as 2 other couples were coming and going - and it just went on the market this past Saturday. In Nassau 1 bdrms are going for $150K or so - 2 bdrm, 2 bath, for about $192K.

mickeya1a Posted: Nov 19, 2002 01:45 PM

Re: Need help with making an offer on a co-op

When I bought mine, we looked at 5 others in the same comples...all 2 bed ranging from 189,000 to 245,000. We went for the cheapest because we figured either way we would do some work. it was on the market for 190,000, we offered 180,000..and agreed on 182,500. They originally said no way under 185,000 so we said fine see ya' and then they called back and said 182,500. My feeling with co-ops is that if they are in the range, they probably can get their range, so I wouldn't go too low.

I would offer them 137,000 or so.....

Fran M Posted: Nov 20, 2002 03:03 PM

Re: Need help with making an offer on a co-op

Nina How did it go?

NIHA Posted: Nov 20, 2002 03:18 PM

Re: Need help with making an offer on a co-op

I spoke to the owner and told her we were very interested and considering making an offer, but that we wanted to see the place in daylight this weekend. I also told her that the price was a little high for us, that we were looking for up to $132K. Then I called around to realtors, but got mixed opinions on the price. One said it was a little overpriced, that it should be around $132, another said it was a good price, and a third said it was impossible to tell without seeing it. I'm having 2nd thoughts b/c there isn't a place to sit down and eat, unless we put a table in the living room. But, the ones with EIK or dining areas are more $$.
We'll see this weekend.

NIHA Posted: Nov 21, 2002 09:41 AM

Re: Need help with making an offer on a co-op

Someone made an offer for $135, so after we see it again on Sat. we'll have to decide if we want to go to $136-137.

kelly4 Posted: Nov 21, 2002 04:17 PM

Re: Need help with making an offer on a co-op

I can't believe they told you what the other offer was. I don't believe they can do this. Do you think they are just trying to get you to make an offer? My DH and I looked for about a year for a house and each place we wanted to make an offer on that already had one, they told us that they can't disclose the amount of the other offer and that we just have to put in our bid and see what the owner deciedes. They might have an accepted offer, which they can tell you what it is. If it's that, it means that they are going to go to contract with the people who made the offer.

Best of luck! Your home will come soon.

Kelly

dgtlsunshine Posted: Nov 22, 2002 10:32 AM

Re: Need help with making an offer on a co-op

I am so surprised that you can get a condo on long island for that kind of money. I live in northern va and I can't get anything in that price range. I think I better move back home.

Best of luck on the house hunting.

NIHA Posted: Nov 22, 2002 11:00 AM

Re: Need help with making an offer on a co-op

Kelly, I don't know about the laws, that's interesting, I should look into it.

dgtlsunshine, it's not a condo, it's a co-op and there's a big difference b/t the 2, especially in Bayside, Queens. It's not that big either!

dgtlsunshine Posted: Nov 22, 2002 11:27 AM

Re: Need help with making an offer on a co-op

Oh ok its a co-op. We don't really have those down here. I don't know if they should have you guys going against each other like that. I know from watching my friends buy homes the seller only told them yes or no if someone else was bidding on the home.

Teri Posted: Nov 22, 2002 12:00 PM

Re: Need help with making an offer on a co-op

wow- I'm not an expert in this at all (yet, anyway!) but I didn't think they were allowed to disclose the other offer - otherwise a bidding war would ensue.

dgtlsunshine Posted: Nov 22, 2002 12:16 PM

Re: Need help with making an offer on a co-op

Which is exactly what they want

Fran M Posted: Nov 22, 2002 12:23 PM

Re: Need help with making an offer on a co-op

Nina - This was for sale by owner with no realtor involved corect? I think thats why you were told about the other bid. Private sales dont have the watchdogs that sales through realtors have.

dgtlsunshine Posted: Nov 22, 2002 12:43 PM

Re: Need help with making an offer on a co-op

You know I have a question is it safe to buy directly from the owner. The reason I ask is because we are also looking in the house market and I am a bit apprehensive when I see 'contact owner'. I am not sure why but I just wonder..

NIHA Posted: Nov 22, 2002 01:11 PM

Re: Need help with making an offer on a co-op

I guess if a buyer (or seller) is inexperienced, using an agent might help. But, I would prefer an agent for a house, since there's a lot more involved than for a co-op. Also, of course for the seller there are pros and cons too.

Yes, it is through the owner, but they are already saving 10% for RE fees, so I'm surprised that the other person made the offer for that much. We don't want to get into a bidding war. DH and I agreed that we will offer $137 and tell them that's our best offer, take it or leave it. If it's meant to be, it's meant to be.

dgtlsunshine Posted: Nov 22, 2002 02:06 PM

Re: Need help with making an offer on a co-op

Thats true if you are DH are meant to live there it will be.

NIHA Posted: Nov 23, 2002 06:32 PM

Re: Need help with making an offer on a co-op

I guess it wasn't meant to be b/c DH and I offered $137 and later today someone offered $137,500! The owner said if we offer $138 it's ours, so we said no, $137 is our best offer. It was a good co-op, but we didn't absolutely HAVE to have it. If that was the case, we would have offered more.
Oh well, we're looking at 2 more tomorrow. Thanks for you help!