So Tom and I bid on a co-op and our bid was accepted but now the sellers are dragging thier feet about it and won't sign the darn binder! Our realtor has been tryng to get in touch witht he sellers, but their realtor knows NOTHING!!! not even thier lawyer's phone number.
Is there anythign we can do?
We LOVE this co-op and it's perfect for us and it's exactly what we wanted to spend!!!
Anyone have any help for us????
Teri
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Re: annoyed at a co-op prospect
that happened to us with a condo a while back. Turns out they waited for a higher offer and took it before signing the binder, even though they verbally approved our bid We didn't bother fighting it, becuase the place was too small for us anyway.
Hope it works out for you!
palebride
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Re: annoyed at a co-op prospect
that is exaclt ywhat they did - i think their realtor was crewing with us and pretending not to have any of the information so she could get her client to bid higher than us. today we found out that we lost it because they bid $3000 more than us. Isn't that illegal? if we had a verbal agreement and we singed the binder and she was keeping the seller unavailable to us? i feel that this is completely unethical and illegal! anyone know??
Teri
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Re: annoyed at a co-op prospect
I was told that yes, it's definitely unethical, but completely legal til they sign the binder. That's why it's so important to begin the paperwork right away.
Oh, and I found out afterwards that the seller we were dealing with was elected town mayor right after this Needless to say he didn't get my vote
palebride
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Re: annoyed at a co-op prospect
we DID start the paperwork right away - our bid was accepted on Tuesday night at 8pm and by 8pm wednesday night i had the binder signed and faxed to my realtor....and she brought it over to their realtor by 11am the next morning! but the seller's realrot kept the seller from signing so that her client could get a higher bid in. i am so pi$$ed about this because the place was perfect!!!!! and i'm not sure we can find another place we like as much!!! grrrrrrrrrrrrrrrrrrrrrrrrr
August2004
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Re: annoyed at a co-op prospect
I know how you feel. FI recently bought a co-op and went through the same thing numerous times. We finally lucked out with one though. Took us about 8 months. We wanted a certain complex so that's probably why it took so long.
antoinette
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Re: annoyed at a co-op prospect
unfortunately I stinks that this could happen but it is totatlly legal ( im a re agent) nystate law mandates that all offers be presented to the seller until closing. It is up to the seller which offer they take. Even if the home owner signed the binder- Binders mean nothing it would have still took place ( most likely). realistically until you are in contratc anything can happen & even when you are in full contract deals can fall apart.
2bewedin04
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Re: annoyed at a co-op prospect
Not to detract from your loss, but chances are that sellers who would do this are not the type of people that you'd want to be dealing with ... there are all sorts of issues that could come up before closing and if the people you are dealing with are not straightforward, then your home buying process will be a nightmare rather than a dream. JMHO.
palebride
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Re: annoyed at a co-op prospect
that's exactly what we thought when it happened....as sad as we were to not get it - i don't want to deal with people like that. and i'm grateful that we found out so soon! and we're still looking!! there's lots of places out there! trying to be optimistic!!!
AtticaQT
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Re: annoyed at a co-op prospect
I am so sorry!! This totally sucks but a seller isnt bound by anything until a contract is signed by him. Maybe you shouldnt be dealing with realtor??
papabear
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Re: annoyed at a co-op prospect
why dont you just offer $4,000 if its the perfect place for you guys - at 6% it comes out to about $24 a month.
palebride
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Re: annoyed at a co-op prospect
i would offer more money but it's not really worth it because the maintenance charges are pretty high for a co-op. and it bugs me a lot that they would do this to us, so i dont' feel like dealing with them anymore. i don't like that they lied to us and mislead us. i understand that that's how it works in this industry, but that doesn's mean i have to like it. we have time and there are plenty of places for us to live!!
