No Big Deal
Any neighborhood known for its NYC hipsters - Astoria, Long Island City or Williamsburg, just to name a few, and the loft would have been gone in the snap of a finger.
I didn't scrutinize the details like I should have when another agent from my firm offered me a referral. His 6-month listing was coming to an end and there were no buyers in sight. Rather than renew, and in light of the fact that summer was nearing and he desired time for travel and family, he offered the co-op apartment to me.
Shortly after I got it, I realized for the first time that crucial paperwork was missing. Only a handful of years in the business, but I've already amassed a significant amount of experience with missing C of O's and building department paperwork in various counties; for private houses, that is.
More on that in a minute...
The first order of business was finding a buyer because the co-op's Board of Directors stated plainly that until there was a contract, there wasn't much to discuss.
Easier said than done, this area's demographic made it clear they wanted something more traditional. The floor plan, although unique and really cute, was uncommon and all wrong for the community.
In the end, I found two buyers. One walked away because she had second thoughts about the agreed upon selling price and the other remains in limbo. It is still unclear what will become of this buyer because, to date, this passive Board of Directors has not yet met.
On January 1st, they will be in default for not having scheduled an annual shareholder's meeting. Counsel to the Board is uncommunicative and will not respond to calls, emails or letters from the homeowner's attorney.
To make matters even more complicated, the owner suddenly decides, after 7 months, that she wants out of her contract with me. Since we've always gotten along very well, and I worked really hard for her, I was blindsided by this new development. However, I understand it.
She is so aggravated by the length and difficulty of the transaction that she's convinced herself someone new, with fresh energy and enthusiasm, can carry this sale across the finish line.
Obviously, the sale won't happen without the Board of Director's and DOB's approval but, for the time being, she's content to think that a new agent is all that is necessary to fix the problem.
In all fairness to my colleague who made the referral, since he never found a buyer for the apartment, he never learned all the little details that came to light much later.
This transaction was a mess. What did I learn for the future? The old adage "don't look a gift horse in the mouth" just doesn't apply to real estate.
No big deal for me!
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ABOUT THE AUTHOR: Graduate REALTOR Institute
Jill Sackler, NYS Real Estate Broker Associate based on Long Island's South Shore
Specializing in Lifecycle Real Estate Transitions
©Jill Sackler 2010