I am about to go to closing in 5 days for a co-op apartment in Queens, NY. But after looking at zillow.com just now I found that recently sold co-ops (that are of comparable size) in the same building and adjacent buildings in the same community sold for roughly 30% LESS than I am paying for this one.
When I was negotiating the price, I wanted to ask for lower price but the real estate agent told me that the board might not approve the sale of an apt there for such a low price--- I feel I was lied to. But after speaking to my lawyer, he told me I cannot back out now because I already signed the commitment letter with the bank.
Is it possible to still try to negotiate price for this? What should i do?!?! I don't want to overpay 30% for this...
2007-10-24 09:05:16 · 8 answers · asked by marycotter5678 1 in Business & Finance ➔ Renting & Real Estate
What website could I get info on recently sold co-ops in that area? This is Queens, NY... I can't find this info...
2007-10-24 09:20:11 · update #1
Your attorney is your best source of advice. What you can and cannot do is determined by state law and the terms of your contract.
However, you may be able to sue the Realtor (assuming Zillow's price is correct - which is a big assumption). First, she will receive a bigger fee because you paid more than you should have. She is a professional who is supposed to look out for you. Second, boards almost never deny a sale due to price. In most states, that is an unreasonable restraint on alienation and unenforceable UNLESS the board itself offers to buy the house at market value. As a trained professional, she would have known that. You were given bad advice that benefited the person who gave that advice. Ask your attorney about this.
2007-10-24 10:50:28 · answer #1 · answered by mcmufin 6 · 0⤊ 0⤋
I'm not sure Zillow is your best resource. In all but 7 or 8 states the sale price of real estate is public record. I don't know about NY.
If it is public info I would check out the recent sales that way. Also tell your real estate to show you comparables from that building. i.e. what has sold and it's selling price including any seller concessions.
2007-10-24 16:14:37 · answer #2 · answered by Sharon 3 · 0⤊ 0⤋
Your legal counsel is correct. You are too far along to back out without serious legal and financial repercussions to yourself.
Your chances of negotiating a lower price from the seller are nil. The seller already has you under a purchase contract, and can sue you for damages and specific performance if you refuse to close as agreed in your contract.
Now, as far as Zillow goes, they are FAR from accurate in their information database. If you want REAL information concerning recent sale prices, ask your realtor for data sheets on comparable properties to yours which have recently sold.
I just visited my MLS website to check against Zillow, and only about ten percent of actual sales were listed on Zillow.
Do NOT use Zillow as any sort of gospel fact, but rather work with your realtor in this regard.
2007-10-24 16:32:54 · answer #3 · answered by acermill 7 · 0⤊ 0⤋
Zillow doesn’t define “recent” as far as I can tell. You don’t know if those figures are from 6 day or 6 months ago. How do you know those units are equivalent to yours? I don’t just mean # of beds & baths or square footage; you also want to consider condition, age of appliances, upgrades etc. Zillow doesn’t tell you the kind of details a buyer’s agent can supply.
You only mentioned one agent. Did you deal entirely with the listing agent? If that’s the case, I’m sorry. Unfortunately, if a lawyer already told you you’re locked in, go ahead and buy it. Plan on staying for several years, and remind yourself that next time, you will have your own agent representing you.
2007-10-24 16:14:58 · answer #4 · answered by Anonymous · 0⤊ 0⤋
#1 Zillow often has inaccurate information so it may not be near as bad as you think.
#2 if this lawyer is representing you...then I would bet he has told you much better information than anyone on here can give you.
But if he is the title company attorney or something like that then he is not representing you and I would go see a different attorney.
2007-10-24 16:13:34 · answer #5 · answered by glenn 7 · 0⤊ 0⤋
Zillow is notorious for having inaccurate information. I used to work for a company that is one of Zillow's competitors and heard horror stories from our clients regarding Zillow. If you were confident enough to get this far, just take a deep breath, and enjoy your new apartment!!!!!
2007-10-24 16:56:09 · answer #6 · answered by K&A 3 · 0⤊ 0⤋
the real estate works for the other person. As the MLS real estate person to show you some sales in the area. Or go to some else in the area. she/he gave you some bad info..Sue
2007-10-24 16:31:41 · answer #7 · answered by Ralph N 5 · 0⤊ 0⤋
did you ask your lawyer what options you have, there are always options
2007-10-24 16:13:31 · answer #8 · answered by scott A 5 · 0⤊ 0⤋