Author Topic: Advice Needed: Unresponsive Managing Agent when Selling Unit  (Read 2935 times)

Offline breakdown

  • Resident
  • ***
  • Posts: 22
Advice Needed: Unresponsive Managing Agent when Selling Unit
« on: March 19, 2014, 04:04:29 PM »
May be a stretch, but I was wondering if anyone could give me some advice.

I've been trying to sell my unit on 81st St near 34th Ave since last summer. I finally have a buyer anxious to close as we are in contract, but our managing agent who is New Bedford management not only requested a PRE APPROVAL before the actual package could be formed, now they won't respond to the pre-approval which is simply an offering price, salary, and other very basic info.

Apparently my selling broker has been calling every day for weeks and is getting the run around. She called me to see if I can call and get a better response. Do I have any recourse? I can't afford to pay for two apartments indefinitely. I'm worried something will fall through, then my broker will give up because my building is too tough and I'll have to start all over again.
« Last Edit: March 19, 2014, 08:30:29 PM by Shelby2 »

Offline breakdown

  • Resident
  • ***
  • Posts: 22
Re: Advice: Unresponsive Managing Agent when Selling Unit
« Reply #1 on: March 19, 2014, 05:08:04 PM »
Oops, I apologize, title should be "Advice Needed:..."

Anyway to edit that? I don't see the option.

Offline Shelby2

  • Global Moderator
  • Mayor
  • *****
  • Posts: 5220
Re: Advice Needed: Unresponsive Managing Agent when Selling Unit
« Reply #2 on: March 19, 2014, 08:31:04 PM »
I edited the subject heading for you.  I'm sorry I don't have any actual advice on this situation.  Best of luck!

Offline breakdown

  • Resident
  • ***
  • Posts: 22
Re: Advice Needed: Unresponsive Managing Agent when Selling Unit
« Reply #3 on: March 20, 2014, 09:26:52 AM »
Thank you for editing!

Offline toque198

  • Activist
  • *****
  • Posts: 147
Re: Advice Needed: Unresponsive Managing Agent when Selling Unit
« Reply #4 on: March 20, 2014, 07:09:40 PM »
Have you tried contacting the Board Members to pressure the Agent, their employee?

Offline breakdown

  • Resident
  • ***
  • Posts: 22
Re: Advice Needed: Unresponsive Managing Agent when Selling Unit
« Reply #5 on: March 21, 2014, 01:19:12 PM »
I actually don't know who the board members are...someone reached out and gave me similar advice from their own experience in the building, so hopefully I can track down that information! I was always a low key resident and didn't participate much in the board elections and meetings

Offline toque198

  • Activist
  • *****
  • Posts: 147
Re: Advice Needed: Unresponsive Managing Agent when Selling Unit
« Reply #6 on: March 21, 2014, 08:01:52 PM »
Since you're in "contract" I assume you have an attorney.
Have the attorney call the Managing Agent.
It's amazing what the words, "I'm an attorney representing...", can do.

Offline I live here too

  • Mayor
  • *******
  • Posts: 631
Re: Advice Needed: Unresponsive Managing Agent when Selling Unit
« Reply #7 on: March 24, 2014, 04:08:18 PM »
when I was in contract for my partment, we didn't receive the package from the building until we provided the building with a final committment letter from our lender. (not the pre-approval) It's a a scarey process, but this may be the situation you're experiencing.

Offline Minimal4me

  • Council Member
  • ******
  • Posts: 329
Re: Advice Needed: Unresponsive Managing Agent when Selling Unit
« Reply #8 on: March 24, 2014, 08:20:09 PM »
Having been on all sides of the table at one time or another -- a buyer, a seller, and a board member -- board members are volunteers (not paid) who have day jobs and board packages are thick and detailed. Pre-approval signals the board that the buyer is serious and they have passed the bank's first line of filtering.

It took me two hours on the phone to get preapproval from my previous lender (I had a history with them) and it shouldn't take more than a few days even for a first time buyer.

Tell your buyer to get pre-approved. It will get the attention of the managing agency. And it will tell you that you are not wasting your time on an unqualified applicant (there are many out there as rules have gotten strict).

Offline breakdown

  • Resident
  • ***
  • Posts: 22
Re: Advice Needed: Unresponsive Managing Agent when Selling Unit
« Reply #9 on: March 25, 2014, 09:47:52 AM »
Thanks for the advice, everyone.

What sounds unusual to me is that it isn't even the application yet and they are holding onto four weeks, but it may be true that my buyer is waiting for the application to be accepted before pursuing the mortgage.

I wondered if my attorney could help at all, but also wonder if that will scare them or turn them off. It may be risky for me considering my unit is not in great condition and I may have to sell lower than what they are looking for, which I hope is not the reason everyone is just sitting on it waiting for it to go away.

I tracked down a board member thanks to this board and am also going to try to contact her and let her know my situation. I'm sure since she lives close to my unit she would not want me to be forced into a renting situation so maybe she can help from that angle?

Offline breakdown

  • Resident
  • ***
  • Posts: 22
Re: Advice Needed: Unresponsive Managing Agent when Selling Unit
« Reply #10 on: March 26, 2014, 11:24:47 AM »
UPDATE. managing agent finally got back to us and said the board thinks my offer is too low. So I have a whole new set of advice to get at this point.

I am pretty sure the condition of my apartment and the amount of renovations they want to do, the deal is fair but clearly they don't want to decrease the value of the units. I would have to get super lucky to find a buyer willing to pay more and can't really afford to have two mortgages and maintenance for another 6 or more months!

Offline Palermo

  • Activist
  • *****
  • Posts: 225
Re: Advice Needed: Unresponsive Managing Agent when Selling Unit
« Reply #11 on: March 27, 2014, 11:03:32 PM »
It might be worth it to you to make some of those renovations yourself.  You should be able to get back your investment in the higher price.

We ran into the same issue from the otherside.  We were looking at a cute pre war which needed alot of work and it was clear that the board thought the price too low.  Someone else made a higher offer but that still didn't satisfy the board.  They are never going to sell unless they make renovations on their own.  Hanging around and hoping for that buyer who is willing to put an emotional overvalued bid is risky tack.

Offline breakdown

  • Resident
  • ***
  • Posts: 22
Re: Advice Needed: Unresponsive Managing Agent when Selling Unit
« Reply #12 on: March 28, 2014, 12:47:41 PM »
Makes sense. The only thing is, I don't really have the money I think it would require to do so, and I'm strapped with the two mortgages so I would put myself at some financial risk. I could maybe invest 10K total and I think renovations to get it up to the market value they want would be 20-30, or even 40K. It's also a lot of work getting approvals and such and I'm not sure I'm ready for all that again (I renovated the new apt i bought), unless I can hire someone to help me on those fronts

My other plan B would be to rent for 2-5 years and hope to save up enough to do something at the end of that. But I'd be just breaking even or operating at a loss for those 2-5.

Offline Minimal4me

  • Council Member
  • ******
  • Posts: 329
Re: Advice Needed: Unresponsive Managing Agent when Selling Unit
« Reply #13 on: March 29, 2014, 08:14:43 PM »
There are other ways to increase the purchase price on paper but create an offsetting credit, or a “seller’s concession” -- money back to the buyer after purchase.

This is a helpful article:

http://www.nytimes.com/2012/10/14/realestate/co-op-boards-to-buyers-nah-not-at-that-price.html?pagewanted=2&_r=0

Jackson Heights Life

Re: Advice Needed: Unresponsive Managing Agent when Selling Unit
« Reply #13 on: March 29, 2014, 08:14:43 PM »