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Ang-Rich
Beyond Compare
Member since 5/05 17988 total posts
Name:
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Need Help...Selling Co-op
DH may have found a house and we are so excited but we now need to put our co-op up for sale and have no idea how to start that process. We would like to sell without a RE Agent - on our own. Any advice/tips?
DJPill....are you around? Can I pick your brain for help since you know the Bayside area so well?
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Posted 10/17/05 9:44 AM  |
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Bebalina
<3
Member since 6/05 2922 total posts
Name:
N
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Re: Need Help...Selling Co-op
Hey Ang!
Congrats! Where are you moving too??
I just sold my parents coop on our own... I did it all thru craigslist.com
Good Luck!!
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| Posted 10/17/05 9:47 AM |
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KittyCat
Happy Summer !
Member since 5/05 2241 total posts
Name:
Kathleen
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Re: Need Help...Selling Co-op
We sold ours through a Real Estate - that is the only way it can get done fast (imo). You can try the Yankee Trader or Newsday - post notices in your gym or laundry rooms.
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| Posted 10/17/05 9:54 AM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Need Help...Selling Co-op
I placed an ad with Newsday. I didn't get as many bites as I thought I would. Craigslist was the same thing... so-so response.
But with my Newsday ad I did get an offer on it. I also had a bunch of brokers call me through the Newsday ad... and I ended up selling it using a buyer that Anne Donohue brought in.
I am paying 4% commission... but she is actually getting me more money than FSBO would have in my case. Plus Anne is working very hard moving my buyer through the board (she has good relations with my board). Its almost worth the commission.
What I would do if I were you... place the ad in Newsday. When the brokers call you... if they want to bring buyers... let them bring them in... but have them show the apartment as an "open listing". This way you won't be obligated to anybody. Negotiate between 3-4% commission.
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| Posted 10/17/05 10:59 AM |
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Ang-Rich
Beyond Compare
Member since 5/05 17988 total posts
Name:
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Re: Need Help...Selling Co-op
DjPill!!! Yay!! Thanks so much! It would seem that the best way to go wuld be through a RE agent...we want to sell fast so we can use the money towards the purchase of the home. So...any advice on what I need to get in order?
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| Posted 10/17/05 12:19 PM |
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ckdk
My girls
Member since 5/05 7027 total posts
Name:
Cheryl
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Re: Need Help...Selling Co-op
I sold mine thru a realtor, 4% commission...got me just about asking price which was more than we had expected... it was nice and smooth.
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| Posted 10/17/05 1:52 PM |
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karacg
Babygirl is 4!
Member since 5/05 17076 total posts
Name:
Kara®
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Re: Need Help...Selling Co-op
I sold mine through Foxtons, after 2 sales that I did on my own fell through. You can usually list with the co-op office. But mine charged $250 to do that. Good luck, I bet you sell quickly!!!
When you get an offer, make sure they have been pre-approved and when you accept an offer, KEEP SHOWING! The board may reject someone who seems just fine...so it is good to have back-ups.
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| Posted 10/17/05 1:57 PM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Need Help...Selling Co-op
Posted by Ang-Rich
DjPill!!! Yay!! Thanks so much! It would seem that the best way to go wuld be through a RE agent...we want to sell fast so we can use the money towards the purchase of the home. So...any advice on what I need to get in order?
There really isnt much you need in terms of paperwork... you just have to decide on how you want to list your property if you go the RE agent route.
You could do what I did and list with Newsday... the RE agents will call you... tell them you aren't signing any exclusives and you will slow it as an open listing. This may entice them to "move quickly".
Or you can just sign with an agent exclusively... that will get your property on MLS and may work even better. It depends on how you want to do.
Anne Donohue knows her stuff. She is at Coldwell Banker (she sends out those mailers every now and then). If you want to list with her... she is 4%. Tell her Richard T. sent you (tell her I am in contract at WP).
She also gave me a very REASONABLE appraisal... she hit what the apartment was worth right on the money (based on what I ended up getting for it in my contract). Other RE's kinda told me what I wanted to hear which was BS anyways.
I also dealt with Century21 Benjamin and I wasn't thrilled with them at all. Their agents that seem to work in the same office... one agent has no clue what the other is doing. Very unorganized.
Mattone RE was ok... I dealt with Rosemarie there. She brought in one buyer that made an offer... but lowballed me and I told her to forget it. LOL
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| Posted 10/17/05 2:59 PM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Need Help...Selling Co-op
Also... if you can wiggle away some money in savings to put down on a house... you can get your bank to approve your mortgage of the house... while still holding onto the co-op.
Thats what i did. I will close on the house probably by November 1st. The co-op won't close till Thanksgiving. Give me a few weeks to move in.
If you don't have a lot of cash to put down initially... but you do want to use co-op money towards your downpayment... do an 80/15/5 loan. Put down 5% at closing in cash for the house. Do a 15% HELOC. Then once you close the co-op... immediately pay off the 15% HELOC and you are left with a nice 80% LTV loan.
I did this same thing... except I was able to put 10% down on the house while holding onto the co-op. (I did an 80/10/10 and I will pay the 10% HELOC when I close the co-op).
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| Posted 10/17/05 3:03 PM |
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Ang-Rich
Beyond Compare
Member since 5/05 17988 total posts
Name:
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Re: Need Help...Selling Co-op
Thanks so much!!! FH contacted the mortgage broker we are working with on the house and she got us in touch with an agent in Bayside who is coming over tonight to check it out. Now I have to run home and tiddy up a bit.  Wow this all seems to move fast! DJPill - I told DH about your suggestions and advice - THANKS!!!!! This is so exciting!!!
WARNING: I may be back with a ton more questions!
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| Posted 10/17/05 3:17 PM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Need Help...Selling Co-op
I am working with a really good mortgage broker.
http://www.gardencitymortgage.com
Tell him you got his number from Richard T..... and that you saw his interest rates on Bankrate.com. He may give you better rates than the guy you are currently working with.
I'd hate to be locking in a rate right now though... interest rates are at a 1yr high just about. 
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| Posted 10/17/05 3:55 PM |
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Ang-Rich
Beyond Compare
Member since 5/05 17988 total posts
Name:
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Re: Need Help...Selling Co-op
Thanks! We actually have a great broker helping us out right now but I am going to keep the info handy - you never know, right. Just our luck to have the interest rates creep up while we were looking for a home.
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| Posted 10/17/05 4:02 PM |
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Suezboss
LIF Infant
Member since 5/05 370 total posts
Name:
Still SueZboss
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Re: Need Help...Selling Co-op
YEAH!!! 
Good luck Ang!!!
I'm so excited for you!!! YIPPEE!!!!
There is a person interested in a co-op in our development, and only 1 is for sale ...a 2nd floor, and they want a 1st floor, so i'm almost tembed to take their # so when we go to sell I won't have to list anywyere... maybe they'll still be interested next year or so???... ahhhh
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| Posted 10/18/05 8:33 PM |
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Ang-Rich
Beyond Compare
Member since 5/05 17988 total posts
Name:
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Re: Need Help...Selling Co-op
Yay!! So we met with a RE agent that my Buyer's Broker recommended and we are very happy with all that she has done so far. She was so thorough in getting comps and really did some major leg work! I am excited to say that our place should be going up very soon! I think she said it would be up online sometime today! I am so excited. She listed our place as MINT...I am so proud. 
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| Posted 10/19/05 4:28 PM |
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bethsiar
LIF Adult
Member since 9/05 1390 total posts
Name:
Beth
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Re: Need Help...Selling Co-op
I am so glad you posted this and congrats on things going well for you!
DJPIll your advice is so great- I was seriously considering selling our co-op FSBO but now after reading this thread.... what i understand of it anyway...I'm going to print it and show to FH to see what he thinks.
Thanks!
PS esp liked the part about open listing, good to know.
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| Posted 10/20/05 11:00 AM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Need Help...Selling Co-op
Ive sold on a few different occasions. I sold one previous place FSBO. I am selling my current place through a realtor.
Frankly.... if I had to choose... I would do it FSBO because I hate paying a commission. My first place I sold I did FSBO. I did the work myself.. but i wasnt as big of a rush to sell back then.
The main reason why I am going through the realtor now is because I was very hot to sell. The realtor brought in a buyer and got me a very good price (267k). At 4% commission... i net about 257k. I had a FSBO offer for this place for 260k. I decided to go with the realtor offer mainly because I felt the realtor would move my buyer quicker through the board.
I was ended up being right because somehow... she got her buyer into the first available board meeting (two weeks after the contracts were fully executed). Its definitely paying off.
But in the end... either way works. Whatever you feel more comfortable with. I would try to sell FSBO... but let realtors show it as an open listing just in case they can bring a high paying buyer in (which is what happened with me this time around).
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| Posted 10/20/05 11:12 AM |
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bethsiar
LIF Adult
Member since 9/05 1390 total posts
Name:
Beth
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Re: Need Help...Selling Co-op
Djpill,
has your realtor ever sold in Great Neck that you know of? She sounds really really good and I don't want an idiot which is what we dealt with when we were searching for a place.
(idiot is an understatement)
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| Posted 11/8/05 3:30 PM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Need Help...Selling Co-op
Posted by bethsiar
Djpill,
has your realtor ever sold in Great Neck that you know of? She sounds really really good and I don't want an idiot which is what we dealt with when we were searching for a place.
(idiot is an understatement)
I think she deals in Queens... but she might do bordering Nassau Towns.
Give her a call and tell her Richard T. sent you.
Anne Donohue
718-886-2186
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| Posted 11/8/05 4:00 PM |
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bethsiar
LIF Adult
Member since 9/05 1390 total posts
Name:
Beth
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Re: Need Help...Selling Co-op
We're in touch! Thank you SO much!!!
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| Posted 11/10/05 1:32 PM |
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