Case in point.  My client is selling a co-op apartment in  Brooklyn.  Again, she is SELLING the apartment in Brooklyn, not buying it.  Weve found purchasers who are paying cash.  We have a closing date.  But we cannot close because the bank is unable to send us the stock and lease (analogous in some respects to a deed for a home).  Weve called in approximately 10 times (not a typo) and have been on hold each time for approximately 30 minutes.  Th bank cannot tell us why they cant send us the stock and lease and state that someone will get back to us within 24 hours or 2 weeks.  Can you imagine if you called a friend and they said they would either get back to you later today, or Mid February.  Unless this was your mother in law where youd be happy to wait the 2 weeks, you would not be pleased.  We were not pleased.  Also the bank cant communicate with the proper department because that department doesnt have phones.  The dept has live people, and computers, but no phones.  Again Id like to emphasize all we are currently looking to do is pay the bank lots of money but the bank is saying “We know, and wed love to take the money, but we cant take the money, we dont know why we cant take it, and we dont know when we could tell you why we cant take it, but someone may or may not be able to tell you why we cant take it within 2 weeks.”

On another closing, the bank appraised a home for a certain sum and said “Youre ok to close.”  They then came back the following week and re-apraised the house for $50,000 less.  Lets again use a real life example.  I come to you and tell you Id like to buy your Mercedes, and that Id be willing to pay you $20,000 for the car and tell you I’d like to meet you the following week to pay you.  You agree.  The following week I show up announced and say “Let me look at the car again” and after looking at the identical car I tell you I will pay you $14.32 right now on the spot.  Absurd no?  Well folks welcome to 2010, the year when the recovery will hit.

In business, companies are always obsessed with bottom lines, and thats normal.  However, when you’re looking to buy a home in New York City and the lender is telling you that they’re telling you that they dont have phones, there is something wrong.  No business can recover financially if they are acting completely irrationally.  You may be reading this and thinking that there is something more to the story.  Something is missing because it doesnt make sense.  I wish there was.  Our firms Manhattan Real Estate practice has shifted in that we now do so much more on a daily basis for our clients than we ever have just to get them into the homes they wanted.  There really should be no discussion of a bottoming of the market in New York City without discussing why we’re stuck here now in the first place.

So Mr. Sheepshead Bay Real Estate Lawyer, what is the best advice you can when purchasing a co-op in Sheepshead Bay?  Well, what I can tell you is that when you buy a co-op in Sheepshead Bay, or anywhere for that matter, the first thing you should do is do some internet research on the address.  You can try looking on Trulia.com.  But my search would be more general.  There are tons of forums online discussing issues with co-ops.  From aggrieved co-op owners complaining about poor management to lawsuits against corporations, you can find everything.  But thats just the start.  You should also ask your real estate broker about whether they have had past clients in the building and if they could put you in touch with any so you can ask them about their experiences.  Is this out of the box?  Absolutely.  But it works better than many other things out there.  Do your research before you purchase a co-op in Sheepshead Bay.

Great tip, Sheepshead Bay Lawyer Daniel Gershburg, but lets say I am purchasing a co-op in Sheepshead Bay.  Ive done my research, spoken to people in the building, and now I have my interview.  What can I expect?

Anything.  That’s right, anything.  A co-op is a corporation.  The board of directors are therefore making a business judgment as to whether or not you “fit in” financially and otherwise with the building.  Now unless you have a habit of fighting pit bulls in your apartment, you’ll likely be fine so long as your financials are ok.  Having said that, IF you are rejected for one reason or another, the co-op technically does not have to disclose the reason you were rejected, other than saying, “Sorry you can’t live in this co-op in Sheepshead Bay, try Brighton Beach.”  Yes yes you can try and sue and all those good things, but it will cost you money and will usually not leave you in any better position.  The best way to avoid this embarrassment is to literally be as prepared as possible.  Each co-op has a “package” which has to be prepared including your financials,references, etc.  Make sure you go over this diligently before the meeting and everything is complete.  Make sure you look prepared for the meeting.

When you buy a co-op in Sheepshead Bay, when will the closing take place?

This is one of those “Why is the sky blue?” questions.  There are so many variables involved here.  Typically a closing for a co-op in Sheepshead Bay will take place immediately after the co-op approves the individual and the bank clears financing.  There are, however, many hurdles and obstacles that your attorney will have to navigate for you.  Sometimes the bank is late, or they haven’t apprised you of issues they have, which delays financing.  Sometimes the board won’t meet for several months, thereby delaying the closing and causing you to make sure your rate for your loan is locked with the bank.  Sometimes the management companies attorney will request a delay in closing to make it occur at a convenient time for them.  There are literally multiple variations that could delay your closing, so make sure you choose an experienced Real Estate Lawyer in Brooklyn to help you through this.  It’s not a sales pitch, its reality.  Just ask anyone who has gone through the process.