登录查看更多内容

How do you negotiate with co-op or condo boards?

由人工智能和领英社区提供技术支持

If you're a realtor who works with co-op or condo buyers, you know that negotiating with the boards of these buildings can be challenging. Unlike single-family homes, co-ops and condos have rules and requirements that affect the price, terms, and approval of your clients. How do you navigate this process and get the best deal for your buyers? Here are some tips to help you negotiate with co-op or condo boards.

此文章中的业界达人

由社区从 4 条内容中精选。了解更多

1 Know the board's expectations

Before you submit an offer, do your homework and find out what the board is looking for in a buyer. Some boards may have strict financial criteria, such as a minimum income, debt-to-income ratio, or down payment. Others may have preferences on the buyer's occupation, lifestyle, or plans for the unit. You can get this information from the listing agent, the building manager, or previous buyers. Knowing the board's expectations will help you tailor your offer and prepare your client for the application and interview process.

添加您的观点

Leo Y.
举报内容
Understanding the board’s preferences and financial criteria in advance can save time and increase your chances of a successful deal. It allows you to customize your offer and guide your client effectively through the application and interview process.

已翻译

赞

2 Be flexible and creative

Co-op and condo boards may have different levels of control over the price and terms of the sale, depending on the building's bylaws and market conditions. Some boards may have the right to match or reject any offer, while others may only review the buyer's qualifications. In any case, you should be flexible and creative in your negotiations, and consider factors such as closing costs, contingencies, escrow deposits, closing dates, and repairs. For example, you may offer to pay some of the seller's fees, waive some contingencies, or increase the escrow deposit in exchange for a lower price or a faster closing.

添加您的观点

3 Build rapport and trust

One of the most important aspects of negotiating with co-op or condo boards is to build rapport and trust with them. You want to present yourself and your client as professional, respectful, and cooperative. You can do this by communicating clearly and promptly, providing complete and accurate information, and following the board's instructions and deadlines. You should also prepare your client for the board interview, and coach them on how to answer common questions and avoid potential pitfalls. You want to show the board that your client is a good fit for the building and the community.

添加您的观点

4 Anticipate and resolve issues

Even if you do everything right, you may encounter some issues or objections from the board during the negotiation process. You should anticipate and resolve these issues as soon as possible, and avoid escalating or antagonizing the board. Some common issues include discrepancies in the financial statements, questions about the buyer's background or references, or concerns about the buyer's plans for the unit. You should address these issues with honesty and transparency, and provide evidence or explanations to support your client's case. You should also be prepared to make concessions or compromises if necessary, and keep your client informed and calm.

添加您的观点

Patty Wilson

Real Estate Broker/Realtor, Cert Res RD 6627, Radio Show & Podcast Host, Public Speaking
举报内容
We are undergoing a hostile takeover of one condo community and it is an awful experience. Update your by-laws. Make sure the by-laws fit 2023 and not 1967.

已翻译

赞

5 Seek professional advice

Negotiating with co-op or condo boards can be complex and stressful, and you may need professional advice or assistance along the way. You should consult with a real estate attorney who is familiar with co-op and condo laws and contracts, and who can review the offer, the application, and the closing documents. You should also work with a mortgage broker who can help your client secure financing and meet the board's financial requirements. You may also benefit from networking with other realtors who have experience with co-op and condo boards, and who can share their insights and tips with you.

添加您的观点

Lance Margolin

Partner Emeritus at Margolin,Weinreb & Nierer LLP
举报内容
At least here in NYC metro area make sure you have a good and reputable and experienced real estate attorney on your team. The role brokers play here often preclude them from doing much outside of the listing and sale.

已翻译

赞

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

添加您的观点

Gardner Semet

Former Senior Vice President at Israel Discount Bank of New York
举报内容
These questions are all about negotiations from the perspective of a unit buyer or unit owner. I am be able to tell you about negotiating for a financing the building. The single most important thing is the coop has one person, either a board member, managing agent or a mortgage broker, working on the financing. It is very hard to make a deal, when 5 different people are running around trying to find financing. The process needs to be organized so the coop can communicate what they need and then compare the terms offered from the lenders.

已翻译

赞

Real Estate

+ 关注

给文章评分

我们借助人工智能创建了此文章。您认为这篇文章怎么样？

很棒不太好

举报此文章

查看全部

How do you negotiate with co-op or condo boards?

1

2

3

4

5

6

1 Know the board's expectations

2 Be flexible and creative

3 Build rapport and trust

4 Anticipate and resolve issues

5 Seek professional advice

6 Here’s what else to consider

Real Estate

给文章评分

感谢您的反馈

更多Real Estate相关文章

更多相关阅读内容

How do you negotiate with co-op or condo boards?

1

2

3

4

5

6

1 Know the board's expectations

2 Be flexible and creative

3 Build rapport and trust

4 Anticipate and resolve issues

5 Seek professional advice

6 Here’s what else to consider

Real Estate

给文章评分

感谢您的反馈

查看其他技能