Almost under Contract in NYC

9 Replies

Hi BiggerPockets!

I'm almost under contract to buy a 2 bedroom co-op in NYC but decided I rather wholesale it than buy it myself. I believe it is a great deal and there are others (according to my agent at least) that would buy it if I didn't. As of today I don't have a buyer's list. What do you recommend for me to do? Any advice is greatly appreciated. Thank you very much.

Matthew Weiser, CPA

Post on craigslist, backpage, etc... If no luck with those sources, I'd say try linking up with a wholesaler in your area and see if he/she has a buyer and split assignment. 

Thanks @Rob Rawls  I'll make sure to look into those options. 

Matthew Weiser, CPA
Originally posted by @Matthew Weiser:

Hi BiggerPockets!

I'm almost under contract to buy a 2 bedroom co-op in NYC but decided I rather wholesale it than buy it myself. I believe it is a great deal and there are others (according to my agent at least) that would buy it if I didn't. As of today I don't have a buyer's list. What do you recommend for me to do? Any advice is greatly appreciated. Thank you very much.

 Great job. Question, what part of NYC is this co-op?

I think it's a bit weird to assign a co-op contract as the co-op board has to approve any end user.

Yeah I would have to agree with @R.F. Plevy ...assigning a co-op is going to be difficult as there are to many variables to deal with.

Ok thank you for your input NA Plevy   What if I could assign the contract to the others looking to buy the coop for themselves?

Matthew Weiser, CPA

@Matthew Weiser: Do you have a contract from Seller's attorney? Is there a financing contingency? I know there will be a contingency for board approval. You would need to discuss with Seller's attorney whether she is willing to give you a contract with an assignment provision. Will board allow an LLC to purchase? If so, you might be able to come up with a creative strategy to assign to an LLC.

Hi everyone!! I just came across this discussion and wanted to find out which attorney do you guys use for these types of wholesaling deals? I've reached out to a few attorneys and was informed that the contracts cannot be assigned here in NYC neither can they perform double-closings. Any feedback is greatly appreciated. 

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