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[title]The frustrated buyer: Meredith Bodgas, 28; Web editor; Forest Hills, Queens
"[My husband and I] were getting married and looking to buy a place in Forest Hills. We found a great place on Craigslist; the broker took us and we loved it, so we placed a bid. He took forever to get back to us, and I followed up to find out if the bid had been accepted. He would never flat-out say yes, but he called me and said, 'It's good news!' and 'You should get a lawyer now.' We get a lawyer the real-estate agent recommends—big mistake—to go into contract. The lease on our rented place was already up, so we wanted to close quickly. When we returned from our honeymoon, we had a lot of messages from the lawyer. I called him back and he told me that the seller decided not to sell. So I e-mailed and called the real-estate agent, but he never returned my messages. We had to start the process all over again."
The experts weigh in
Claudia Saez-Fromm, chief operating officer and cofounder, Mark David Real Estate: "They should have gotten the offer in writing. There is nothing you can really do unless you have a contract. Even then, the offer can be countered by a higher bid. It's imperative to work with an agent that responds quickly and takes the time to explain the process and what to expect next."
Roberto Gonzalez, vice president, Bond New York real estate agency: "Situations like this can cause potential buyers a great deal of stress, but there are ways to avoid heartbreak. Don't become too attached to any one property so that you always have more than one good option—place offers on three properties simultaneously. Not only does this strategy put psychological pressure on the sellers to lower their counteroffers, it helps you reveal the lowest price at which each property can be purchased, and offers you the comfort of knowing you have backup plans. In many cases, the price reductions that result from simultaneous offers can reveal a far better deal on one property than another. Have a well-regarded NYC real-estate attorney standing by to help you get contracts finalized and executed by the seller right away."
The last-minute rent hike: Geoffrey Edward Walter, 28; law student; Boerum Hill, Brooklyn
"A week before my roommate and I were set to move into our new apartment in Brooklyn, the broker called to tell us the landlord wanted an extra 200 bucks a month. We had signed the lease, but he hadn't. So we had to agree to a rent hike, offset by a half's month rent for free. The broker and the landlord just wanted the highest possible price on the lease so that the next year they could jack up the price to the maximum amount allowed. I got the impression from my roommate that the broker's fee was based on the lease price, so she made money on the rent hike. If I hadn't changed my address and set up movers, I would have stayed in Queens. And that's saying something."
The experts weigh in
Saez-Fromm: "If they were unhappy with the rent increase and had not entered a legal contract with the landlord at that point, they should have looked for other apartments at the rent they could afford. Right now landlords have the upper hand in the rental market. The vacancy rate is 88 percent, so we are seeing rent increases across Manhattan."
Gonzalez: "A deal isn't final until it's signed by both parties. Always ask your agent to arrange a lease signing at the landlord's office so the landlord can cosign in your presence. And always take one fully executed original lease with you when you leave the signing. Depending on the circumstances, this isn't always possible, but it's always worth a try."
The off-base broker: Seth Porges, 27; magazine editor; Williamsburg, Brooklyn
"I called up an agency and they sent someone to meet us. The agent only had listings that had nothing to do with what we asked for: wrong neighborhood, wrong price range. She was a total mess, got really testy when we seemed disappointed that she had no listings, and spent about an hour before she looked at us and said, 'All right, if you aren't serious about this, it isn't going to work.' Another broker showing one of the apartments saw it, introduced himself, and he turned out to be awesome. We used him instead."
The experts weigh in
Saez-Fromm: "Meet in person, in their office, so you can see their work environment and discuss your needs as a renter or buyer. Meet with a few agents or brokers until you find a fit. You can tell the level of customer service from the initial meeting. This should set the tone for your relationship while searching for your new home."
Gonzalez: "Look for an agent who's a member of the Real Estate Board of New York (rebny.com) in good standing. REBNY agents have access to thousands of listings from hundreds of brokerages, and we are governed by a set of ethical guidelines that exceed state law. It pays to spend a little time with your agent—by phone or e-mail—filtering through the inventory before going out to visit properties. You can then be certain that you're viewing only those listings that are most relevant to your needs.."