Posted by MikeW on December 04, 2001 at 14:46:28:
In Reply to: buyout timing? posted by george friedman on December 04, 2001 at 10:22:23:
The question is how badly you want to get out, and what are the timing issues. It's a real catch 22. If the LL thinks you have no reason to leave and he has a million people who are willing to pay big $$$$ for the apt, he'll give you major money to go away. However, if he thinks you want to leave, he'll be much less forthcoming, especially now when the market is soft.
Personally, I'd play it as follows: It tell him that I'd like to buy a coop, but I don't have a downpayment. I need, say, $50K. If you come up with it, I'll leave. If not, I'm perfectly willing to stay in this apartment for the next 20 years. Since, if he gets you out now, he can get the apartment out of regulation forever, he may do it. However, he may be suspicious that you have some other reason (new job out of town, having kid and need more space, etc), and may leave on your own. You really do need to be prepared to wait him out.
: howdy -
: My landlord offered - a few years ago now - to buy me out of my rent-stabilized apartment. no price was mentioned and the matter was dropped.
: Now i'm interested, but would assume that right now is not the best time to be negotiating. The apartment is downtown between houston and broome.
: Any thougts?
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