Colli Real Estate

I want to back out but it’s too late???

I am about to go to closing in 5 days for a co-op apartment in Queens, NY. But after looking at zillow.com just now I found that recently sold co-ops (that are of comparable size) in the same building and adjacent buildings in the same community sold for roughly 30% LESS than I am paying for this one.
When I was negotiating the price, I wanted to ask for lower price but the real estate agent told me that the board might not approve the sale of an apt there for such a low price— I feel I was lied to. But after speaking to my lawyer, he told me I cannot back out now because I already signed the commitment letter with the bank.

Your attorney is your best source of advice. What you can and cannot do is determined by state law and the terms of your contract.

However, you may be able to sue the Realtor (assuming Zillow’s price is correct – which is a big assumption). First, she will receive a bigger fee because you paid more than you should have. She is a professional who is supposed to look out for you. Second, boards almost never deny a sale due to price. In most states, that is an unreasonable restraint on alienation and unenforceable UNLESS the board itself offers to buy the house at market value. As a trained professional, she would have known that. You were given bad advice that benefited the person who gave that advice. Ask your attorney about this.

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