Subscribe for Daily Updates!
I turned in a beautiful board package for a large downtown Manhattan Coop 3 months ago. It is a CASH purchase. There is nothing unusual in the packet. I have a beautiful credit history, a great job, a lot of money left over after the purchase. I have yet to hear from the board. I am thinking this is unfair and am wondering how unusual this is and would appreciate any advice on how to proceed.
Join the Conversation Comments (1)It's too bad, it SO frustrating. I can't believe that there is no culpability to for this? The CO-OP board and its agents can just keep me hanging forever? I was supposed to close "on or about 30 days" from the signing of the contract. It's now 90 days.
Please call the real estate company you signed the contract with see what they say. If they tell you they are waiting for an interview or approval I would start thinking about how this board is operating. If they are so lacked about interviewing you who knows how they run the board & building. Going by my experience it doesn't take this long for approval after the managing agent looks through your package and financials and sends it to the board. Good luck.
Introduce yourself to other members of Board Talk! Log in below or register here.
Board Talk members who registered prior to March 9th, 2016 will need to reset their password.
Three month *is* a long time to wait, but there may be extenuating circumstances. Have you discussed this with the real estate broker who made the sale? They and the purchaser should be as eager as you are to move the sale to closing. You might ask your attorney who is handling the legal aspects of the transaction if she/he has any insight into the delay or if she/he can make any sort of inquiry.
Unfortunately there is a scenario which might be in play here. If the seller received a higher offer after you went into contract, they might be trying to have the board stall and ultimately reject you as a purchaser. That would be a "clean" (although highly unethical and quasi-illegal) way to terminate the contract. Unethical boards would see it to their advantage to have the apartment go for the highest price possible because it becomes a comparable and enhances the value of all future sales in the building.
Lets think positive for now. The board could be grappling with an urgent internal matter that leaves little time for them to review your financial package and schedule the interview. Key members of the board may be unavoidably unavailable. There may be other sales in front of yours and they review them in first-in, first-out order. The board may have a collective over-sized sense of self-importance which they like to flex in front of a powerless purchaser, and in the end you'll be approved. It may simply be that this board drags its feet, and every purchaser in the building gets the same treatment.
Your attorney should be aware of the delay, so talk with her/him about it. I'm hoping that what they tell you will put your mind at ease.
Good luck!
Thank you for rating!
You have already rated this page, you can only rate it once!
Your rating has been changed, thanks for rating!
Board Talk members who registered prior to March 9th, 2016 will need to reset their password.