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I live in a 66 unit co-op in the Bronx. The sponsor who is also the managing agent still holds 55% of the shares. I recently listed my apartment to sell, and was told my multiple realtors that since my building has not issued 2012 financials, it will be difficult if not impossible to purchasers to obtain financing.
Is this true? Has anyone else had this issue? Does it matter if the building issues them 180 days vs. 120? What recourse do we have – please do not say elect a new BOD, the same sponsor board has been in charge for 7 years. I’m open to suggestions.
Thanks
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Hi,
Your only recourse may be suing the sponsor for damages if your contract for sale falls apart. I would ask a lawyer.
Good luck!
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Board Talk members who registered prior to March 9th, 2016 will need to reset their password.