Imagine this: you have been searching in NYC for an apartment and finally find the one you tell everyone your new address and go through the long arduous process of the board application and now all you have left is the board interview. On the...
Imagine this: you have been searching in NYC for an apartment and finally find the one you tell everyone your new address and go through the long arduous process of the board application and now all you have left is the board interview. On the flip side imagine you have decided to list your co-op and a buyer walks in and bids over ask. Your team quickly scrambles to secure this deal and finally submits the board package. Now all you have to do is wait for the interview to come and go and then you can close. Both sound like ideal scenarios, but what happens when that final step results in a board rejection! Today we are talking about board turn downs and what to do next.
The way the NYS laws are written today, a co-op board does not have to give a reason for turning down a prospective buyer so you better make sure that board application is ironclad. You vet the buyer under a microscope however both the buyer and seller’s agent’s nightmare can come true. You can get rejected. If so you might appeal to the managing agent, write a letter to the board and in some cases, decide to hire an attorney to put pressure to hopefully reverse the decision.
Any other questions? Reach out to us at www.therealestatebroadsofnewyork.com or you can email us at email@example.com
If you enjoy this podcast, please tap on the stars below and consider leaving a short review on Apple Podcasts. It will take less than 60 seconds, and it makes a difference in helping us bring you more content.
Subscribe to The Real Estate Broads of New York on Apple Podcasts, Google Podcasts, Stitcher, Spotify, or wherever you listen so that you never miss an episode, and let us know if you have any questions or topics for future episodes you'd like us to discuss.
Not moving in or out of NYC but looking for help? Contact us! We work with a large network of agents and we will help you find the perfect broad (or bro) to help.