Your larger problem may happen when you try to resell. You may experience the same issues that this seller is experiencing.
Many lenders do not lend in Coops anymore. Most Coops will have a short list of the few lenders that will. I find it diminishes all the time.
Another problem, most of my buyers face, is the prospect of very stringent rental restrictions. They really gear Coops towards owner occupied homes so, in some cases, you have to live in the unit for 3,4,5 years, you can then rent for a year or two and then it must be owner occupied again. I have found that this can be a turn off for some buyers that may not be able to have the rental flexibility in the future.... more
Do you have a Realtor helping you with this, advising you on the price to take? $225,000 for a 3200 ft2 home on .7 acres sounds extraordinarily low for 20011. Just the land could be worth that much or more depending on what part of 20011 you are in.... more