Home Buying in Islip>Question Details

MEDIC2RON, Home Seller in Islip, NY

CAN CO-OPS SET A MINIMUM SALES PRICE?

Asked by MEDIC2RON, Islip, NY Thu Sep 13, 2012

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6
Yes, because extremely low sales thros off the underlting mortgage needs. The shareholders are paying it.

Chris
0 votes Thank Flag Link Tue Mar 19, 2013
The woodlands set prices $20,000 above the bank assessment and negated a group of sales this past summer, leaving both sellers and buyers stranded. The sales were completed, some above the bank assessment, yet the board refused the commitments stating that the prices were "below market value". Well, I see none of them have been sold in the last 6 months. It is a shame that the boards can wield such questionable control.
0 votes Thank Flag Link Tue Mar 19, 2013
Agreed, These co-op boards are setting price that often is above market value. Since they are stock certificates its amazing to me that they are allowed to get away with it. It appears that its price fixing. In addition, they are forcing people to continue to pay there maintenance fees which can result in additional thousands of dollars or even risk foreclose. I have then seen co-op boards than buyer the same unit for pennies on the dollar. Something surely needs to be done..
Flag Sun Mar 2, 2014
Yes they can. Do your research before you buy.
0 votes Thank Flag Link Sat Sep 15, 2012
Yes, and they can set maximum prices as well.
0 votes Thank Flag Link Fri Sep 14, 2012
Yes, the broad gave you a by-law booklet or the blue book it all should be there or whom you can call.
0 votes Thank Flag Link Thu Sep 13, 2012
Unfortunately some boards do have such a policy; for any necessary legal advice consult with your attorney.
0 votes Thank Flag Link Thu Sep 13, 2012
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