Kevin McLaughlin, Broker Owner
Berkshire West Realty
So many folks post questions on Trulia and garner dozens, sometimes hundreds of responses and we never get any acknowledgement for our effort. Not brooding in my beer. Comes with the territory. Just stating facts. Have a good day.
Oh and it is not a coop, thanks for defining that I was unsure what coop was. This is a single family home standard sale. A coop doesn't sound like a wise choice, I agree :)
"A housing cooperative is a legal entityâ€”usually a corporationâ€”that owns real estate, consisting of one or more residential buildings; it is one type of housing tenure. Housing Cooperatives are a distinctive form of home ownership that has many characteristics that make it superior to other residential arrangements such as single family ownership, condominiums and renting"
Frankly, in my experience with the Manufactured Housing industry it's about the worse kind of home ownership you could get yourself into. In many cases you're better off just renting what with all the rules and regulations.
But the biggest turn off is that you only own a share because you''re issued stock in a corporation instead of a deed to real property. It's usually non negotiable to anyone but the person who wants to purchase you share and it's generally only worth what you paid for it. But worst of all you can't borrow on it. Just my opinion.
In a co-op (cooperatove), owners in the development typically have to approve the buyers. Didn't you go through that process? How on earth was the purchase completed without the express approval of the co-op members/owners?
What exactly did you do during your buyer investigation period outside of getting inspections. Did you search permit history? Did you check the property profile, the neighborhood? A co-op would have stringent rules, bank-owned or not.
In disclosures other documents, as well as preliminary report, and listing information --- there was no mention of over 55 community? Hard to believe.
Are you sure this is part of, or merely adjacent to 55+ community?
Did you buy this property with other people on title, and with at least one of them being 55? That may be the only way you could have qualified is to have ate least one of you as at least 55 or over.