Home Buying in 11210>Question Details

Dawn, Home Buyer in Brooklyn, NY

I was recently turned down for a coop without a board interview, although I was paying cash and financially stable. I feel that racism was the issue.

Asked by Dawn, Brooklyn, NY Fri Jul 5, 2013

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4
Hi Dawn,

unfortunately, coop boards do not have to state a reason for not accepting a purchaser's application. While it is understandable that you are upset and are suspicious of the board's motivations, there are legitimate reasons for a board rejecting an application. Common reasons are a purchaser will have insufficient liquid assets after closing to insure their bills will be paid should they lose their job or pets that are unacceptable.

Michael Richman
Licensed Real Estate Associate Broker
KIAN Realty
450 7th Avenue Suite 1501
New York, NY 10123
212-757-8268 x220
917-991-2528
mrichman@kianrealtynyc.com
http://www.kianrealtynyc.com
0 votes Thank Flag Link Mon Jul 8, 2013
Sorry for the turn down. Cash offers can be problematic for boards. It is very difficult to evict someone once the apartment is paid for. They are several other issues that can be a problem. Were you trying to place the apartment into a family trust. Co-op attorneys will kill that. Is the building a HDFC? Income restrictions among "other" things can become an issue.
0 votes Thank Flag Link Sat Jul 6, 2013
Good morning Dawn,

Sorry for the bad news. Coop boards can turn down people for many different reasons, the biggest one is financial.

Throughout the years, I have had all cash buyers refused with cash offers due to their working or financial situation. Eventhtough you have cash for the purchase of a coop, the boards usually look at your credit, how much you will have after the sale and steady income. They want people who have stable income for obvious reasons.

There are other reasons they refuse people, each board is different. But I have found this to be the biggest one.

I wish you luck on your next venture.

If you need any help or advice, feel free to call me anytime.

Luke Constantino
Realtor
Commercial/Residential
Keller Williams Real Estate
9120 4th Avenue Brooklyn, NY 11209
Office: (718) 954 8400
Direct: (212) 300-3919
lukeconstantino@gmail.com
0 votes Thank Flag Link Sat Jul 6, 2013
Hi Dawn - sorry for your turn-down. what did you realtor tell you? what did you attorney tell you.
unfortunately, the boards do not have to state a reason???however, if you have proof than speak
to an attorney. Otherwise, move on, perhaps it was a blessing in disguise.
0 votes Thank Flag Link Fri Jul 5, 2013
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