Hello, as an agent that specializes in co-ops I have been through this situation in 2008. I can tell you that you will still have to go through the board even though the bank is holding the property. Getting a foreclosed property can take a long time and there's a lot of red tape involved. Also, your attorney needs to be informed on the unit constantly in case the bank decides to auction it off. The attorney can stop the auction in many cases, but you have to have a reputable real estate attorney that knows what he or she is doing.

Just decide if this unit is worth all the time it will take. Speak with your real estate agent and go through all your options.

Rhonda Holt
Full Time Licensed Top Sales Agent
Specializing In Co-ops and Home Sales
Weichert Realtors, H.P Greenfield
My Site: http://www.KandHhomes.com

I agree with Richard. I have seen both as an attorney. It can be a HEADACHE depending on which all knowing all powerful Board you get. Easy tip-ask your RE broker. They should know if they are worth their weight. Also...your mortgage broker if they still have those.

Dear Betty:

In most cases you would still have to go through the board although there are always exceptions to the rule. In order to better answer your question I would need to know exactly which co-op the unit is in.

I am curious, why is it that you want to purchase a foreclosed co-op? Is it because you are getting a great deal, or is going through a board something that you are uncomfortable with? If so, you can always find a co-op being sold by a sponsor and not have to worry about that.

If you are looking to purchase a co-op in the area, contact me, I would love the opportunity to help you and my office is located on Avenue R right off Nostrand Avenue so I am close by.

Mitchell Feldman
Associate Broker
Madison Estates & Properties, Inc.
Office: (718) 645-1665
Email: MitchellSFeldman@aol.com

Depends on the Coop and the Bank, I have seen both. Technically you may not need to, but the coop can throw up so many roadblocks that it would be easier to start off in a good way with them and go through the process.